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作者：Easterly, W
作者单位：New York University
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作者：Cole, HL; Ohanian, LE; Riascos, A; Schmitz, JA
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Banco de la Republica Colombia
摘要：Latin American countries are the only Western countries that are poor and that are not gaining ground on the U.S. This paper evaluates why Latin America has not replicated Western economic success. We find that this failure is primarily due to TFP differences. Latin America's TFP gap is not plausibly accounted for by human capital differences, but rather reflects inefficient production. We argue that competitive barriers are a promising channel for understanding low Latin TFP. We document that...
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作者：Collard, F; Dellas, H
作者单位：University of Bern; Centre National de la Recherche Scientifique (CNRS); Universite de Toulouse; Universite Toulouse 1 Capitole; Centre for Economic Policy Research - UK
摘要：We investigate the case for price stability in the general version of the New Keynesian (NNS) model with capital and several shocks. The model includes. in addition to the standard imperfect competition and monetary frictions, a non-trivial, endogenous tax distortion. We find that the case for perfect price stability is not significantly weakened. Optimal policy tolerates a small amount of output gap and price variability by reacting less strongly to supply and fiscal shocks in comparison to a...
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作者：Dotsey, M; King, RG
作者单位：Boston University; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：State-dependent pricing (SDP) models treat the timing of price changes as a profit-maximizing choice, symmetrically with other decisions of firms. Using quantitative general equilibrium models which incorporate a generalized (S,s) approach, we investigate the implications of SDP for topics in two major areas of macroeconomic research. the early 1990s SDP literature and more recent work on persistence mechanisms. First. we show that state-dependent pricing leads to unusual macroeconomic dynamic...
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作者：Husain, AM; Mody, A; Rogoff, KS
作者单位：International Monetary Fund; Harvard University
摘要：Drawing on new data and advances in exchange rate regimes' classification, we find that countries appear to benefit by having increasingly flexible exchange rate systems as they become richer and more financially developed. For developing countries with little exposure to international capital markets, pegs are notable for their durability and relatively low inflation. In contrast, for advanced economies, floats are distinctly more durable and also appear to be associated with higher growth. F...
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作者：McGrattan, ER
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
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作者：Backus, DK
作者单位：New York University; National Bureau of Economic Research
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作者：Obstfeld, M
作者单位：University of California System; University of California Berkeley
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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...
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作者：Kehoe, P
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities
