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作者：Aksoy, Y; Piskorski, T
作者单位：University of London; Birkbeck University London; New York University
摘要：Recent empirical research documents that the strong short-term relationship between U.S. monetary aggregates on one side and inflation and real output on the other has mostly disappeared since the early 1980s. Using the direct estimate of flows of U.S. dollars abroad we find that domestic money (currency corrected for the foreign holdings of dollars) contains valuable information about future movements of U.S. inflation and real output. Statistical evidence suggests that the Friedman-Schwartz ...
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作者：Giannitsarou, C
作者单位：University of Cambridge
摘要：This paper studies the nature, the magnitude and the length of the transition after a capital tax cut. The transition is analysed with adaptive learning, under which agents do not need to adjust instantaneously to the change, as with rational expectations (RE). Impulse response analysis reveals that the transition with learning is asymmetrically sensitive to the nature of the exogenous technological shock at the time of the reform. If the reform coincides with a negative shock, the transition ...
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作者：Silber, WL
作者单位：New York University
摘要：The outbreak of World War I shut the New York Stock Exchange for more than 4 months. The conventional explanation maintains that the closure prevented a collapse in stock prices that threatened a repetition of the Panic of 1907. This paper shows that the Wilson Administration encouraged the suspension of trading to pave the way for launching the Federal Reserve System, which was in the process of being born. Federal Reserve insiders considered an adequate stock of gold crucial to the success o...
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作者：Ferreira, RD; Dufourt, F
作者单位：Universites de Strasbourg Etablissements Associes; Universite de Strasbourg
摘要：We provide a business cycle model in which endogenous markup fluctuations are the main driving force. These fluctuations occur due to some form of 'animal spirits', impelling firms in their entry-exit decisions within each sector. By contrast to existing models of the business cycle emphasizing the role of animal spirits, we do not rely on the sink property of the equilibrium to generate indeterminacy. Hence, while our model does pretty well in accounting for the main features of US business c...
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作者：Huggett, M; Ventura, G; Yaron, A
作者单位：University of Pennsylvania; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Georgetown University; National Bureau of Economic Research
摘要：Earnings heterogeneity plays a crucial role in modern macroeconomics. We document that mean earnings and measures of earnings dispersion and skewness all increase in US data over most of the working life-cycle for a typical cohort as the cohort ages. We show that (i) a human capital model can replicate these properties from the right distribution of initial human capital and learning ability, (ii) differences in learning ability are essential to produce an increase in earnings dispersion over ...
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作者：Evans, GW; Ramey, G
作者单位：University of Oregon; University of California System; University of California San Diego
摘要：A striking implication of the replacement of adaptive expectations by rational expectations was the Lucas critique, which showed that expectation parameters, and endogenous variable dynamics, depend on policy parameters. We consider this issue from the vantage point of bounded rationality, where for transparency we model bounded rationality by means of simple adaptive expectations. We show that for a range of processes, monetary policy remains subject to the Lucas critique. However, there are ...
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作者：Chakraborty, S; Ray, T
作者单位：University of Oregon; Hong Kong University of Science & Technology; Indian Statistical Institute; Indian Statistical Institute Delhi
摘要：We study bank-based and market-based financial systems in an endogenous growth model. Lending to firms is fraught with moral hazard as owner-managers may reduce investment profitability to enjoy private benefits. Bank monitoring partially resolves the agency problem, while market-finance is more 'hands-off'. A bank-based or market-based system emerges from firm-financing choices. Neither system is unequivocally better for growth, which crucially depends on the efficiency of financial and legal...
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作者：Deidda, LG
作者单位：University of London; University of London School Oriental & African Studies (SOAS); University of Cagliari; University of Sassari
摘要：This paper presents a model of financial and economic development which assumes the consumption of real resources by the financial sector. Financial development occurs endogenously as the economy reaches a critical threshold of economic development. Compared to financial autarky, financial intermediaries allocate savings, net of their costs of operation, to more productive investments. Whenever the technology financed by intermediaries is more capital-intensive than that operated in financial ...
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作者：Ennis, HM; Keister, T
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; Instituto Tecnologico Autonomo de Mexico
摘要：We examine how the possibility of a bank run affects the investment decisions made by a competitive bank. Cooper and Ross [1998. Bank runs: liquidity costs and investment distortions. Journal of Monetary Economics 41, 27-38] have shown that when the probability of a run is small, the bank will offer a contract that admits a bank-run equilibrium. We show that, in this case, the bank will chose to hold an amount of liquid reserves exactly equal to what withdrawal demand will be if a run does not...
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作者：Ravenna, F; Walsh, CE
作者单位：University of California System; University of California Santa Cruz; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：In the standard new Keynesian framework, an optimizing policy maker does not face a trade-off between stabilizing the inflation rate and stabilizing the gap between actual output and output under flexible prices. An ad hoc, exogenous cost-push shock is typically added to the inflation equation to generate a meaningful policy problem. In this paper, we show that a cost-push shock arises endogenously when a cost channel for monetary policy is introduced into the new Keynesian model. A cost chann...
