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作者：Schreft, SL; Smith, BD
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City; University of Texas System; University of Texas Austin
摘要：This paper considers the implications for monetary policy of a decreasing demand for outside money. It finds that even perpetual declines in the demand for base money pose no threat to the traditional methods employed for conducting monetary policy. The effects of such reductions in the demand for central bank liabilities, however, do depend on how monetary policy is conducted. Four monetary policy regimes are analyzed. With a policy of nominal-interest-rate targeting, a secular decline in the...
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作者：Schumacher, L
作者单位：International Monetary Fund
摘要：This paper tests the random-withdrawals vs, informed-based theories of bank runs in the context of the bank panic that took place in Argentina as a consequence of the Mexican devaluation of December 20, 1994. This evidence is unique in several ways: it is the case of a contemporary banking system with virtually no explicit safety net (a currency board with no deposit insurance scheme) and a case in which the bank net a currency by a currency run. The findings of the paper provide support to th...
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作者：Wallace, N
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Although the notion of a liquidity structure of asset yields is widely accepted, there do not seem to be models of such a structure. Here, the liquidity of an asset is taken to be its transaction velocity, the amount traded per unit time divided by the stock. Assets are assumed to be indivisible and to differ in size. Trade using such assets is implied by pairwise matching and absence-of-double-coincidence in produced goods. It is shown that a sufficiently large asset has a lower velocity and ...
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作者：Furfine, CH
作者单位：Bank for International Settlements (BIS)
摘要：Predictable patterns in the level and volatility of interbank payments match those found in the daily federal funds rate. This paper develops a structural model of bank reserve management that rationalizes this finding. Implications of the model are then estimated using a panel of large banking institutions. Simulations based upon these empirical estimates suggest that patterns in payment activity can explain much of the observed intra-maintenance period movement in the federal funds rate arou...
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作者：Chang, Y
作者单位：University of Pennsylvania
摘要：The standard equilibrium models of business cycles face a puzzling fact that to tal hours vary greatly over the business cycle without much variation in aggregate wages. The model augments the standard RBC model to include Lucas span of control. Distinction between market and non-market and managerial and non-managerial work makes aggregate wages far less cyclical than individual wages. Cross-sectional comparative advantage between market and non-market sector in the workforce substantially in...
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作者：Bergin, PR; Feenstra, RC
作者单位：University of California System; University of California Davis; National Bureau of Economic Research
摘要：This paper generates persistent real effects of a monetary disturbance in the context of staggered price setters. The model combines two related and reinforcing features: a translog demand structure and a particular input-output production structure, These features offer a rationale why a firm, when computing its own optimal contract price, is influenced by the prices set in other overlapping contracts. Practically, the two features interact in a positive manner and provide a way to generate s...
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作者：Hallwood, CP; MacDonald, R; Marsh, IW
作者单位：University of Connecticut; University of Strathclyde; City St Georges, University of London; Centre for Economic Policy Research - UK
摘要：We investigate dollar-sterling exchange rate expectations during the period 1890-1908. We show that the dollar faced a 'Peso problem' in that for much of the period financial markets expected it to depreciate against sterling, but this never in fact happened - i.e. expectations were persistently biased. Drawing on the economic history of the period we identify 11 'events' which probably gave rise to realignment expectations. Once the dollar's adherence to the gold standard was settled as a pol...
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作者：Caplin, A; Leahy, J
作者单位：Boston University; New York University
摘要：Mass layoffs give rise to groups of unemployed workers who possess similar characteristics and, therefore, may learn from one another's experience searching for a new job. Two factors lead them to exert too little effort in equilibrium. The first is an information externality: searchers fail to take into account the value of their experience to others. The second is an incentive to free ride: each worker would like others to experiment and reveal information concerning the location of producti...
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作者：Tallarini, TD
作者单位：Carnegie Mellon University
摘要：This paper considers the business cycle, asset pricing, and welfare effects of increased risk aversion, while holding intertemporal substitution preferences constant. I show that increasing risk aversion does not significantly affect the relative variabilities and co-movements of aggregate quantity variables. At the same time, it dramatically improves the model's asset market predictions. The welfare costs of business cycles increase when preference parameters are chosen to match financial dat...
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作者：Chalk, NA
作者单位：International Monetary Fund
摘要：The last decade has witnessed a dramatic and fundamental shift in the expenditure and taxation policies of many western democracies, a shift unprecedented in peacetime history. Balanced budgets have virtually disappeared from the scene. In their place, deficit financing has arisen as an alternative for many countries, becoming a focus of both professional interest and public debate. The current literature has examined this issue by assessing the likelihood that governments violate their intert...
