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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...
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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 ...
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作者：Ireland, PN
作者单位：Boston College; National Bureau of Economic Research
摘要：What explains the correlations between nominal and real variables in the postwar US data? Are these correlations indicative of significant nominal rigidity? Or do they simply reflect the particular way that monetary policyrnakers react to developments in the real economy? To answer these questions, this paper uses maximum likelihood to estimate a model of endogenous money. This model allows, but does not require, nominal prices to be sticky. The results show that nominal price rigidity, over a...
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作者：Chang, Y; Schorfheide, F
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; University of Pennsylvania
摘要：We propose a new VAR identification scheme that distinguishes shifts of and movements along the labor demand schedule to identify labor-supply shocks. According to our VAR analysis of post-war US data, labor-supply shifts account for about 30 percent of the variation in hours and about 15 percent of the output fluctuations at business cycle frequencies. To assess the role of labor-supply shifts in a more structural framework, estimates from a dynamic general equilibrium model with stochastic v...
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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：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...
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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：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 ...
