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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：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...
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作者：Kim, J
作者单位：University of Virginia
摘要：A dynamic stochastic general-equilibrium (DSGE) model with real and nominal, both price and wage, rigidities succeeds in capturing some key nominal features of U.S. business cycles. Additive technology shocks, as well as multiplicative shocks, are introduced and shown to be crucial. Monetary policy is specified as an interest rate targeting rule following developments in the structural vector autoregression (VAR) literature. The interaction between real and nominal rigidities is essential to r...
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作者：Bernasconi, M; Kirchkamp, O
作者单位：University of Mannheim; University of Naples Federico II
摘要：The following is an examination of experiments using an overlapping generations model, where inflation is determined by the monetary policy and by the amount of average saving within each period. A new experimental setup is used that allows us to observe more details in the process of expectation forming and to separate this process from the actual saving process. In contrast to experimental findings by Lim, Prescott, Sunder; Marimon, Spear, Sunder; and Marimon, Sunder we have found that (1) a...
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作者：Guthrie, G; Wright, J
作者单位：University of Auckland; Victoria University Wellington
摘要：This paper explains how central bank statements, rather than open market operations, can be used to implement monetary policy. In the extreme, policy instruments can be held constant. and yet interest rates will evolve along the path desired by the central bank. We show how the recent implementation of monetary policy in New Zealand works in this way. Using announcement data from New Zealand, we find that open mouth operations lead to large changes in interest rates across all maturities, and ...
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作者：Erceg, CJ; Henderson, DW; Levin, AT
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We formulate an optimizing-agent model in which both labor and product markets exhibit monopolistic competition and staggered nominal contracts. The unconditional expectation of average household utility can be expressed in terms of the unconditional variances of the output Sap, price inflation, and wage inflation. Monetary policy cannot achieve the Pareto-optimal equilibrium that would occur under completely flexible wages and prices: that is, the model exhibits a tradeoff in stabilizing the ...
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作者：Balke, NS; Wynne, MA
作者单位：Southern Methodist University; Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：Inflation is positively correlated with the variability of relative prices as measured by the standard deviation of the cross-section distribution of prices, and also with the third moment (skewness) of the cross-section distribution of prices. The conventional interpretation of these relationships is that they reflect sluggishness in the adjustment of individual prices in response to shocks. In this paper we question this interpretation. First, we show that similar correlations among the mome...
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作者：Liu, Z
作者单位：Clark University
摘要：This paper presents a dynamic general equilibrium model that is consistent with both seasonal and business cycle facts in the U.S. economy. The model features consumption durability and a transaction technology, both crucial in accounting for seasonal patterns of nominal variables. A calibrated version of the model is used to quantitatively evaluate welfare consequences of three alternative monetary policy rules: (1) the Fed's historical policy that smooths nominal interest rates at the season...
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作者：Chang, YS
作者单位：University of Pennsylvania
摘要：Two investment anomalies in aggregate home-production models are investigated: excess volatility and comovement. Adjustment cost in capital accumulation reduces both volatility and the negative correlation in investments on capital goods in the market and at home. Investments comove to the extent that durable goods and time are good substitutes in consumption activities. Consumers substitute durable goods for time at home when the opportunity cost of time is high during booms. Based on the Con...
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作者：Gradstein, M
作者单位：Ben-Gurion University of the Negev; University of Pennsylvania
摘要：This paper offers an explanation for the widespread phenomenon of uniform public schooling, which is viewed here as a way for the government to precommit itself to restraints on future income redistribution. Such precommitment is likely to enhance accumulation of human capital, to bolster economic growth, and, under certain circumstances, to constitute a preferred choice for a majority of voters. (C) 2000 Published by Elsevier Science B.V. All rights reserved.
