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作者：Darné, O; Diebolt, C
作者单位：Institut Agro; Montpellier SupAgro; Centre National de la Recherche Scientifique (CNRS); Universite de Montpellier; Humboldt University of Berlin
摘要：The nature and magnitude of the economic shocks that have affected the per capita GDP of 16 OECD countries are analyzed over a long period using the outlier method. Strong proof of infrequent large permanent and transitory shocks were found, essentially resulting from the two major wars in the twentieth century, the recession in the 1920s, the Great Depression, among others. We also examine the nature of the output trend by combining different tests of non-stationarity on different GDP series ...
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作者：Gruber, JW
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Forecasts derived from standard intertemporal current account (ICA) models generally fail to match the volatility of actual current accounts. This paper offers a solution to the excess volatility problem of standard ICA models by incorporating consumption habits into the standard model. The model, as developed in the paper, shows that significant habit formation implies increased current account volatility, as sluggishness is introduced into the consumption adjustment process that follows inco...
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作者：Martin, A
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City
摘要：This paper presents a general equilibrium model where intraday liquidity is needed because the timing of payments is uncertain. A necessary and sufficient condition for an equilibrium to be efficient is that the nominal intraday interest rate be zero, even when the overnight rate is strictly positive. Because a market for liquidity may not achieve efficiency, this creates a role for the central bank. I allow for the possibility of moral hazard and study policies commonly used by central banks ...
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作者：Boldrin, M; Levine, DK
作者单位：University of California System; University of California Los Angeles; University of Minnesota System; University of Minnesota Twin Cities
摘要：Innovations and their adoption are the keys to growth and development. Innovations are less socially useful, but more profitable for the innovator, when they are adopted slowly and the innovator remains a monopolist. For this reason, rent-seeking, both public and private, plays an important role in determining the social usefulness of innovations. This paper examines the political economy of intellectual property, analyzing the trade-off between private and public rent-seeking. While it is tru...
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作者：Mitchell, MF
作者单位：University of Iowa
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作者：Normandin, M; Phaneuf, L
作者单位：Universite de Montreal; HEC Montreal; Universite de Montreal; HEC Montreal; University of Quebec; University of Quebec Montreal; University of Quebec; University of Quebec Montreal
摘要：We propose an empirical procedure, which exploits the conditional heteroscedasticity of fundamental disturbances, to test the targeting and orthogonality restrictions imposed in the recent VAR literature to identify monetary policy shocks. Based on U.S. monthly data for the post-1982 period, we reject the non-borrowed-reserve and interest-rate targeting procedures. In contrast, we present evidence supporting targeting procedures implying more than one policy variable. We also always reject the...
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作者：Craig, B; Waller, CJ
作者单位：University of Notre Dame; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：We use a dual currency money search model to study dollarization. Agents hold portfolios consisting of two currencies, one of which is risky. We use numerical methods to solve for the steady-state distributions of currency portfolios, transaction patterns, and value functions. As risk increases, agents increasingly use the safe currency as a medium of exchange-dollarization occurs. Furthermore, the safe currency trades for multiple units of the risky currency. This type of currency exchange, a...
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作者：Sigouin, C
作者单位：Concordia University - Canada; Universite de Montreal
摘要：This paper incorporates risk-sharing employment contracts into an economy in which matching frictions characterize the tabour market and in which agents cannot commit. In equilibrium, the terms of ongoing contracts are affected by those being negotiated in the job market because contracts must be self-enforcing. In this context, risk-sharing implies that hours worked and wages are negatively related, while enforcement considerations imply the converse. Overall, the sign of this relationship is...
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作者：Comin, D; Hobijn, B
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; New York University
摘要：We examine the diffusion of more than 20 technologies across 23 of the world's leading industrial economies. Our evidence covers major technology classes such as textile production, steel manufacture, communications, information technology, transportation, and electricity for the period 1788-2001. We document the common patterns observed in the diffusion of this broad range of technologies. Our results suggest a pattern of trickle-down diffusion that is remarkably robust across technologies. M...
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作者：Loayza, N
作者单位：The World Bank
