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作者：Cukierman, A; Miller, GP; Neyapti, B
作者单位：Tel Aviv University; Tilburg University; New York University; Ihsan Dogramaci Bilkent University
摘要：This paper develops extensive new indices of legal independence (central bank independence (CBI)) for new central banks (CBs) in 26 former socialist economies. The indices reveal that CB reform in the FSE during the 1990s has been quite ambitious. In spite of large price shocks, reformers in those countries chose to create CBs with levels of legal independence that are substantially higher, on average, than those of developed economies during the 1980s. The evidence in the paper shows that CBI...
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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：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...
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作者：Li, YT
作者单位：National Tsing Hua University
摘要：A search-theoretic model is used to study how legal. restrictions may account for the fact that Gresham's law sometimes holds but other times fails. Legal restrictions is modeled here as policies that government adopts in the transactions with private agents, such as at what prices it accepts a currency in exchange for goods and at what ratios it conducts currency exchange. A government policy sufficiently favorable to light coins can induce the existence of an equilibrium where both coins cir...
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作者：Sbordone, AM
作者单位：Rutgers University System; Rutgers University New Brunswick
摘要：This paper investigates the predictions of a simple optimizing model of nominal price rigidity for the dynamics of inflation. Taking as given the paths of nominal labor compensation and labor productivity to approximate the evolution of marginal costs, I determine the path of prices predicted by the solution of the firms' optimal pricing problem. Model parameters are chosen to maximize the fit with the data. I find evidence of a significant degree of price stickiness and substantial support fo...
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作者：Harding, D; Pagan, A
作者单位：University of Melbourne; Australian National University; University of Oxford
摘要：Following Burns and Mitchell we define the cycle as a pattern in the level of aggregate economic activity. An algorithm to locate turning points is developed, as is a new measure of pro-cyclicality. A link between turning points and the moments of the series is established thereby providing the statistical foundation that Burns and Mitchell's work lacked. Using these tools we are able to dissect cycles in terms of the contributions made by trend growth, volatility, serial correlation and non-l...
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作者：Humphreys, BR; Maccini, LJ; Schuh, S
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Boston; University System of Maryland; University of Maryland Baltimore County
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作者：Weber, CE
作者单位：Seattle University
摘要：This paper reexamines previous findings that some 50% of disposable income goes to households who consume their current incomes in violation. of the Permanent Income Hypothesis. In particular, I test whether such findings are robust to assumed intertemporal non-separability in the utility function. When the household utility function is permitted to be non-separable in consumption in adjacent time periods, the estimated fraction of disposable income which goes to such rule of thumb households ...
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作者：Christiano, LJ; Todd, RM
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Federal Reserve System - USA; Federal Reserve Bank - Chicago; National Bureau of Economic Research; Northwestern University
摘要：'No'. So says one model that is broadly consistent with postwar U.S. seasonal and business cycle data. (C) 2002 Elsevier Science B.V. All rights reserved.
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作者：Huang, KXD; Liu, Z
作者单位：Emory University; Utah System of Higher Education; Utah State University
摘要：Staggered price-setting and staggered wage-setting are commonly viewed as similar mechanisms in generating persistent real effects of monetary shocks. In this paper, we distinguish the two mechanisms in a dynamic stochastic general equilibrium framework. We show that, although the dynamic price-setting and wage-setting equations are alike, a key parameter governing persistence is linked to the underlying preferences and technologies in different ways. With reasonable parameter values, the stag...
