-
作者：Caselli, F; Wilson, DJ
作者单位：National Bureau of Economic Research; Centre for Economic Policy Research - UK; Harvard University
摘要：We look at disaggregated imports of various types of equipment to make inferences on cross-country differences in the composition of equipment investment. We make three contributions. First, we document strikingly large differences in investment composition. Second, we explain the differences as being based on each equipment type's degree of complementarity with other factors whose abundance differs across countries. Third, we show that the composition of capital has the potential to account f...
-
作者：Faust, J; Swanson, ET; Wright, JH
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Using the prices of federal funds futures contracts, we measure the impact of the surprise component of Federal Reserve policy decisions on the expected future trajectory of interest rates. We show how this information can be used to identify the effects of a monetary policy shock in a standard VAR. This alternative approach to identification is quite different, and, we argue, more plausible, than the conventional identifying restrictions. We find that a usual recursive identification of the m...
-
作者：Quadrini, V
作者单位：University of Southern California; New York University
摘要：In a long-term contract with moral hazard, the liquidation of the firm can arise Lis the outcome of the optimal contract. However, if the future production capability or market opportunities remain unchanged, liquidation may not be Free from renegotiation. Will the firm ever be liquidated if we allow for renegotiation? This paper shows that the firm can still be liquidated even though liquidation is not free from renegotiation in the long-term contract. In addition to liquidation, the renegoti...
-
作者：Coleman, WJ
作者单位：Duke University
-
作者：Laitner, J; Stolyarov, D
作者单位：University of Michigan System; University of Michigan
摘要：We develop a new general equilibrium growth accounting framework that features increasing returns to scale, imperfect competition and incorporates technological revolutions into the description of technical progress. We propose a way to tell apart revolutionary changes in technology and incremental innovations using stock market data. We use our framework to jointly estimate the overall embodied TFP change during 1953-1995 and the aggregate output elasticity. We find that the IT revolution rai...
-
作者：Wang, N
作者单位：Columbia University
摘要：I propose an intertemporal precautionary saving model in which the agents labor income is subject to (possibly correlated) shocks with different degrees of persistence and volatility. However, lie only observes his total income, not individual components. I show that partial observability of individual components of income gives rise to additional precautionary saving due to estimation risk, the error associated with estimating individual components of income. This additional precautionary sav...
-
作者：Akyol, A
作者单位：York University - Canada
摘要：This study investigates an incomplete markets economy in which the saving behavior of a continuum of infinitely lived agents is influenced by precautionary saving motives and borrowing constraints. Agents can use two types of assets (interest bearing IOUS and money) to smooth consumption. Money is valued because of a timing friction in the bond market. In particular, the bond market closes before agents observe their idiosyncratic productivity shock. I find that the Friedman rule is not optima...
-
作者：Rampini, AA
作者单位：Northwestern University
摘要：This paper analyzes a model in which the risk associated with entrepreneurial activity implies that the amount Of Such activity is procyclical and results in amplification and intertemporal propagation of productivity shocks. In the model risk averse agents choose between a riskless project and a risky project with higher expected Output ('the entrepreneurial activity'). Agents who become entrepreneurs need to bear part of the project-specific risk for incentive reasons. More agents become ent...
-
作者：Araujo, L
作者单位：Michigan State University
摘要：In an economy where there is no double coincidence of wants and without public record-keeping of past transactions, money is usually seen as the only mechanism that can support exchange. In this paper we show that, as long as the population is finite and agents are sufficiently patient, a social norm establishing gift-exchange can substitute for money. However, for a given discount factor, population growth eventually leads to the breakdown of the social norm. Additionally, increases in the de...
-
作者：Young, ER
作者单位：State University System of Florida; Florida State University
摘要：In this paper, I examine a model economy with production, search. and unemployment insurance. The introduction or capital into the economy of Wang and Williamson (J. Monetary Econorn. 49(7)(2001)1337) generates the result that optimal replacement ratios are always zero. The result arises from the decline in aggregate activity caused by unemployment insurance: both capital and labor inputs to production fall when benefits rise. Unlike most of the literature. I compute explicitly the cost of the...
