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作者：Marimon, R; Nicolini, JP; Teles, P
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Centre for Economic Policy Research - UK; National Bureau of Economic Research; Universidad Torcuato Di Tella; Banco de Portugal; Universidade Catolica Portuguesa
摘要：We study how competition from privately supplied currency substitutes affects monetary equilibria. Whenever currency is inefficiently provided, inside money competition plays a disciplinary role by providing an upper bound on equilibrium inflation rates. Furthermore if inside monies can be produced at a sufficiently low cost, outside money is driven out of circulation. Whenever a 'benevolent' government can commit to its fiscal policy, sequential monetary policy is efficient and inside money c...
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作者：De Fiore, F; Teles, P
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; European Central Bank; Centre for Economic Policy Research - UK; Banco de Portugal; Universidade Catolica Portuguesa
摘要：We determine the optimal combination of taxes on money, consumption and income in transactions technology models where exogenous government expenditures must be financed with distortionary taxes. We show that the optimal policy does not tax money, regardless of whether the government can use as alternative fiscal instruments an income tax, a consumption tax, or the two taxes jointly. These results are at odds with recent literature. We argue that the reason for this divergence is an inappropri...
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作者：Lacker, JM; Weinberg, JA
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：The five papers that follow this essay were presented at the Federal Reserve Bank of Richmond's Conference on Payment Economics held October 23-24, 2000, in Williamsburg, Virginia. The conference was motivated by the convergence of lines of research in monetary and banking theory that are focused on the institutional arrangements that facilitate exchange. At the same time, central bank policymakers concerned about the efficiency implications of their involvement in and regulation of clearing a...
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作者：Head, A; Shi, SY
作者单位：University of Toronto; Queens University - Canada
摘要：In this paper we construct a two-country search model to determine the nominal exchange rate between two fiat monies. Our model allows agents to use any currency to trade for goods in all countries. However, search frictions restrict agents' opportunities for instantaneous arbitrage, and hence make the nominal exchange rate determinate. The nominal exchange rate depends on the two countries' economic fundamentals, including the stocks and growth rates of the two monies. Direct exchanges betwee...
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作者：Mukoyama, T
作者单位：Concordia University - Canada; Universite de Montreal
摘要：This paper analyzes the interaction of innovation and imitation in the growth process. Technology is assumed to be cumulative: only leaders can conduct next-round innovation. Outsiders can become leaders by imitation. Our results show that subsidizing imitation may increase the economy-wide rate of technological progress. There are cases where competition and growth exhibit positive correlation. In these cases, promoting imitation enhances not only the static efficiency but also the dynamic pe...
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作者：Lerrick, A; Meltzer, AH
作者单位：Carnegie Mellon University
摘要：This paper proposes a low cost alternative to the large bailout packages that the International Monetary Fund (IMF) has organized to address financial crises. The IMF would act as a lender of last resort. Faced with an unsustainable debt burden, a government would declare default. It would announce negotiations to restructure its debt at a sustainable level and a minimum restructured value of the debt. During the restructuring period, the IMF would provide a cash support bid at a discount to t...
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作者：Acemoglu, D; Johnson, S; Robinson, J; Thaicharoen, Y
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); University of California System; University of California Berkeley; University of California System; University of California Berkeley
摘要：Countries that have pursued distortionary macroeconomic policies, including high inflation, large budget deficits and misaligned exchange rates, appear to have suffered more macroeconomic volatility and also grown more slowly during the postwar period. Does this reflect the causal effect of these macroeconomic policies on economic outcomes? One reason to suspect that the answer may be no is that countries pursuing poor macroeconomic policies also have weak institutions, including political ins...
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作者：Gerlach, S; Svensson, LEO
作者单位：Hong Kong Monetary Authority (HKMA); Princeton University; Stockholm University; Centre for Economic Policy Research - UK; National Bureau of Economic Research
摘要：This paper examines inflation indicators for the euro area by studying the relationship between inflation, output, money and interest rates, using data spanning 1980-2001. The central finding is that both the output gap and the real money gap (the difference between the real money stock and the long-run equilibrium real money stock) contain considerable information regarding future inflation. In contrast, the Eurosystem's money-growth indicator (the difference between nominal money growth and ...
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作者：de Lint, CR; Stolin, D
作者单位：Universite Federale Toulouse Midi-Pyrenees (ComUE); Universite de Toulouse; TBS Education
摘要：Although the empirical evidence about the leading indicator property of the term spread (LIPTS) is powerful, this property lacks a rigorous theoretical foundation. This paper investigates whether dynamic equilibrium asset pricing models are able to provide a theoretical underpinning for the LIPTS. We study an endowment and a production economy. The endowment economy is unable to account for the LIPTS. On the other hand, a model with endogenous production provides a reasonable theoretical justi...
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作者：McCallum, BT
作者单位：Carnegie Mellon University; National Bureau of Economic Research
摘要：A sizeable fraction of recent research on monetary policy has been concerned with issues relating to analytical indeterminacies-i.e. multiple solutions in rational expectations (RE) models. Most of the literature features sophisticated RE analysis conducted within dynamic models that reflect optimizing behavior by individual agents and incorporate Taylor-style policy rules. A few papers have suggested that some of the particular indeterminacy arguments are misleading or irrelevant. For the mos...
