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作者：Ngai, LR
作者单位：University of London; London School Economics & Political Science
摘要：This paper argues that barriers affect both the beginning date and the subsequent pace of modern growth, and taking into account this fact enriches our knowledge of cross-country income differences. The model matches the observed inverted U-shape of cross-country income differences, which implies that a substantial fraction Of Current income differences is transitional. Hence, the model requires smaller barriers to account for current income differences relative to models that focus only on st...
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作者：Seppälä, J
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：This paper studies the behavior of the default-risk-free real term structure and term premia in two general equilibrium endowment economies with complete markets but without money. In the first economy there are no frictions as in Lucas (Econometrica 46 (1978) 1429) and in the second risk-sharing is limited by the risk of default as in Alvarez and Jermann (Econometrica 68 (2000) 775; Rev. Financial Studies 14 (2001) 1117). Both models are solved numerically, calibrated to UK aggregate and hous...
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作者：Hanson, MS
作者单位：Wesleyan University
摘要：A large literature has employed structural vector autoregressive (SVAR) models to investigate the empirical effects of U.S. monetary policy. Many of these models regularly produce a price puzzle-a rise in the aggregate price level in response to a contractionary innovation to monetary policy-unless commodity prices are included. Conventional wisdom maintains that commodity prices resolve the price puzzle because they contain information that helps the Federal Reserve forecast inflation. I exam...
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作者：Michelacci, C
摘要：The microevidence indicates that small firms grow faster than big firms. I argue that this relationship between the expected growth rate of a firm and its size may provide a microfoundation for the well-known high degree of persistence of shocks to aggregate output. The logic goes as follows. Almost any shock tends to temporarily alter firms' incentive to invest in growth thereby leading to a reallocation of firms across size categories. If small firms grow faster than big ones, the impact eff...
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作者：Darné, O; Diebolt, C
作者单位：Institut Agro; Montpellier SupAgro; Centre National de la Recherche Scientifique (CNRS); Universite de Montpellier; Humboldt University of Berlin
摘要：The nature and magnitude of the economic shocks that have affected the per capita GDP of 16 OECD countries are analyzed over a long period using the outlier method. Strong proof of infrequent large permanent and transitory shocks were found, essentially resulting from the two major wars in the twentieth century, the recession in the 1920s, the Great Depression, among others. We also examine the nature of the output trend by combining different tests of non-stationarity on different GDP series ...
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作者：Gruber, JW
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Forecasts derived from standard intertemporal current account (ICA) models generally fail to match the volatility of actual current accounts. This paper offers a solution to the excess volatility problem of standard ICA models by incorporating consumption habits into the standard model. The model, as developed in the paper, shows that significant habit formation implies increased current account volatility, as sluggishness is introduced into the consumption adjustment process that follows inco...
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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：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 ...
