3期

最新文章

• On high inflation and the allocation of resources AI翻译
  作者：Tommasi, M
  作者单位：Universidad de San Andres Argentina; University of California System; University of California Los Angeles
  摘要：This paper formalizes some of the disruptive effects of inflation on the organization of markets. Rapid inflation induces buyers to speed up purchases, which thus inhibits the selection of more adequate trading partners through search. This blurs distinctions across firms of different productivities and leads to resource misallocations. As inflation causes efficient and inefficient firms to be less distinguishable, the incentives to engage in cost reduction are dampened and lower growth result...
• Inflation and financial sector size AI翻译
  作者：English, WB
  作者单位：Federal Reserve System - USA
  摘要：Traditionally the cost of expected inflation has been seen as the 'shoeleather cost' of going to the bank more often. This paper focuses on the other side of these transactions - i.e., on the increased production of financial services. I construct a model in which households must make purchases either with money or with costly transactions services produced by firms in the financial services sector. In the model, a higher inflation rate leads households to substitute purchased transactions ser...
• Endogenous term premia and anomalies in the term structure of interest rates: Explaining the predictability smile AI翻译
  作者：Roberds, W; Whiteman, CH
  作者单位：Federal Reserve System - USA; University of Iowa
  摘要：Numerous studies have documented a 'predictability smile' in the post-war term structure of interest rates: spreads between long rates and short rates predict subsequent movements in short rates provided the long horizon is less than three months or greater than two years, but not for intermediate maturities. Proposed explanations of the smile involve interest rate smoothing by the Fed, time-varying risk premia,'Peso problems', and measurement error. We show that despite their highly restricti...
• Analytical solutions to a structural signal extraction model:: Lucas 1972 revisited AI翻译
  作者：Bénassy, JP
  摘要：I construct in this article a simple adaptation of Lucas' 1972 article on the neutrality of money. A closed-form solution is derived, which allows to understand a number of positive and normative properties of the model. (C) 1999 Elsevier Science B.V. All rights reserved.
• Introduction: Monetary policy rules AI翻译
  作者：[Anonymous]
• The robustness and efficiency of monetary policy rules as guidelines for interest rate setting by the European central banks AI翻译
  作者：Taylor, JB
  作者单位：Stanford University
  摘要：This paper examines the implications of recent research on monetary policy rules for practical monetary policy making, with special emphasis on strategies for setting interest rates by the European Central Bank (ECB). The paper draws on recent research and new simulations of a large open economy model to assess the efficiency of a simple benchmark rule in comparison with other proposed rules. Further: it stresses new results on the robustness of monetary policy rules in which each rule that is...
• An empirically plausible model of low real interest rates and unbacked government debt AI翻译
  作者：Bullard, J; Russell, S
  作者单位：Purdue University System; Purdue University; Purdue University in Indianapolis; Federal Reserve System - USA
  摘要：We study the properties of an overlapping generations model with many-period-lived agents, neoclassical production and capital accumulation, labor-leisure decisions, population growth, and technological progress. We demonstrate that a plausibly calibrated version of this model has 'monetary steady states' - Samuelson-case steady states with large real stocks of unbacked government debt. These steady states can duplicate a number of important features of US post-war data, including three phenom...
• Pioneering price level targeting: The Swedish experience 1931-1937 AI翻译
  作者：Berg, C; Jonung, L
  作者单位：Sveriges Riksbank; Stockholm School of Economics
  摘要：In September 1931, Sweden became the first country to make the stabilization of the domestic price level the official goal of its monetary policy, actually the only country that so far has adopted such an explicit price level target. Starting from the issues and concepts familiar from research and policy experience of inflation targeting - as contrasted to price level targeting - this paper examines the evolution of the Swedish price level targeting in the 1930s, We bring out a number of simil...
• Common and country-specific fluctuations in productivity, investment, and the current account AI翻译
  作者：Gregory, AW; Head, AC
  作者单位：Queens University - Canada
  摘要：Dynamic factor analysis and Kalman filtering are used to construct a measure of common economic activity for the G7 countries. We find that the common fluctuations are strongly associated with movements in US investment. Common fluctuations have substantial impact on fluctuations in both productivity and investment in these countries, but very little impact on the current account. Country-specific investment fluctuations have a significant negative impact on the current account, while country-...
• Inflation targeting as a monetary policy rule AI翻译
  作者：Svensson, LEO
  作者单位：Stockholm University
  摘要：The purpose of the paper is to survey and discuss inflation targeting in the context of monetary policy rules. The paper provides a general conceptual discussion of monetary policy rules, attempts to clarify the essential characteristics of inflation targeting, compares inflation targeting to monetary targeting and nominal-GDP targeting, and draws some conclusions for the monetary policy of the European System of Central Banks. (C) 1999 Elsevier Science B.V. All rights reserved.