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作者：Ball, L; Mankiw, NG; Reis, R
作者单位：Princeton University; Princeton University; Johns Hopkins University; Harvard University
摘要：We offer a contribution to the analysis of optimal monetary policy. We begin with a critical assessment of the existing literature, arguing that most work is based on implausible models of inflation-output dynamics. We then suggest that this problem may be solved with some recent behavioral models, which assume that price setters are slow to incorporate macroeconomic information into the prices they set. A specific such model is developed and used to derive optimal policy. In response to shock...
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作者：Flood, RP; Rose, AK
作者单位：University of California System; University of California Berkeley; International Monetary Fund
摘要：We develop a methodology to estimate the shadow risk free rate or expected intertemporal marginal rate of substitution, EMRS. Our technique relies upon exploiting idiosyncratic risk, since theory dictates that idiosyncratic shocks earn the EMRS. We apply our methodology to recent monthly and daily data sets for the New York and Toronto Stock Exchanges. We estimate EMRS with precision and considerable time-series volatility, subject to an identification assumption. Both markets seem to be inter...
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作者：Basu, S
作者单位：University of Michigan System; University of Michigan
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作者：Rabanal, P; Rubio-Ramírez, JF
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; International Monetary Fund
摘要：The baseline New Keynesian model cannot replicate the observed persistence in inflation, output, and real wages for sensible parameter values. As a result, several extensions have been suggested to improve its fit to the data. We use a Bayesian approach to estimate and compare the baseline sticky price model of Calvo's [1983. Staggered prices in a utility maximizing framework. Journal of Monetary Economics 12, 383-398.] and three extensions. Our empirical results are as follows. First, we find...
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作者：Fang, HM; Moscarini, G
作者单位：Yale University
摘要：We interpret workers' confidence in their own skills as their morale, and investigate the implication of worker overconfidence on the firm's optimal wage-setting policies. In our model, wage contracts both provide incentives and affect worker morale, by revealing private information of the firm about worker skills. We provide conditions for the non-differentiation wage policy to be profit-maximizing. In numerical examples, worker overconfidence is a necessary condition for the firm to prefer n...
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作者：Rotemberg, JJ
作者单位：Harvard University
摘要：While firms claim to be concerned with consumer reactions to price increases, these often do not cause large reductions in purchases. The model developed here fits this by letting consumers react negatively only when they become convinced that prices are unfair. This can explain price rigidity, though its implications are not identical to those of existing models of costly price adjustment. In particular, the frequency of price adjustment can depend on economy-wide variables observed by consum...
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作者：Kozicki, S; Tinsley, PA
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City; George Washington University
摘要：The expectations hypothesis of the term structure of interest rates describes a conventional view of the transmission mechanism of monetary policy where bond rates reflect current and expected movements in the policy-controlled rate. However, empirical rejections of the expectations hypothesis are commonplace and lead many to question this description of policy transmission. This paper argues that failure to account for imperfect policy credibility may explain empirical rejections. Empirical r...
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作者：[Anonymous]
