2005

最新文章

• Risk preferences in multi-period consumption models, the equity premium puzzle, and habit formation utility AI翻译
  作者：Meyer, DJ; Meyer, J
  作者单位：Michigan State University; Western Michigan University
  摘要：The relationship between the relative risk aversion measure for the utility function for consumption and that for the value function for wealth is a derived relationship whose properties depend on how consumption and wealth are defined and measured. This fact together with information concerning estimates for these two relative risk aversion measures is used to give another perspective on the equity premium puzzle, and to explain why it is that the habit formation utility function is effective...
• Comment on: Sticky-price models and the natural rate hypothesis AI翻译
  作者：Evans, CL
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
• Anticipated inflation and rates of return in a search-theoretic monetary model AI翻译
  作者：Cone, TE
  作者单位：State University of New York (SUNY) System; State University of New York (SUNY) Brockport
  摘要：How does anticipated inflation of fiat money affect the real return of a near money-an asset with real value used to mediate trades? This essay studies a search model in which decentralized trade takes place under a fixed bargaining rule. The essay analytically studies the comparative statics of a near money's real return as it varies with inflation. The effects diverge markedly over the parameter space. There exist parameters for which higher inflation lowers the real asset return, as suggest...
• Comment on: Rational speculation and exchange rates AI翻译
  作者：Obstfeld, M
  作者单位：University of California System; University of California Berkeley
• Optimal fiscal policy under multiple equilibria AI翻译
  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 study optimal fiscal policy in an economy where (i) search frictions create a coordination problem and generate multiple, Pareto-ranked equilibria and (ii) the government finances the provision of a public good by taxing market activity. The government must choose the tax rate before it knows which equilibrium will obtain, and therefore an important part of the problem is determining how the policy will affect the equilibrium selection process. We show that when the equilibrium selection ru...
• Political budget cycles in new versus established democracies AI翻译
  作者：Brender, A; Drazen, A
  作者单位：University System of Maryland; University of Maryland College Park; Bank of Israel
  摘要：Like other recent studies, we find a political deficit cycle in a large cross-section of countries, but show that this result is driven by the experience of new democracies. The political budget cycle in new democracies accounts for the finding of a budget cycle in larger samples that include these countries and disappears when they are removed from the larger sample. The political deficit cycle in new democracies accounts for findings in both developed and less developed economies, for the st...
• Demand and productivity components of business cycles: Estimates and implications AI翻译
  作者：Dufourt, F
  作者单位：Universites de Strasbourg Etablissements Associes; Universite de Strasbourg
  摘要：Standard stochastic growth models provide theoretical restrictions on output decomposition which can be used to investigate whether productivity shocks played a major role in observed business cycles. Applying these restrictions to US data leads to the following findings: (i) Business cycles implied by productivity shocks are mildly correlated to overall fluctuations and help account for a few episodes of US postwar recessions. However, only 20% of US fluctuations can be explained by these sho...
• Comment on: Estimating the expected marginal rate of substitution AI翻译
  作者：Marshall, DA
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
  摘要：The methodology proposed in Flood and Rose [2005. Estimating the expected marginal rate of substitution: a systematic exploration of idiosyncratic risk. Journal of Monetary Economics 52 (5) 951-969] fails to distinguish between the single unique marginal rate of substitution (MRS) process and the class of valid pricing kernels, of which the MRS is but a particular member. Thus, at best, this methodology explores the properties of some arbitrary pricing kernel, which may differ radically from t...
• Public education reform: Community or national funding of education? AI翻译
  作者：Soares, J
  作者单位：University of Delaware
  摘要：I use a political economy model of public funding of education to evaluate the welfare implications of a move from a community- to a nation-wide funding policy. Broadening the scope of education finance has intragenerational redistribution effects as well as intergenerational effects. Previous studies have emphasized the intragenerational redistribution effects of moving from local to state-financed systems, while holding factor prices fixed. The model in this paper includes a social security ...
• Rational speculation and exchange rates AI翻译
  作者：Duarte, M; Stockman, AC
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; University of Rochester; National Bureau of Economic Research
  摘要：Models of exchange rates have typically failed to produce results consistent with the key fact that real and nominal exchange rates move in ways not closely connected to current (or past) macroeconomic variables. Models that rely on the same shocks to drive fluctuations in macroeconomic variables and exchange rates typically imply counterfactually-strong co-movements between them. We develop a model in which new information leads agents to change their rational beliefs about risk premia on for...