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作者：Flodén, M
作者单位：Stockholm School of Economics
摘要：Government debt and redistributive taxation can help people to smooth consumption when facing uninsurable individual specific risk. I examine the effects that variations in public debt and transfers have on risk sharing, efficiency, and the distribution of resources. I find that risk sharing can be improved significantly by both debt and transfers, but that debt has adverse effects on equity. When used in isolation, debt will enhance welfare if transfers are lower than optimal. However, the be...
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作者：Ball, L
作者单位：Bank of England; Johns Hopkins University
摘要：This paper investigates the long-run demand for MI in the postwar United States. Previous studies, based on data ending in the late 1980s, are inconclusive about the parameters of postwar money demand. This paper obtains precise estimates of these parameters by extending the data through 1996. The income elasticity of money demand is approximately 0.5, and the interest semi-elasticity is approximately -0.05. These parameters are significantly smaller in absolute value than the corresponding pa...
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作者：Chang, R
作者单位：Rutgers University System; Rutgers University New Brunswick
摘要：Economic reforms are often postponed even if they ale clearly beneficial. I argue that this may reflect a government's need to improve its reputation before it can enact a reform successfully. I study a model in which the government has a commitment problem in setting taxes that pay for reform. Market expectations about future policy, which determine investment, become fundamental for the reform's success. Reform may be postponed as the government builds credibility with a period of low taxes....
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作者：Ireland, PN
作者单位：Boston College; National Bureau of Economic Research
摘要：This paper focuses on the specification and stability of a dynamic, stochastic, general equilibrium model of the American business cycle with sticky prices. Maximum likelihood estimates reveal that the data prefer a version of the model in which adjustment costs apply to the price level but not to the inflation rate. Formal hypothesis tests detect instability in the estimated parameters, particularly in estimates of the representative household's discount factor. Evidently, more detailed descr...
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作者：Duffee, GR; Zhou, CS
作者单位：University of California System; University of California Berkeley; University of California System; University of California Riverside; Peking University
摘要：We model the effects on banks of the introduction of a market for credit derivatives; in particular, credit-default swaps. A bank can use such swaps to temporarily transfer credit risks of their loans to others, reducing the likelihood that defaulting loans trigger the bank's financial distress. Because credit derivatives are more flexible at transferring risks than are other, more established tools, such as loan sales without recourse, these instruments make it easier for banks to circumvent ...
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作者：Bomfim, AN
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Motivated by issues raised in both the finance and economics literatures, I construct a dynamic general equilibrium model where agents use differing degrees of sophistication when forecasting future economic conditions. All agents solve standard dynamic optimization problems and face strategic complementarity in production, but some solve their inference problems based on simple forecasting rules of thumb. Assuming a hierarchical information structure similar to the one in Townsend's (J. Polit...
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作者：Amato, JD; Swanson, NR
作者单位：Bank for International Settlements (BIS); Texas A&M University System; Texas A&M University College Station
摘要：Data on monetary aggregates are subject to periodic redefinitions, presumably in part to improve their link to measures of output. Money data are also revised on a regular basis. Taking these data imperfections into account, we reassess the evidence on the marginal predictive content of MI and M2 for real and nominal output. In particular, first by using the latest version of the data that is available, and then using sequences of historical time series that would have been available to foreca...
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作者：Kwok, C
作者单位：City University of Hong Kong
摘要：This paper considers an environment in which entrepreneurs cannot commit their human capitals to investment projects and the amount of external funds that they can raise is constrained by the salvage values of the physical capital goods. In order to raise sufficient external funds, entrepreneurs might have to use capital goods that are less project specific. In a two-period lived overlapping generations model with aggregate shocks, this paper shows that the presence of the agency problem can p...
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作者：Restuccia, D; Urrutia, C
作者单位：University of Toronto; Universidad Carlos III de Madrid
摘要：We construct a panel for the price of aggregate investment over consumption and report the following observations. (1) Relative price differences across countries are large over the entire sample period, and this conclusion is not affected by excluding nontradable consumption goods. (2) Relative price dispersion has decreased during the sample period. (3) Relative price changes are not persistent across periods, while average price levels are. Moreover, the persistence in relative price levels...
