2002

最新文章

• Optimal state-dependent rules, credibility, and inflation inertia AI翻译
  作者：Almeida, H; Bonomo, M
  作者单位：New York University; Getulio Vargas Foundation
  摘要：We use a state-dependent model where pricing rules are optimal to examine the costs of a money-based disinflation under various assumptions about the credibility of the policy change. Our analysis allows us to relate actual credibility and future inflation inertia to the asymmetry of the price deviation distribution. An important implication of our state-dependent setting is that disinflation can be attained without substantial cost even in a situation of low credibility, provided that a mecha...
• Moral hazard, optimal unemployment insurance, and experience rating AI翻译
  作者：Wang, C; Williamson, SD
  作者单位：University of Iowa; Carnegie Mellon University; Iowa State University
  摘要：This paper is concerned with evaluating alternative unemployment insurance (UI) schemes in a dynamic economy with moral hazard. We consider changes in the size and duration of UI benefits, and the effects of experience rating, and use a dynamic contracting approach to determine a benchmark optimal allocation. Radical changes in the current UI system increase welfare, but not by much. A move to full experience rating has distributional effects, but the aggregate effects are negligible. (C) 2002...
• Learning about monetary policy rules AI翻译
  作者：Bullard, J; Mitra, K
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of London; Royal Holloway University London
  摘要：We study macroeconomic systems with forward-looking private sector agents and a monetary authority that is trying to control the economy through the use of a linear policy feedback rule. We use stability under recursive learning a la Evans and Honkapohja (Learning and Expectations in Macroeconomics, Princeton University Press, Princeton, New Jersey, 2001) as a criterion for evaluating monetary policy rules in this context. We find that considering learning can alter the evaluation of alternati...
• Sticky prices: the impact of regulation AI翻译
  作者：Dexter, AS; Levi, MD; Nault, BR
  作者单位：University of British Columbia; University of Calgary
  摘要：This paper finds that approximately one-third of the items in the CPI are governed by price regulations that can slow and add noise to the response of prices to changes in cost or demand conditons. Consequently, regulation is a possible partial explanation of sticky prices in the overall rate of inflation, and delayed response to changes in the money supply. A survey is used to decompose the CPI into freely determined and regulated sub-components. Evidence is provided that prices in the regula...
• Message from the Publisher AI翻译
  作者：Dirkmaat, J
• Comment on: Investor psychology in capital markets AI翻译
  作者：Wurgler, J
  作者单位：New York University
• Comment on: Exchange rate pass-through, exchange rate volatility, and exchange rate disconnect AI翻译
  作者：Duarte, M; Stockman, AC
  作者单位：University of Rochester; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Richmond
• Monetary policy rules in the open economy: effects on welfare and business cycles AI翻译
  作者：Kollmann, R
  作者单位：University of Bonn
  摘要：This paper computes welfare maximizing Taylor-style interest rate rules, in a business cycle model of a small open economy. The model assumes staggered price setting and shocks to domestic productivity, to the world interest rate, to world inflation, and to the uncovered interest rate parity condition. Optimized policy rules have a pronounced anti-inflation stance and entail significant nominal and real exchange rate volatility. The country responds to an increase in external volatility by hol...
• Welfare implications of the Bankruptcy Reform Act of 1999 AI翻译
  作者：Athreya, KB
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
  摘要：In recent years personal bankruptcy has become an important issue to consumers, creditors, and legislators alike. Over 40 billion dollars of unsecured debt were discharged in 1998 by 1.44 million households. These losses have led legislators to propose a variety of changes in bankruptcy law, the most important and recent of which is the Bankruptcy Reform Act of 1999 (BA99). I develop a dynamic, stochastic, general equilibrium model of personal bankruptcy to investigate the trade-off between th...
• On the efficiency of monetary exchange: how divisibility of money matters AI翻译
  作者：Berentsen, A; Rocheteau, G
  作者单位：Australian National University; University of Basel
  摘要：We use alternative assumptions about the divisibility of goods and money and the ability of agents to use lotteries on money to investigate to what extent the indivisibility of money is the cause for the typically inefficient production and consumption decisions in search-theoretic models of money. Our framework potentially generates three types of inefficiencies: the no-trade inefficiency, where no trade takes place even though it would be socially efficient to trade; and the too-much-trade a...