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作者：Amato, JD; Laubach, T
作者单位：Bank for International Settlements (BIS); Federal Reserve System - USA
摘要：We study the implications for optimal monetary policy of introducing habit formation in consumption into a general equilibrium model with sticky prices. Habit formation affects the model's endogenous dynamics through its effects on both aggregate demand and households' supply of output. We show that the objective of monetary policy consistent with welfare maximization includes output stabilization, as well as inflation and output gap stabilization. We find that the variance of output increases...
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作者：Carlstrom, CT; Fuerst, TS
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; University System of Ohio; Bowling Green State University
摘要：It is well known that sunspot equilibria may arise under an interest rate operating procedure in which the central bank varies the nominal rate with movements in future inflation (a forward-looking Taylor rule). This paper demonstrates that these sunspot equilibria may be learnable in the sense of E-stability. (C) 2003 Published by Elsevier B.V.
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作者：Ambler, S; Cardia, E; Zimmermann, C
作者单位：University of Quebec; University of Quebec Montreal; Universite de Montreal; Universite de Montreal; University of Connecticut
摘要：Modern business cycle theory involves developing models that explain stylized facts. For this strategy to be successful, these facts should be well established. In this paper, we focus on the stylized facts of international business cycles. We use the generalized method of moments and quarterly data from twenty industrialized countries to estimate and test hypotheses concerning pairwise cross-country correlations of macroeconomic aggregates. A remarkable common feature emerges: these correlati...
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作者：Demirgüç-Kunt, A; Huizinga, H
作者单位：The World Bank; Tilburg University; Centre for Economic Policy Research - UK
摘要：Cross-country evidence presented in this paper suggests that explicit deposit insurance reduces required deposit interest rates, while at the same time it lowers market discipline on bank risk taking. Internationally, deposit insurance schemes vary widely in their coverage, funding, and management. This reflects that there are widely differing views on how deposit insurance should optimally be structured. To inform this debate, we use a newly constructed data set of deposit insurance design fe...
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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：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：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...
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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：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：Alexopoulos, M
作者单位：University of Toronto
摘要：This paper presents a dynamic general equilibrium model where labor effort is imperfectly observable and there is unemployment in equilibrium. In contrast to shirking models in the efficiency wage literature, detected shirkers are not dismissed. Instead, they face a monetary punishment because they forgo an increase in their compensation. Estimated versions of the model can generate the high variation in employment and low variation of real wages observed over the business cycle, and are consi...
