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作者：Jones, JB
作者单位：State University of New York (SUNY) System; University at Albany, SUNY
摘要：In this paper, I consider whether postwar fiscal policy has helped stabilize the U.S. economy. I do this by adding to the stochastic growth model fiscal policy feedback rules estimated from postwar data. These rules allow fiscal policies to respond to current and lagged output and labor hours. I use the estimated policy rules to see if postwar fiscal policy reduces output volatility and/or lengthens expansions and shortens recessions. I find that fiscal policy in general provides little stabil...
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作者：Cole, HL; Ohanian, LE
作者单位：University of California System; University of California Los Angeles; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：We evaluate the macroeconomic implications of post-World War 11 money demand changes in two business cycle models: the limited participation model and the sticky price model. The sticky price model is invariant to changes in money demands. However, the limited participation model predicts the effect of a money shock on output rose by 100 percent between 1952 and 1980, and subsequently fell 65 percent. This prediction is hard to reconcile with evidence that suggests the effects of monetary shoc...
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作者：Erosa, A; Ventura, G
作者单位：Autonomous University of Barcelona; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Evidence on the portfolio holdings and transaction patterns of households suggests that the burden of inflation is not evenly distributed. We build a monetary growth model consistent with key features of cross-sectional household data and use this framework to study the distributional impact of inflation. At the aggregate level, our model economy behaves similar to standard monetary growth models within the representative agent abstraction. Inflation has, however, important distributional effe...
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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：Gollier, C; Schlesinger, H
作者单位：University of Alabama System; University of Alabama Tuscaloosa; Universite de Toulouse; Universite Toulouse 1 Capitole; Universite de Toulouse; Universite Toulouse 1 Capitole
摘要：We examine asset prices in a representative-agent model of general equilibrium. Assuming only that individuals are risk averse, we determine conditions on the changes in asset risk that are both necessary and sufficient for the asset price to fall, We show that these conditions neither imply, nor are implied by the conditions for second-degree stochastic dominance. For example, if the payoff on an asset becomes riskier in the sense of second-degree stochastic dominance, the equilibrium price o...
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作者：Nelson, E
作者单位：Bank of England
摘要：Meltzer (The transmission process. In Deutsche Bundesbank (ed.), The Monetary Transmission Process, 2001) shows that real monetary base growth is a significant determinant of consumption growth in the US, controlling for the short-term real interest rate. In this paper, I show that the same property of base money holds for total output (relative to trend or potential) in both the US and the UK. The standard optimizing IS-LM model cannot account for this result, but I show that it can once the ...
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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...
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作者：Lee, K; Ni, S
作者单位：University of Missouri System; University of Missouri Columbia; Kyung Hee University
摘要：This paper analyzes the effects of oil price shocks on demand and supply in various industries. The impulse responses of identified VAR models indicate that for industries that have a large cost share of oil, such as petroleum refinery and industrial chemicals, oil price shocks mainly reduce supply. In contrast, for many other industries, with the automobile industry being a particularly important example, oil price shocks mainly reduce demand. The paper suggests that oil price shocks influenc...
