-
作者：Huggett, M; Ospina, S
作者单位：Georgetown University
摘要：When are aggregate precautionary savings positive? We address this question in the context of a general equilibrium model where infinitely-lived agents receive idiosyncratic labor endowment shocks, hold a risk-free asset to smooth consumption and face a liquidity constraint, We prove that (1) the steady-state capital stock is always larger in any equilibrium with idiosyncratic shocks and a liquidity constraint than without idiosyncratic shocks (i.e. aggregate precautionary savings are positive...
-
作者：Issler, JV; Vahid, F
作者单位：Getulio Vargas Foundation; Monash University
摘要：Although there has been substantial research using long-run co-movement (cointegration) restrictions in the empirical macroeconomics literature, little or no work has been done investigating the existence of short-run co-movement (common cycles) restrictions and discussing their implications. In this paper we first investigate the existence of common cycles in a aggregate data set comprising per-capita output, consumption, and investment. Later we discuss their usefulness in measuring the rela...
-
作者：Ber, H; Yafeh, Y; Yosha, O
作者单位：Tel Aviv University; Bank of Israel; Hebrew University of Jerusalem
摘要：Using a newly constructed data set on Israeli Initial Public Offering (IPO) firms in the 1990s, we study costs and benefits of universal banking. We find that a firm whose equity was underwritten by a bank affiliated underwriter, when the same bank was also a large creditor of the firm in the IPO year, exhibits significantly better than average post-issue accounting performance, but that its stock performance during the first year following the IPO is considerably lower than average. When an i...
-
作者：Rupert, P; Schindler, M; Wright, R
作者单位：University of Pennsylvania; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：Virtually all simple search models of money assume agents with money cannot produce, and so everyone has either 0 or 1 units of money in steady state. We alternatively assume agents can always produce, and simply restrict money inventories to 0 or 1. This seems better for many issues; for example, in the standard model it is difficult to interpret increases in the money supply, because increasing the fraction of agents holding money decreases the economy's productive capacity. Our model avoids...
-
作者：McCallum, BT
作者单位：Carnegie Mellon University; National Bureau of Economic Research
摘要：The recently developed fiscal theory of price level determination contends that then is an important class of policy rules in which there exists a unique rational expectations solution that shows: the price level to be dependent upon fiscal policy and independent of monetary variables. The present paper argues, however, that there is an alternative solution to these models: that has entirely traditional (or 'monetarist') properties. This latter solution is arguably more plausible since it is t...
-
作者：Daniel, BC
作者单位：State University of New York (SUNY) System; University at Albany, SUNY
摘要：Recent work (Loyo, E., Going international with the fiscal theory of the price level. Manuscript, John F. Kennedy School of Government, Harvard University, 1998; Dupor, B., Exchange rates and the fiscal theory of the price level. Journal of Monetary Economics 45, 613-630) has shown that extension of the fiscal theory of the price level to an open economy yields indeterminate prices and exchange rates, calling into question the usefulness of the theory. This paper shows that by carefully tailor...
-
作者：Letendre, MA; Smith, GW
作者单位：Queens University - Canada; McMaster University
摘要：There is much research on consumption-savings problems with risky labor income and a constant interest rate and also on portfolio allocation with risky returns but nonstochastic labor income. Less is known quantitatively about the interaction between the two forms of risk. Under CRRA utility, undiversiflable income risk should be reflected in both savings rates and portfolio allocations. To quantify these effects in a model of consumption and portfolio choice, we adopt a semi-parametric projec...
-
作者：Huggett, M; Ospina, S
作者单位：Georgetown University
摘要：A number of theoretical models of technology adoption have been proposed that imply that measured productivity growth may initially fall and then later rise after the adoption of a new technology. This paper investigates whether or not this implication is a feature of plant-level data from the Colombian manufacturing sector. We focus on technology adoption embodied in new equipment. We find evidence that the effect of a large equipment purchase is initially to reduce plant-level total factor p...
-
作者：Schmitz, JA Jr
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：In this paper, I estimate the impact on aggregate labor productivity of having government, rather than private industry, produce investment goods. This policy was pursued to varying degrees by Egypt, India, and Turkey, among others. The policy has a large impact because there is both a direct effect (it lowers productivity in the investment sector) and a secondary effect (it lowers the economy-wide capital stock. per worker), I estimate that this policy alone reduced Egypt's aggregate producti...
-
作者：Wheelock, DC; Wilson, PW
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of Texas System; University of Texas Austin
摘要：This paper presents new estimates of scale and product mix economies for U.S. commercial banks. We compare estimates derived from fitting a translog function to bank costs with estimates derived from nonparametric methods. We refine measures of scale and product mix economies introduced by Berger et al. (J. Monet. Econ. 20 (1987) 501) to accommodate nonparametric estimation, and estimate confidence intervals to assess the statistical significance of returns to scale. Broadly, we find evidence ...
