-
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...
-
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...
-
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 ...
-
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...
-
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...
-
作者：den Haan, WJ
作者单位：University of California System; University of California San Diego; National Bureau of Economic Research
摘要：In this paper, I analyze the comovement of US prices and output in the postwar period. I use a new set of statistics to characterize the comovement between variables. The statistics capture important information about the dynamics in the system. The estimation procedure does not require assumptions about the order of integration or the types of assumptions needed for VAR decompositions, I find that the comovement between output and prices is positive in the 'short run' and negative in the 'lon...
-
作者：Ahmed, S; Rogers, JH
作者单位：Federal Reserve System - USA
摘要：Using over 100 years of U.S. data, we find that the long-run effects of inflation on consumption, investment, and output are positive. Also, great ratios like the consumption and investment rates are not independent of inflation, which we interpret in terms of the Fisher effect. However, the variability of the stochastic inflation trend is small relative to the variability of the productivity and fiscal trends. Thus, models generating long-term negative effects of inflation on output and consu...
-
作者：Bergin, PR
作者单位：University of California System; University of California Davis
摘要：This paper applies the fiscal theory of price level determination to the case of a monetary union. A fiscal perspective suggests, first, that the focus of past studies on seigniorage, per se, may be misplaced. Second, a rise in the level of debt by one member government can raise the common price level throughout the union, suggesting a role for fiscal rules. Third, conditions are discussed under which fiscal solvency is not necessary for each member government in a monetary union. (C) 2000 El...
-
作者：Michelacci, C; Zaffaroni, P
作者单位：European Central Bank; Bank of Italy
摘要：Unit roots in output, an exponential 2% rate of convergence and no change in the underlying dynamics of output seem to be three stylized facts that cannot go together. This paper extends the Solow-Swan growth model allowing for cross-sectional heterogeneity. In this framework, aggregate shocks might vanish at a hyperbolic rather than at an exponential rate. This implies that the level of output can exhibit long memory and that standard tests fail to reject the null of a unit root despite mean ...
-
作者：Fatás, A
作者单位：INSEAD Business School
摘要：This paper shows that in a cross section of countries there exists a strong positive correlation between long-term growth rates and the persistence of output fluctuations. We argue that the traditional explanation of persistence, an RBC model with exogenous productivity shocks, cannot account for this correlation. What it; required is a model where the stochastic nature of the trend is endogenous and growth dynamics is an important component of the transmission of business cycles. We present a...
