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作者：Aizenman, J
作者单位：University of California System; University of California Santa Cruz; National Bureau of Economic Research
摘要：This paper explains why relative PPP should hold more tightly in emerging markets, and why pricing to market would be observed more frequently in the OECD countries. It studies the endogenous determination of pricing to market, in a real option model with time-dependent transportation costs, where the Future terms of trade are random. Allowing time-dependent transportation costs adds a dimension of investment to the pre-buying of imports, implying that financial considerations determine the fr...
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作者：Pappa, E
作者单位：University of London; London School Economics & Political Science
摘要：A two-country model with monopolistic competition and price stickiness is employed to investigate the implications for macroeconomic stability and the welfare properties of three international policy arrangements: (a) cooperative, (b) non-cooperative and (c) monetary union. I characterize the conditions under which there is scope for policy cooperation and quantify the costs of non-cooperation and monetary union. The non-cooperative equilibrium may be suboptimal because of terms of trade spill...
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作者：Davig, T
作者单位：William & Mary
摘要：The effects of changes to the tax rate are Studied within a framework where an estimated regime-switching process for the debt-output ratio is embedded in a standard growth model. The regime is a hidden state variable, so agents face a signal extraction problem. Consequently, agents incorporate the possibility of switching to different fiscal regimes when forming expectations over future taxes. Decision rules have additional nonlinearity relative to fixed-regime models. Income allocation and t...
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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：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...
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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：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...
