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作者：Alvarez-Peláez, MJ; Díaz, A
作者单位：Universidad Carlos III de Madrid; University of Copenhagen
摘要：This paper investigates quantitatively how initial wealth holding differences across households are propagated through time in a one sector growth model economy. A key feature of the model is that household consumption cannot fall below a positive level each period. The existence of a minimum consumption requirement implies that the Intertemporal Elasticity of Substitution not only differs across households but also changes differently over time. This model is calibrated to March some key aggr...
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作者：Alexius, A
作者单位：Uppsala University
摘要：Previous studies have concluded that productivity shocks have negligible effects on real exchange rate fluctuations. This paper shows that when long-run equilibrium relationships between real exchange rate levels and fundamental variables are taken into account, relative productivity shocks account for most of the long-run movements in the real exchange rates. This can be interpreted as empirical support for the Balassa (1964. Journal of Political Economy 72, 584-596) and Samuelson (1964. Revi...
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作者：Cochrane, JH
作者单位：University of Chicago
摘要：The fiscal theory determines the price level from the value of nominal government debt as a claim to government primary surpluses, just as private stock is valued as a claim to corporate profits. Valuation equations are not constraints, so this theory does not mistreat the government's intertemporal budget constraint. I anchor the analysis in a simple cash in advance model. When money demand falls to zero, I show that the price level can still be determined by the government debt valuation equ...
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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...
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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 ...
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作者：Konieczny, JD; Skrzypacz, A
作者单位：Stanford University; Wilfrid Laurier University
摘要：We analyze the behavior of price setters in Poland during the transition from a planned to a market economy, using a large disaggregated data set. The size and frequency of price changes, as well as relative price variability, all increase as inflation rises. The effect of expected inflation on relative price variability is Much stronger than the effect of unexpected inflation. Despite the unusual economic environment, the results are qualitatively identical, and quantitatively stronger, than ...
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作者：Ripoll, M
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Empirical evidence shows that while the skill premium narrowed in some developing countries following trade liberalization, it widened in others, or even exhibited non-monotonic behavior. This paper studies a simple dynamic general equilibrium trade model in which differences in initial conditions across developing countries play a key role in explaining the variety of skill premium behaviors. Differences in initial conditions in terms of skilled labor and physical capital emerge in the model ...
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作者：Catao, LAV; Terrones, ME
作者单位：International Monetary Fund
摘要：Macroeconomic theory postulates that persistent fiscal deficits are inflationary. Yet empirical research has had limited success in uncovering this relationship. This paper reexamines the issue in light of broader data and a new modeling approach that incorporates two key features of the theory. Unlike previous studies, we model inflation as non-linearly related to fiscal deficits through the inflation tax base and estimate this relationship as intrinsically dynamic, using panel techniques tha...
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作者：Galeotti, M; Maccini, LJ; Schiantarelli, F
作者单位：Johns Hopkins University; University of Milan; Boston College; IZA Institute Labor Economics
摘要：This paper develops a model that integrates inventory and labor decisions. We extend a model of inventory behavior to include a detailed specification of the role of labor input in the production process, distinguishing between employment, hours and effort per worker. We estimate jointly the Euler equations for inventories and employment, a labor compensation schedule, and an hours requirement function with the cross-equation restrictions imposed. The econometric results shed light on several ...
