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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：Nakagawa, H
作者单位：Aoyama Gakuin University
摘要：This paper investigates the relationship between real exchange rates and real interest differentials. While sticky-price exchange-rate theories predict a relationship, empirical evidence on the hypothesized link has proved elusive. Our conjecture is that the empirical difficulty is due to a failure to recognize nonlinearity in real exchange rate adjustment. When we introduce threshold nonlinearity into a traditional model to take account of a transaction cost-induced 'band of inaction' for pri...
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作者：Bordo, MD; Végh, CA
作者单位：University of California System; University of California Los Angeles; Rutgers University System; Rutgers University New Brunswick; National Bureau of Economic Research
摘要：The contrast between the early nineteenth century Argentinean experience of high inflation and the American experience of low inflation is interpreted in terms of an optimal taxation model. It is argued that the two countries' experiences diverged because of the different constraints they faced in financing wartime government expenditures. In the presence of frequent wars, ever-tightening access to foreign capital, and an inadequate tax base, Argentina's use of the inflation tax may be viewed ...
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作者：Collard, F; Dellas, H
作者单位：University of Bern
摘要：We examine macroeconomic stability and the properties of the international transmission of business cycles under three exchange rate systems: a flexible, a unilateral peg (EMS) and a single currency (EMU). The subjects of study are Germany and France. In France, macroeconomic volatility under EMU is comparable to that under a flexible exchange rate system but considerably lower than that under EMS. In Germany, output volatility is significantly higher under EMS-relative to the flexible regime-...
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作者：Heathcote, J; Perri, F
作者单位：New York University; Duke University; Georgetown University; Princeton University; Centre for Economic Policy Research - UK
摘要：We present a two-country, two-good model in which there do not exist any markets for international trade in financial assets. We compare the predictions of this model to those of two other models, one in which markets are complete and a second in which a single non-contingent bond is traded. We find that only the financial autarky model can generate volatility in the terms of trade similar to that in data for the floating rate period and, at the same time, account for observed cross-country ou...
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作者：Boileau, M; Normandin, M
作者单位：University of Colorado System; University of Colorado Boulder; Universite de Montreal; HEC Montreal; Universite de Montreal; HEC Montreal
摘要：We test whether dynamic, stochastic, general equilibrium artificial economies associated with several labor market structures provide an adequate characterization of aggregate employment volatility and dynamics. Our test is robust to possible misspecifications about the information set used by economic agents to forecast future events. Accounting for agents' superior information, we find that the divisible labor, indivisible labor, labor adjustment costs, and labor hoarding structures replicat...
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作者：Uribe, M
作者单位：University of Pennsylvania
摘要：A defining stylized fact associated with exchange-rate-based stabilization programs is that their initial phase is characterized by several years of continuous expansion in private consumption and a gradual appreciation of the real exchange rate. This paper shows that a large class of standard optimizing models is unable to account for this empirical regularity. In particular, models in this class predict that a gradual appreciation of the real exchange rate must necessarily be accompanied by ...
