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作者：Cooley, TF; Quadrini, V
作者单位：University of Rochester; University of Rochester; Duke University; Duke University
摘要：This paper integrates the modern theory of unemployment with a limited participation model of money and asks whether such a framework can produce correlations like those associated with the Phillips curve as well as realistic labor market dynamics. The model incorporates both monetary and real shocks. The response of the economy to monetary policy shocks is consistent with recent evidence about the impact of these shocks on the economy. (C) 1999 Elsevier Science B.V. All rights reserved.
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作者：Shi, SY; Wen, Q
作者单位：Queens University - Canada; University of Windsor
摘要：This paper integrates the search model of unemployment into an intertemporal framework and examines the dynamic effects of a labor income tax, a capital income tax, an unemployment subsidy, a vacancy subsidy, and an investment tax credit. We also compute the marginal deadweight losses associated with these policies. The presence of unemployment reduces the relative welfare cost of capital income taxation to labor income taxation. With realistic parameter values, labor income taxation can even ...
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作者：Haldane, A; Quah, D
作者单位：University of London; London School Economics & Political Science; Bank of England
摘要：This paper documents some stylized facts on evolving UK Phillips curves, and shows how these differ from their US versions. We interpret UK Phillips curve dynamics in a positive theory of monetary policy - how policymaker attitudes on the Phillips curve have evolved since the 1950s - rather than, more traditionally, as interaction between exogenous demand and supply disturbances. Combining this framework with reasoned conjectures on how policymakers' beliefs have changed helps explain some fea...
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作者：Hendricks, L
作者单位：Arizona State University; Arizona State University-Tempe
摘要：A number of recent papers have investigated the growth effects of tax reforms in the context of neoclassical growth models with human capital. Growth effects were found to be large, but highly sensitive to parameter choices. This paper shows that growth effects are smaller and much less sensitive in models that generate realistic life-cycle behavior, which requires that households are finitely lived (but generations may be altruistically linked) and face diminishing point in time returns in hu...
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作者：Stock, JH; Watson, MW
作者单位：Princeton University; National Bureau of Economic Research; Harvard University
摘要：This paper investigates forecasts of US inflation at the 12-month horizon. The starting point is the conventional unemployment rate Phillips curve, which is examined in a simulated out-of-sample forecasting framework. Inflation forecasts produced by the Phillips curve generally have been more accurate than forecasts based on other macroeconomic variables, including interest rates, money and commodity prices. These forecasts can however be improved upon using a generalized Phillips curve based ...
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作者：[Anonymous]
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作者：DeJuan, JP; Seater, JJ
作者单位：North Carolina State University; York University - Canada
摘要：Consumption Euler relations are estimated with data from the 1986-1991 US Consumer Expenditure Survey without creating a synthetic panel. The stochastic implications of the permanent income hypothesis generally are not rejected, and there is little evidence of liquidity-constrained or rule-of-thumb behavior. The results are robust with respect to consumption category, changes in sample, and choice of instruments. (C) 1999 Elsevier Science B.V. All rights reserved. JEL classification: D12; E21.
