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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...
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作者：Smets, F
作者单位：Centre for Economic Policy Research - UK; Ghent University
摘要：Using a small estimated forward looking model of the euro area economy, this paper analyses the determinants of the optimal monetary policy horizon for maintaining price stability. First, the optimal policy horizon for a price level objective is generally longer than that for an inflation objective. Second, the policy horizon becomes longer, the greater the weight on other objectives like minimising output gap and interest rate variability. Third, the optimal policy horizon is shorter, the hig...
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作者：Fujiki, H
作者单位：Bank of Japan
摘要：Freeman (Am. Econom. Rev. 86 (1996a) 1126) shows that an elastic money supply enhances the efficiency of monetary equilibrium by clearing default-free debts at par value in the domestic credit market. This research adds a foreign exchange market to Freeman's model and extends his analysis into a two-country model, in which the arrival rates of agents are not equal between the two countries. In this model, an elastic money supply in the foreign exchange market to clear the exchange of fiat moni...
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作者：Forni, M; Hallin, M; Lippi, M; Reichlin, L
作者单位：Centre for Economic Policy Research - UK; Universita di Modena e Reggio Emilia; Universite Libre de Bruxelles; Sapienza University Rome; Universite Libre de Bruxelles
摘要：This paper uses a large data set, consisting of 447 monthly macroeconomic time series concerning the main countries of the Euro area to simulate out-of-sample predictions of the Euro-area industrial production and the harmonized inflation index and to evaluate the role of financial variables in forecasting. We considered two models which allow forecasting based on large panels of time series: Forni et al. (Rev. Econom. Statist. 82 (2000) 540; Mimeo (2001b)) and Stock and Watson (Mimeo (1999))....
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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：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：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：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...
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作者：den Haan, WJ; Ramey, G; Watson, J
作者单位：University of California System; University of California San Diego; University of London; London Business School; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：This paper develops a macroeconomic model in which funds are channeled to entrepreneurs through long-term relationships between entrepreneurs and lenders. The flow of funds to a relationship may be low, causing it to break up due to insufficient liquidity. Multiple Pareto ranked steady states emerge from complementarity between financial intermediation, reflected by the number of relationships, and households' incentives to provide funds. This complementarity also serves as a mechanism for pro...
