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作者：Ruge-Murcia, FJ
作者单位：Universite de Montreal; Universite de Montreal
摘要：This paper tests the predictions of the Barro-Gordon model using US data on inflation and unemployment. To that end, it constructs a general game-theoretical model with asymmetric preferences that nests the Barro-Gordon model and a version of Cukierman's model as special cases. Likelihood Ratio tests indicate that the restriction imposed by the Barro-Gordon model is rejected by the data but the one imposed by the version of Cukierman's model is not. Reduced-form estimates are consistent with t...
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作者：Coenen, G; Wieland, V
作者单位：European Central Bank; Goethe University Frankfurt
摘要：In this paper we study the role of the exchange rate in conducting monetary policy in an economy with near-zero nominal interest rates as experienced in Japan since the mid-1990s. Our analysis is based on an estimated model of Japan, the United States and the euro area with rational expectations and nominal rigidities. First, we provide a quantitative analysis of the impact of the zero bound on the effectiveness of interest rate policy in Japan in terms of stabilizing output and inflation. The...
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作者：Minier, JA
作者单位：University of Miami
摘要：Recent literature has established a positive correlation between financial development and economic growth. While papers such as Bencivenga et al. (J. Econom. Theory 67 (1995) 53) identify potential nonlinearifies in this relationship, empirical research to date has allowed for only linear relationships. This paper uses regression tree techniques to investigate whether the partial correlation between growth and financial development differs based on countries' levels of financial and economic ...
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作者：Gorostiaga, A
作者单位：University of Basque Country
摘要：This paper studies if imperfections in the labor market justify a different fiscal policy. We present a dynamic general equilibrium model with a Ramsey planner deciding about public spending, labor taxes and debt. Two different labor market setups are considered. First we assume a competitive labor market and then we introduce a union with monopoly power. Both models reach the same conclusion as regards to the cyclical properties of the optimal policy: it is not optimal to implement a counterc...
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作者：Wallace, N
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：In The Big Problem of Small Change, Sargent and Velde apply a cash-in-advance model to the history of coinage and to contemporary thought about coinage. They assert that their model accounts for puzzling observations involving the depreciation and disappearance of small coins. I question its usefulness for that purpose and for other issues pertaining to coinage. My main concern is that their model does not depict the problems usually associated with full-bodied coinage systems-problems that st...
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作者：Walsh, CE
作者单位：University of California System; University of California Santa Cruz
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作者：Sussman, N; Zeira, J
作者单位：Hebrew University of Jerusalem; Harvard University
摘要：This paper presents a theory of inflation in commodity money and supports it by evidence from inflationary episodes in France during the 14th and 15th centuries. The paper shows that commodity money can be inflated similarly to fiat money through repeated debasements, which act like devaluations. Furthermore, as with fiat money, demand for commodity money falls with inflation. However, at high rates of inflation demand for commodity money becomes insensitive to inflation, since commodity money...
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作者：Díaz, A; Pijoan-Mas, J; Ríos-Rull, JV
作者单位：Universidad Carlos III de Madrid; University of Pennsylvania; National Bureau of Economic Research
摘要：We study the role of habit formation in shaping the amount of precautionary savings and the wealth distribution in heterogeneous agents model economies with idiosyncratic uncertainty. We adjust preferences to equate the Intertemporal Elasticity of Substitution in all model economies. We find that habit formation brings a hefty increase in precautionary savings and very mild reductions in the coefficient of variation and in the Gini index of wealth. These findings hold for both persistent and n...
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作者：Svensson, LEO; Woodford, M
作者单位：Princeton University; Centre for Economic Policy Research - UK; National Bureau of Economic Research
摘要：The optimal weights on indicators in models with partial information about the state of the economy and forward-looking variables are derived and interpreted, both for equilibria under discretion and under commitment. An example of optimal monetary policy with a partially observable potential output and a forward-looking indicator is examined. The optimal response to the optimal estimate of potential output displays certainty equivalence, whereas the optimal response to the imperfect observati...
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作者：Hanushek, EA; Leung, CKY; Yilmaz, K
作者单位：Stanford University; Chinese University of Hong Kong; Koc University
摘要：Educational subsidies are frequently justified as a method of altering the income distribution. It is thus natural to compare education to other tax-transfer schemes designed to achieve distributional objectives. While equity-efficiency trade-offs are frequently discussed, they are rarely explicitly treated. This paper creates a general equilibrium model of school attendance, labor supply, wage determination, and aggregate production, which is used to compare alternative redistribution devices...
