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作者：Driscoll, JC
作者单位：Federal Reserve System - USA
摘要：This paper uses a panel of state-level data to test whether changes in bank loan Supply affect Output. Since the U.S. states are small open economics with fixed exchange rates, state-specific shocks to money demand are automatically accommodated, leading to changes in lending if banks rely on deposits as a source of funding. Using, these shocks as in instrumental variable, I find that shocks to money demand have large and statistically significant effects on the supply of bank loans, but loans...
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作者：Sakellaris, P
作者单位：University System of Maryland; University of Maryland College Park; Athens University of Economics & Business
摘要：This paper provides a description of the dynamic choices of manufacturing plants when they undertake rapid adjustment in output. The focus is on episodes that involve lumpy adjustment in capital or employment. There is evidence that these episodes involve also smooth changes in employment or capital. I examine the behavior of variables such as capital utilization, hours per worker, capacity utilization, materials and energy use. Plants use these margins of adjustment actively and in an economi...
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作者：Rousseau, PL
作者单位：Vanderbilt University
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作者：Asdrubali, P; Kim, S
作者单位：Korea University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We use a panel VAR model to improve upon the existing methodologies to analyze interregional risksharing and consumption smoothing channels. First, we endogenize the output process within a more general multi-equation framework, capturing the dynamic feedback between output and various smoothing channels. Second, in line with dynamic general equilibrium open economy models of risksharing, we exploit impulse response functions to trace the role of each smoothing channel over time, in the presen...
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作者：Filson, D; Gretz, RT
作者单位：Claremont Colleges; Claremont Graduate University
摘要：We introduce a racing model with multiple product generations, product innovation, spin-outs, and licensing. Industry conditions and innovation characteristics affect who wins the race and who markets the resulting product. Small firms market their innovations when they pioneer a new generation or improve quality in a young generation and license their innovations in mature generations. If old generation leaders ever market improvements in young generation goods, they do so early on. Leadershi...
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作者：Bassetto, M; Kocherlakota, N
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Stanford University; National Bureau of Economic Research
摘要：We consider a government that can only raise funds by levying distortionary taxes. We allow the government to collect taxes in a given period that are based on incomes earned in previous periods. We show that once we do so, given any debt path, the government can adjust its tax policy so as to attain that debt path without affecting equilibrium allocations or prices. (C) 2003 Elsevier B.V. All rights reserved.
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作者：Hogan, V
作者单位：Trinity College Dublin
摘要：We use panel data to examine the empirical determinants of the reservation wage- in particular the influence of previous wages- and consider what this implies for the evolution of the natural rate of unemployment. We find that previous wages have a significant but relatively small effect on reservation wages (an elasticity between 0.15 and 0.47). We also find considerable differences across genders with previous wages being more important for men and market wages being more important for women...
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作者：Chari, VV
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
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作者：Buera, F; Nicolini, JP
作者单位：Universidad Torcuato Di Tella; University of Chicago
摘要：This paper shows that state contingent debt can be synthetically constructed using non-contingent debt of different maturities. A main policy implication of this principle is that the Ramsey allocation with complete markets can be sustained with non-contingent debt only by properly managing its maturity structure. The numerical experiments, however, suggest that this policy implication ought to be taken with care. We find that the debt positions that sustain the Ramsey allocation are very high...
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作者：Zettelmeyer, J
作者单位：International Monetary Fund
摘要：This paper Studies the impact effect of monetary policy shocks on the exchange rate in Australia, Canada, and New Zealand during the 1990s. Shocks are identified by, the reaction of three month market interest rates to policy announcements that were not themselves endogenous to economic news on the same clay. The main result is that a 100 basis point contractionary shock will appreciate the exchange rate by 2-3 percent on impact. The association of interest rate hikes with depreciations that i...
