-
作者：Sims, CA
作者单位：Princeton University
摘要：A constraint that actions can depend on observations only through a communication channel with finite Shannon capacity is shown to be able to play a role very similar to that of a signal extraction problem or an adjustment cost in standard control problems. The resulting theory looks enough like familiar dynamic rational expectations theories to suggest that it might be useful and practical, while the implications for policy are different enough to be interesting. (C) 2003 Published by Elsevie...
-
作者：Orphanides, A
作者单位：Federal Reserve System - USA
摘要：In recent years, activist monetary policy rules responding to inflation and the level of economic activity have been advanced as a means of achieving effective output stabilization without inflation. Advocates of such policies suggest that their flexibility may yield substantial stabilization benefits while avoiding the excesses of overzealous discretionary fine-tuning such as is thought to characterize the experience of the 1960s and 1970s. In this study I present evidence suggesting that the...
-
作者：Williamson, SD
作者单位：University of Iowa
摘要：A dynamic spatial model is constructed where there is a role for money and for centralized payments arrangements, and where there are aggregate fluctuations driven by fluctuations in aggregate productivity. With decentralized monetary exchange and no centralized payments arrangements, there is price level indeterminacy, and the equilibrium allocation is inefficient. A private clearinghouse arrangement improves efficiency but produces a real indeterminacy. The pricing of daylight overdrafts is ...
-
作者：Easterly, W; Levine, R
作者单位：University of Minnesota System; University of Minnesota Twin Cities; New York University; National Bureau of Economic Research
摘要：Does economic development depend on geographic endowments like temperate instead of tropical location, the ecological conditions shaping diseases, or an environment good for grains or certain cash crops? Or do these endowments of tropics, germs, and crops affect economic development only through institutions or policies? We test the endowment, institution, and policy views against each other using cross country evidence. We find evidence that tropics, germs, and crops affect development throug...
-
作者：Fogli, A
作者单位：New York University
-
作者：Morand, OF; Reffett, KL
作者单位：University of Connecticut; Arizona State University; Arizona State University-Tempe
摘要：In applied work in macroeconomics and finance, nonoptimal infinite horizon economies are often studied in which the state-space is unbounded. Important examples of such economies are single-sector growth models with production externalities, valued fiat money, monopolistic competition, and/or distortionary government taxation. Although sufficient conditions for existence and uniqueness of Markovian equilibrium are well known for the compact state space case, no similar sufficient conditions ex...
-
作者：Dotsey, M; Hornstein, A
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：This paper examines whether monetary indicators are useful in implementing optimal discretionary monetary policy when the policymaker has incomplete information about the environment. We find that money does not contain useful information for the policymaker, if we calibrate the model to the U.S. economy. If money demand were to be appreciably less variable, observations on money could be useful in response to productivity shocks but would be harmful in response to money-demand shocks. We prov...
-
作者：Bils, M; Chang, YS
作者单位：University of Rochester; National Bureau of Economic Research; University of Pennsylvania
摘要：We examine the impact of wage stickiness when employment has an effort as well as hours dimension. Despite wages being predetermined, the labor market clears through the effort margin. Consequently, welfare costs of wage stickiness are potentially much, much smaller. (C) 2003 Elsevier Science B.V. All rights reserved.
-
作者：Weber, WE
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities
摘要：This paper investigates antebellum interbank relationships using previously unknown data for Pennsylvania banks from 1851 to 1859 that disaggregate the amounts due from other banks by debtor bank. It finds that country banks, banks outside of Philadelphia and Pittsburgh, dealt almost exclusively with financial center banks. Most had a large, highly stable relationship with a single correspondent bank. The location of a country bank's correspondent was consistent with trade patterns, particular...
-
作者：Guiso, L; Sapienza, P; Zingales, L
作者单位：University of Chicago; National Bureau of Economic Research; University of Sassari; Centre for Economic Policy Research - UK; Northwestern University
摘要：Since Max Weber, there has been an active debate on the impact of religion on people's economic attitudes. Much of the existing evidence, however, is based on cross-country studies in which this impact is confounded by differences in other institutional factors. We use the World Values Surveys to identify the relationship between intensity of religious beliefs and economic attitudes, controlling for country-fixed effects. We study several economic attitudes toward cooperation, the government, ...
