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作者：Boyd, JH; Levine, R; Smith, BD
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Texas System; University of Texas Austin
摘要：A growing theoretical literature describes mechanisms whereby even predictable increases in the rate of inflation interfere with the ability of the financial sector to allocate resources effectively. This paper empirically assesses these predictions. The evidence indicates that there is a significant, and economically important, negative relationship between inflation and both banking sector development and equity market activity. Further, the relationship is nonlinear. As inflation rises, the...
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作者：Aadland, D
作者单位：Utah System of Higher Education; Utah State University
摘要：This paper investigates how the choice of timing interval within a standard real business cycle (RBC) model can help resolve two well-known labor-market puzzles. Standard quarterly RBC models have had difficulty replicating certain empirical regularities arising from the US labor market. A weekly version of the RBC model is able to partially resolve these puzzles. The improvement in the performance of the model is due to the interaction between theoretical modifications to the standard RBC mod...
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作者：Huang, KXD; Liu, Z
作者单位：Utah System of Higher Education; Utah State University; Emory University
摘要：Recent empirical studies reveal that monetary shocks can cause persistent fluctuations in aggregate output. In this paper, we propose a mechanism to help generate such persistence. Our dynamic stochastic general equilibrium model features a vertical input-output structure, with staggered price contracts at each stage of production. Working through the input-output relations and the timing of firms' pricing decisions, the model generates persistent fluctuations in aggregate output and the obser...
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作者：Camera, G
作者单位：Purdue University System; Purdue University
摘要：An inter-governmental body is encouraging the replacement of currency with the objective of discouraging illegal economic activities. This policy is analyzed in a search-theoretic model where individuals choose legal or illegal production, settle trades via monetary or costly intermediated exchange, and where the government imperfectly monitors monetary transactions. Stationary monetary equilibria with both legal and illegal productions exist, in which case the over-provision of currency may i...
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作者：Carlstrom, CT; Fuerst, TS
作者单位：University System of Ohio; Bowling Green State University; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：An increasingly common approach to the theoretical analysis of monetary policy is to ensure that a proposed policy does not introduce real indeterminacy and thus sunspot fluctuations into the model economy, Policy is typically conducted in terms of directives for the nominal interest rate. This paper uses a discrete-time money-in-the-utility function model to demonstrate how seemingly minor modifications in the trading environment result in dramatic differences in the policy restrictions neede...
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作者：Kim, S
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：This paper documents data-oriented, detailed evidence on the international transmission of U.S. monetary policy shocks for the flexible exchange rate period using VAR models. First, U.S. expansionary monetary policy shocks lead to booms in the non-U.S., G-6 countries. In this transmission, changes in trade balance seem to play a minor role while a decrease in the world real interest rate seems important. Second, U.S. expansionary monetary policy shocks worsen the U.S. trade balance in about a ...
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作者：Kahn, CM; Roberds, W
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Using a neoclassical monetary model, we investigate the welfare cost of a payment system that operates as a real-time gross settlement (RTGS) system. We illustrate how the cost of such systems ultimately derives from the credit constraints imposed by RTGS. The effects of these constraints can be undone if the central bank makes intraday credit freely available. If intraday credit is only available on a collateralized basis, however, RTGS will always impose a liquidity cost. (C) 2001 Published ...
