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作者：Owyang, MT; Ramey, G
作者单位：University of California System; University of California San Diego; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：This paper applies regime-switching methods to the problem of measuring monetary policy. Policy preferences and structural factors are specified parametrically as independent Markov processes. Interaction between the structural and preference parameters in the policy rule serves to identify the two processes. The estimates uncover policy episodes that are initiated by switches to dove regimes, shown to Granger-cause both NBER recessions and the Romer dates. These episodes imply real effects of...
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作者：Hall, GJ
作者单位：Yale University; National Bureau of Economic Research
摘要：I estimate two factor models of Swiss exchange rates during the First World War. I have data for five of the primary belligerents: Britain, France. Italy. Germany. and AustriaHungary. At the outbreak of the war, these nations suspended convertibility of their currencies into gold with the promise that after the war each would restore convertibility at the old par. However, once convertibility was suspended. the value of each currency depended on the outcome Of the war. From these exchange rate...
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作者：Hogan, V
作者单位：Trinity College Dublin
摘要：We use panel data to examine the empirical determinants of the reservation wage- in particular the influence of previous wages- and consider what this implies for the evolution of the natural rate of unemployment. We find that previous wages have a significant but relatively small effect on reservation wages (an elasticity between 0.15 and 0.47). We also find considerable differences across genders with previous wages being more important for men and market wages being more important for women...
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作者：Rigobon, R; Sack, B
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Federal Reserve System - USA
摘要：Estimating the response of asset prices to changes in monetary policy is complicated by the endogeneity of policy decisions and the fact that both interest rates and asset prices react to numerous other variables. This paper develops a new estimator that is based on the heterpskedaticity that exists in high-frequency data. We show (hat the response of asset prices to changes in monetary policy can be identified based on the increase in the variance of Policy shocks that occurs on days of FOMC ...
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作者：Wang, N
作者单位：Columbia University
摘要：I propose an intertemporal precautionary saving model in which the agents labor income is subject to (possibly correlated) shocks with different degrees of persistence and volatility. However, lie only observes his total income, not individual components. I show that partial observability of individual components of income gives rise to additional precautionary saving due to estimation risk, the error associated with estimating individual components of income. This additional precautionary sav...
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作者：Young, ER
作者单位：State University System of Florida; Florida State University
摘要：In this paper, I examine a model economy with production, search. and unemployment insurance. The introduction or capital into the economy of Wang and Williamson (J. Monetary Econorn. 49(7)(2001)1337) generates the result that optimal replacement ratios are always zero. The result arises from the decline in aggregate activity caused by unemployment insurance: both capital and labor inputs to production fall when benefits rise. Unlike most of the literature. I compute explicitly the cost of the...
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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：Curtis, E; Wright, R
作者单位：University of Pennsylvania
摘要：We study models combining search, money. price posting. and preference shocks. We show how these features interact to influence the price level and price dispersion. First. price-posting equilibria exist with valued fiat currency. Second. although both are possible. price dispersion is more common than a single price. Third, we rove that generically there cannot be more than two prices. We provide intuiton for this law of two prices. show it also holds in some nonmonetary search models, and di...
