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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...
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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...
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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...
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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...
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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...
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作者：Bénassy, JP
作者单位：Centre National de la Recherche Scientifique (CNRS)
摘要：I investigate whether a government should lead an activist policy in a rigorous utility maximizing framework under rational expectations. The economy is one with preset wages, and is subject to both demand and supply shocks. It is assumed that the government can never act on the basis of information superior to that of the private sector. Moreover wages are set after government policy has been carried out. We find that the optimal policy is nevertheless an activist countercyclical one. In has ...
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作者：Aoki, K
作者单位：Bank of England
摘要：An optimizing model, with a flexible-price sector and a sticky-price sector, is presented to analyze the effects of relative-price changes on inflation fluctuations. The relative price of the flexible-price good represents a shift parameter of the New Keynesian Phillips curve. The optimal monetary policy is to target sticky-price inflation, rather than a broad inflation measure. Although stabilizing the relative price around its efficient value is one of the appropriate goals of the central ba...
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作者：Ellison, M; Valla, N
作者单位：European University Institute; University of Warwick
摘要：In this paper we examine the optimal level of central bank activism in a standard model of monetary policy with uncertainty, learning and strategic interactions. We calibrate the model using G7 data and find that the presence of strategic interactions between the central bank and private agents creates an additional motivation for caution in the optimal monetary policy. An activist policy designed to help learning and reduce future uncertainty creates extra volatility in inflation expectations...
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作者：Otrok, C
作者单位：University of Virginia
摘要：Lucas (Models of Business Cycles, Basil Blackwell, New York, 1987) argues that the gain from eliminating aggregate fluctuations is trivial. However, a number of researchers have altered assumptions on preferences and found that the gain from eliminating business cycles is potentially very large. This paper estimates the welfare cost of business cycles, allowing for potential time-non-separabilities in preferences, where discipline is placed on the choice of preference parameters by requiring t...
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作者：Gomes, J; Greenwood, J; Rebelo, S
作者单位：University of Rochester; University of Pennsylvania; Northwestern University
摘要：A search-theoretic model of equilibrium unemployment is constructed and shown to be consistent with the key regularities of the labor market and business cycle. The two distinguishing features of the model are: (i) the decision to accept or reject jobs is modeled explicitly, and (ii) markets are incomplete. The model is well suited to address a number of interesting policy questions. Two such applications are provided: the impact of unemployment insurance, and the welfare costs of business cyc...
