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作者：Henderson, DW
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
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作者：Borensztein, E; Lee, JW
作者单位：Korea University; International Monetary Fund
摘要：This paper analyzes the credit crunch following the recent financial crisis in Korea. Using enterprise-level data, we find that there were big differences in the magnitude of the credit contraction across different types of firms. In particular, chaebol (conglomerate)-affiliated firms appeared to have lost the preferential access to credit that they had enjoyed in the precrisis period, and credit appears to have been reallocated in favor of more efficient firms. This suggests that the credit c...
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作者：Akhand, H; Liu, HM
作者单位：University of Alberta; University of Regina; National University of Singapore
摘要：The objective of this paper is to estimate both the U.S. federal marginal income tax rate and the state and local marginal income tax rates. We use the non-parametric regression method and data on income and tax extracted from U.S. Individual Tax Model Files for the period 1985-1995. The flexibility of the non-parametric approach and the information at the individual level enable us to construct a more reliable time series of the average federal marginal income tax rates and that of the averag...
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作者：Padrini, F
作者单位：Organisation for Economic Co-operation & Development (OECD)
摘要：Empirical and theoretical evidence is presented showing that monetary policy and velocity of money innovations might lead to opposite effects in the financial markets. First, it is shown for the US economy that monetary policy and velocity shocks cause a reduction and an increase in the interest rates, respectively. Then, a stochastic general equilibrium model is illustrated in which monetary policy innovations produce excess loan supply and velocity innovations produce excess loan demand. The...
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作者：Rudebusch, GD
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：Numerous studies have used quarterly data to estimate monetary policy rules or reaction functions that appear to exhibit a very slow partial adjustment of the policy interest rate. The conventional wisdom asserts that this gradual adjustment reflects a policy inertia or interest rate smoothing behavior by central banks. However, such quarterly monetary policy inertia would imply a large amount of forecastable variation in interest rates at horizons of more than 3 months, which is contradicted ...
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作者：Cavallo, M; Ghironi, F
作者单位：Boston College; New York University
摘要：We revisit Obstfeld and Rogoff's (1995) results on exchange rate dynamics in a two-country, monetary model with incomplete asset markets, stationary net foreign assets, and endogenous monetary policy. The nominal exchange rate exhibits a unit root. Under flexible prices, it also depends on the stock of real net foreign assets. With sticky prices, the exchange rate depends on the past GDP differential, along with net foreign assets. Endogenous monetary policy and asset dynamics have consequence...
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作者：Devereux, MB; Engel, C
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of British Columbia; Centre for Economic Policy Research - UK; National Bureau of Economic Research
摘要：This paper explores the hypothesis that high volatility of real and nominal exchange rates may be due to the fact that local currency pricing eliminates the pass-through from changes in exchange rates to consumer prices. Exchange rates may be highly volatile because in a sense they have little effect on macroeconomic variables. The paper shows the ingredients necessary to construct such an explanation for exchange rate volatility. In addition to the presence of local currency pricing, we need ...
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作者：Hodrick, RJ
作者单位：Columbia University; National Bureau of Economic Research
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作者：Wachter, JA
作者单位：New York University
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作者：Cogley, T
作者单位：Arizona State University; Arizona State University-Tempe
摘要：This paper investigates whether uninsured idiosyncratic risk accounts for the equity premium. Following Mankiw (J. Financial Econ. 17 (1986) 211), the paper develops an equilibrium factor model in which risk premia depend on the covariance between an asset's return and certain moments of the cross-sectional distribution for consumption growth. Cross-sectional consumption factors are constructed using data from the Consumer Expenditure Survey, but they do not appear to be promising candidates f...
