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作者：Sarte, PDG
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
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作者：Leduc, S; Sill, K
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：Are the recessionary consequences of oil-price shocks due to oil-price shocks themselves or to the monetary policy that responds to them? We investigate this question in a calibrated general equilibrium model in which oil use is tied to capital utilization. The response to an oil-price shock is examined under a variety of monetary policy specifications. Under our benchmark calibration, which approximates the Federal Reserve's behavior since 1979, monetary policy contributes about 40 percent to...
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作者：Seshadri, A; Yuki, K
作者单位：University of Wisconsin System; University of Wisconsin Madison; Kyoto University
摘要：How do various forms of redistribution affect the distributions of earnings and consumption and their intergenerational mobility? Do redistributive policies enhance efficiency by mitigating market imperfections? Or do they create a trade-off between equity and efficiency? To address these issues, a dynamic general equilibrium model is constructed and solved numerically. The effects of the degrees of targeting of money transfers and educational transfers and the relative performance of the two ...
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作者：Williamson, SD
作者单位：University of Iowa
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作者：Rossi-Hansberg, E
作者单位：Stanford University
摘要：This paper studies the effect of terrorist attacks on the internal structure of cities. We develop an urban framework with capital structures suitable for the study of this question and analyze the long and short term implications of this type of events. In the long run, the analysis shows that a terrorist attack will affect urban structure only modestly, relative to the potentially large decrease in the level of economic activity in the city. Land rents will not decline at all locations. In t...
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作者：Siu, HE
作者单位：University of British Columbia
摘要：In this paper I consider the role of state-contingent inflation as a fiscal shock absorber in an economy with nominal rigidities. I study the Ramsey equilibrium in a monetary model with distortionary taxation, nominal non-state-contingent debt, and sticky prices. With sticky prices, the Ramsey planner must balance the shock absorbing benefits of state-contingent inflation against the associated resource misallocation costs. For government spending processes resembling post-war experience, intr...
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作者：Honkapohja, S; Mitra, K
作者单位：University of Cambridge; University of London; Royal Holloway University London
摘要：Recent models of monetary policy can have indeterminacy of equilibria. which is often viewed as a difficulty of these models. We consider the significance of indeterminacy using (he learning approach to expectations formation. We employ expeciational stability as a selection criterion for different equilibria and derive the expeciational stability and instability, conditions for forward-looking multivariate models. both without and with lags. The results are applied to several monetary policie...
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作者：Brown, JR; Cummins, JD; Lewis, CM; Wei, R
作者单位：University of Pennsylvania; University of Illinois System; University of Illinois Urbana-Champaign; National Bureau of Economic Research
摘要：This paper examines the role of the federal government in the market for terrorism reinsurance. We investigate the stock price response of affected industries to a sequence of 13 events culminating in the enactment of the Terrorism Risk Insurance Act (TRIA) of 2002. In the industries most likely to be affected by TRIA-banking, construction, insurance, real estate investment trusts, transportation, and public utilities-the stock price effect was primarily negative. The Act was at best value-neu...
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作者：Garfinkel, MR; Jeliazkov, I
作者单位：University of California System; University of California Irvine
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作者：Keen, BD
作者单位：Texas Tech University System; Texas Tech University
摘要：This paper examines the impact of a monetary policy shock in a dynamic stochastic general equilibrium model with sticky prices and financial market frictions. First, we examine the shortcomings of monetary models emphasizing these frictions individually. The model then is specified to limit the response of prices and savings to a current period monetary disturbance. Our results show that this model can account for the following key responses to an expansionary monetary policy shock: a fall in ...
