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作者：Storesletten, K; Telmer, CI; Yaron, A
作者单位：University of Oslo; Carnegie Mellon University; University of Pennsylvania
摘要：A striking feature of U.S. data on income and consumption is that inequality increases with age. This paper asks if individual-specific earnings risk can provide a coherent explanation. We find that it can. We construct an overlapping generations general equilibrium model in which households face uninsurable earnings shocks over the course of their lifetimes. Earnings inequality is exogenous and is calibrated to match data from the U.S. Panel Study on Income Dynamics. Consumption inequality is...
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作者：Mukerji, S; Tallon, JM
作者单位：University of Oxford; University of Oxford; Centre National de la Recherche Scientifique (CNRS)
摘要：This paper analyzes optimal wage contracting assuming agents are not subjective expected utility maximizers but are, instead, ambiguity (or uncertainty) averse decision makers who maximize Choquet expected utility. We show that such agents will choose not to include any indexation coverage in their wage contracts even when inflation is uncertain, unless the perceived inflation uncertainty is high enough. Significantly, the exercise does not presume any exogenous costs (e.g., transactions costs...
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作者：Benhabib, J; Wen, Y
作者单位：New York University; Cornell University
摘要：We show that under indeterminacy aggregate demand shocks are able to explain not only aspects of actual fluctuations that standard RBC models predict fairly well, but also aspects of actual fluctuations that standard RBC models cannot explain, Such as the hump-shaped, trend reverting impulse responses to transitory shocks found in US output (Cogley and Nason, Am. Econom. Rev. 85 (1995) 492); the large forecastable movements and comovements of output, consumption and hours (Rotemberg and Woodfo...
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作者：Driscoll, JC
作者单位：Federal Reserve System - USA
摘要：This paper uses a panel of state-level data to test whether changes in bank loan Supply affect Output. Since the U.S. states are small open economics with fixed exchange rates, state-specific shocks to money demand are automatically accommodated, leading to changes in lending if banks rely on deposits as a source of funding. Using, these shocks as in instrumental variable, I find that shocks to money demand have large and statistically significant effects on the supply of bank loans, but loans...
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作者：Buera, F; Nicolini, JP
作者单位：Universidad Torcuato Di Tella; University of Chicago
摘要：This paper shows that state contingent debt can be synthetically constructed using non-contingent debt of different maturities. A main policy implication of this principle is that the Ramsey allocation with complete markets can be sustained with non-contingent debt only by properly managing its maturity structure. The numerical experiments, however, suggest that this policy implication ought to be taken with care. We find that the debt positions that sustain the Ramsey allocation are very high...
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作者：Zettelmeyer, J
作者单位：International Monetary Fund
摘要：This paper Studies the impact effect of monetary policy shocks on the exchange rate in Australia, Canada, and New Zealand during the 1990s. Shocks are identified by, the reaction of three month market interest rates to policy announcements that were not themselves endogenous to economic news on the same clay. The main result is that a 100 basis point contractionary shock will appreciate the exchange rate by 2-3 percent on impact. The association of interest rate hikes with depreciations that i...
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作者：Benigno, G
作者单位：University of London; London School Economics & Political Science; University of London; London School Economics & Political Science
摘要：The objective of this paper is to analyze the effects of alternative monetary rules on real exchange rate persistence. Using a two-country stochastic dynamic general equilibrium with nominal price stickiness and local currency pricing, we will show how the persistence of purchasing power parity deviations can be related to a monetary theory of these deviations. When monetary policy lean against the wind, there is no relationship of proportionality between the time during which prices remain st...
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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...
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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...
