2003

最新文章

• Credit market frictions and the allocation of resources over the business cycle AI翻译
  作者：Barlevy, G
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
  摘要：In a seminal paper, Davis and Haltiwanger (1990) demonstrated that recessions are associated with increased job reallocation. The conventional view has interpreted this as evidence of cleansing: less productive jobs are destroyed in recessions, and resources are reallocated to more productive uses. This paper argues instead that in the presence of credit market frictions, reallocation might go the other way, directing resources from more efficient to less efficient uses. This will occur if mor...
• Modest policy interventions AI翻译
  作者：Leeper, EM; Zha, T
  作者单位：Indiana University System; Indiana University Bloomington; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
  摘要：We present a theoretical and empirical framework for computing and evaluating linear projections conditional on hypothetical paths of monetary policy. A modest policy intervention does not significantly shift agents' beliefs about policy regime and does not induce the changes in behavior that Lucas (Carnegie-Rochester Conference Series on Public Policy, Vol. 1, Amsterdam, North-Holland, 1976, pp. 104-130) emphasizes. Applied to an econometric model of U.S. monetary policy, we find that a rich ...
• Foreign exchange intervention: how to signal policy objectives and stabilise the economy AI翻译
  作者：Vitale, P
  作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
  摘要：Within a simple model of monetary policy for an open economy, we study how foreign exchange intervention may be used as a costly signal of the policy makers' objectives. Our analysis indicates that: (i) foreign exchange intervention typically stabilises the national economy, reducing the fluctuations of employment and output; (ii) this result is sensitive to the institutional structure of decision-making, in that a larger stability gain is obtained when foreign exchange intervention and moneta...
• Robust control of forward-looking models AI翻译
  作者：Hansen, LP; Sargent, TJ
  作者单位：New York University; University of Chicago
  摘要：This paper shows how to formulate and compute robust Ramsey (aka Stackelberg) plans for linear models with forward-looking private agents. The leader and the followers share a common approximating model and both have preferences for robust decision rules because both doubt the model. Since their preferences differ, the leader's and followers' decision rules are fragile to different misspecifications of the approximating model. We define a Stackelberg equilibrium with robust decision makers in ...
• Monetary policy's role in exchange rate behavior AI翻译
  作者：Faust, J; Rogers, JH
  摘要：We address the role of monetary policy shocks in exchange rate behavior using an inference procedure that allows us to relax dubious identifying assumptions. We find: (i) The peak exchange rate response may be delayed or nearly immediate; (ii) In every otherwise reasonable identification, monetary policy shocks lead to large uncovered interest rate parity (UIP) deviations; (iii) Monetary policy shocks may account for a smaller portion of exchange rate variance than found earlier. While (i) is ...
• Imperfect credibility and inflation persistence AI翻译
  作者：Erceg, CJ; Levin, AT
  作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
  摘要：In this paper, we formulate a dynamic general equilibrium model with staggered nominal contracts, in which households and firms use optimal filtering to disentangle persistent and transitory shifts in the monetary policy rule. The calibrated model accounts quite well for the dynamics of output and inflation during the Volcker disinflation, and implies a sacrifice ratio very close to the estimated value. Our approach indicates that inflation persistence and substantial costs of disinflation can...
• Comment on: People's opium? Religion and economic attitudes AI翻译
  作者：Keely, L
  作者单位：University of Wisconsin System; University of Wisconsin Madison
• Comment on: Monetary rules for small, open, emerging economies AI翻译
  作者：Erceg, CJ
  作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
• On the optimal monetary policy response to noisy indicators AI翻译
  作者：Aoki, K
  作者单位：Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI)
  摘要：We describe a behavior of a central bank when its measures of current inflation and output are subject to measurement errors, in a framework of optimizing models with nominal price stickiness. In our model, a central bank sets the interest rate equal to its current estimate of the so-called Wicksellian natural rate of interest. This is shown to imply that the interest rate responds to the central bank's estimates of both current inflation and output gap, as advocated by Taylor (1993). It is al...
• Distribution costs and real exchange rate dynamics during exchange-rate-based stabilizations AI翻译
  作者：Burstein, AT; Neves, JC; Rebelo, S
  作者单位：Northwestern University; University of California System; University of California Los Angeles; Universidade Catolica Portuguesa
  摘要：This paper studies the role played by distribution costs in shaping the behavior of the real exchange rate during exchange-rate-based stabilizations. We document that distribution costs are very large for the average consumer good: they represent more than 40% of the retail price in the US and roughly 60% of the retail price in Argentina. Distribution services require local labor and land so they drive a natural wedge between retail prices in different countries. We show that introducing a dis...