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作者：Wu, YR; Zhang, JX
作者单位：Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; University of Hong Kong
摘要：This payer introduces monopolistic competition and increasing returns to scale into a monetary real business cycle (RBC) model to re-estimate the welfare costs of inflation. We first calibrate the model and show that it is capable of generating the observed aggregate fluctuations even when there are no shocks to the fundamentals. In particular, we demonstrate that this model matches the stylized U.S. business cycles facts as well as two more standard models. Then, we find that in this model th...
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作者：Rangazas, P
作者单位：Indiana University System; Indiana University Indianapolis
摘要：Education is added to the standard Neoclassical growth model by calibrating a human capital technology to the empirical evidence on schooling. Simulation experiments patterned after King and Rebelo (1993. American Economic Review 83, 905-931) are conducted. When agents act as if they are infinitely lived, interest rates are too high and the rise in school spending is too weak over the transitional growth path. When schooling is inefficiently low due to binding intergenerational credit constrai...
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作者：Viard, AD
作者单位：Federal Reserve System - USA
摘要：Many analyses of capital gains taxation assume that realization-based taxes are economically similar to accrual-based taxes. In equilibrium, however, the distinctive implications of realization taxes for asset trading through the lock-in effect are associated with distinctive dynamic asset pricing effects. Asset prices are increased by the current realization tax, to partly offset the sale disincentive that the tax would otherwise impose. The resulting division of the tax burden between buyers...
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作者：Tornell, A; Velasco, A
作者单位：Harvard University; National Bureau of Economic Research; New York University
摘要：Conventional wisdom holds that fixed rates provide more fiscal discipline than do flexible rates. In this paper we show that this wisdom need not hold in a standard model in which fiscal policy is endogenously determined by a maximizing fiscal authority. The claim that fixed rates induce more discipline stresses that sustained adoption of lax fiscal policies must eventually lead to an exhaustion of reserves and thus to a politically costly collapse of the peg. Hence, under fixed rates bad beha...
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作者：Carlson, JB; Hoffman, DL; Keen, BD; Rasche, RH
作者单位：Arizona State University; Arizona State University-Tempe; Federal Reserve System - USA; Federal Reserve Bank - Cleveland; University of Virginia; Federal Reserve System - USA
摘要：We find strong evidence of a stable 'money demand' relationship for MZM and M2M through the 1990s, Though the M2 relation breaks down somewhere around 1990, evidence has been accumulating that the disturbance is well characterized as a permanent upward shift in M2 velocity, which began around 1990 and was largely over by 1994. Taken together, our results support the hypothesis that households permanently reallocated a portion of their wealth from time deposits to mutual funds. Although this re...
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作者：Oppers, SE
作者单位：International Monetary Fund
摘要：A longstanding puzzle in the bimetallic literature concerns the stability of the relative price of gold and silver in the absence of arbitrage possibilities in the major bimetallic countries in the 19th century. This paper offers a solution by developing a model of bimetallism that adds the 'disequilibrium' dynamics relevant when Gresham's law has driven out the 'good money'. The model demonstrates how the bimetallic mint ratios of major countries acted as sets of regulating barriers to stabil...
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作者：Huggett, M; Ventura, G
作者单位：Western University (University of Western Ontario); Georgetown University; Instituto Tecnologico Autonomo de Mexico
摘要：We use a calibrated life-cycle model to evaluate why high income households save as a group a much higher fraction of income than do low income households in US cross-section data. We find that (1) age and relatively permanent earnings differences across households together with the structure of the US social security system are sufficient to replicate this fact, (2) without social security the model economies still produce large differences in saving rates across income groups and (3) purely ...
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作者：Perez-Sebastian, F
作者单位：Universidad Publica de Navarra
摘要：Employing cross-country data, this paper evaluates the transitional dynamics predictions of a non-scale growth model of endogenous technology innovation and imitation. We show that, unlike the neoclassical growth framework, the transitional dynamics of the R&D-based growth model can account for growth 'miracles'. The additional convergence power provided by technology imitation allows the model to replicate rapid growth experiences for plausible real interest rates, and reasonable consumption ...
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作者：Phelan, C; Trejos, A
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Northwestern University
摘要：Can a one-time, permanent change in the fundamentals behind the sectoral composition of the economy prompt an aggregate downturn? Can this downturn be nonnegligible, even if one uses US data to determine the relative size of gross vs. net job flows, and the importance of job creation costs? Can one consider the military build-down of the 1990s as a plausible cause for the 1990-1991 recession? Do sectoral reallocations generate responses that are qualitatively similar to 'productivity shocks'? ...
