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作者：Schmitt-Grohé, S; Uribe, M
作者单位：University of Pennsylvania; Rutgers University System; Rutgers University New Brunswick
摘要：This paper analyzes the implications of a balanced-budget fiscal policy rule for price-level determination in a cash-in-advance economy under three alternative monetary policy regimes. It shows that the price level is indeterminate under a nominal interest rate peg and determinate under a money growth rate peg. Under a feedback rule that sets the nominal interest rate as a non-negative and non-decreasing function of the inflation rate, the price level is indeterminate for both low and high val...
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作者：Sack, B
作者单位：Federal Reserve System - USA
摘要：The tendency for changes in the federal funds rate to be implemented gradually has been considered evidence of an interest-rate smoothing objective for the Federal Reserve. This paper investigates whether gradual funds rate movements can be explained by the dynamic structure of the economy and the uncertainty surrounding that structure, without recourse to including an ad hoc interest-rate smoothing argument in the Fed's objective function. In the absence of parameter uncertainty, the optimal ...
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作者：Turnovsky, SJ
作者单位：University of Washington; University of Washington Seattle
摘要：Endogenizing labor supply leads to fundamental changes in the equilibrium structure of the AK growth model. The balanced growth equilibrium can be described in terms of two tradeoff loci relating the equilibrium growth rate to the fraction of time devoted to leisure. The implications of endogenous labor supply for fiscal policy are analyzed. Three issues are addressed. First, the effects of various distortionary tax changes and government expenditure changes on the equilibrium growth-leisure (...
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作者：Horvath, M
作者单位：Stanford University
摘要：This paper presents a multisector dynamic general equilibrium model of business cycles with a distinctive feature: aggregate fluctuations are driven by independent sectoral shocks. The model hypothesizes that trade among sectors provides a strong synchronization mechanism for these shocks due to the limited, but locally intense, interaction that is characteristic of such input trade flows. Limited interaction, characterized by a sparse intermediate input-use matrix, reduces substitution possib...
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作者：Murray, CJ; Nelson, CR
作者单位：University of Washington; University of Washington Seattle; University of Houston System; University of Houston
摘要：Several recent papers conclude that GDP is trend stationary, implying that all shocks are transitory. We re-examine the evidence in light of test size distortion due to data-based lag selection and departures from the maintained hypothesis of temporal homogeneity, and find both effects trigger false rejections of the unit root hypothesis when it is true and signal the presence of permanent shifts in trend that did not occur. Trend stationarity is not supported by the more homogeneous post-war ...
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作者：Sarte, PDG
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：This paper explores the links among growth, the informal economy, and rent-seeking bureaucracies. The presence of congestion associated with the enforcement of property rights implies that informality can be useful. Whether bureaucratic rent-seeking is detrimental to growth then depends on how good a substitute informality is to production in the formal sector. In order to create profits which can be appropriated, rent-seeking bureaucrats limit entry into the formal economy. As a result, firms...
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作者：Curtis, ES; Waller, CJ
作者单位：Drexel University; University of Kentucky
摘要：Using a search-theoretic model of money, we explore the conditions under which two currencies, domestic and foreign, will co-exist despite legal restrictions on the use of foreign currency for internal trade. We study how changes in government policy (i.e., its enforcement of currency laws through fines ol the rate of enforcement) affects the acceptability of illegal currency, the equilibrium value of both currencies and the implicit exchange rate. First we construct a model with indivisible g...
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作者：Wieland, V
作者单位：Federal Reserve System - USA
摘要：Since central banks have limited information concerning the transmission channel of monetary policy, they are faced with the difficult task of simultaneously controlling the policy target and estimating the impact of policy actions. A tradeoff between estimation and control arises because policy actions influence estimation and provide information which may improve future performance. I analyze this tradeoff in a simple model with parameter uncertainty and conduct dynamic simulations of the po...
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作者：Levine, R; Loayza, N; Beck, T
作者单位：University of Minnesota System; University of Minnesota Twin Cities; The World Bank; The World Bank
摘要：This paper evaluates (1) whether the exogenous component of financial intermediary development influences economic growth and (2) whether cross-country differences in legal and accounting systems (e.g., creditor rights, contract enforcement, and accounting standards) explain differences in the level of financial development. Using both traditional cross-section, instrumental variable procedures and recent dynamic panel techniques, we find that the exogenous components of financial intermediary...
