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作者：Endres, AM; Fleming, GA
作者单位：Australian National University; Department of Commerce Australia; University of Auckland
摘要：The research programme developed by economists at the ILO in the 1920s constitutes a substantive precursor to modern discussions on the role of monetary policy and the status of the price stability norm in particular. A combination of theory and empirical work formed the basis of a monetary approach to the business cycle developed in Geneva. The proposed policy of price level stabilisation presumed that an elastic target of price stability was a necessary condition for (eventual) high and stab...
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作者：Falk, B; Lee, BS
作者单位：Iowa State University; University of Houston System; University of Houston
摘要：This paper formulates a version of the permanent income hypothesis in which households decompose labor income into permanent and transitory components to determine the allocation of disposable income into permanent consumption, transitory consumption, and saving. A procedure is developed based on this model to empirically identify these components of labor income and the effects of their innovations on consumption. The procedure, which is closely related to the Blanchard and Quah, Journal 79, ...
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作者：al-Nowaihi, A; Levine, P
作者单位：University of Surrey; Centre for Economic Policy Research - UK; University of Surrey; University of Leicester
摘要：This paper shows that political monetary cycles can be avoided in a monetary regime with Walsh-type contracts. Such contracts were originally proposed to eliminate the inflationary bias of discretionary monetary policy. This requires some commitment mechanism to enforce the contract and prevent its renegotiation, but here we rule this out. Instead, in the context of a monetary regime with an instrument-independent central bank and an inflation target (the goal) set by the government, Walsh con...
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作者：Li, YT
作者单位：National Tsing Hua University
摘要：In this paper, private information concerning the quality of consumption goods is introduced to motivate the role of intermediation. Agents endogenously choose whether to become middlemen by investing in a technology of verifying quality. It is shown that there exists an equilibrium where middlemen always trade high-quality goods when the private information problem is not severe and the investment cost of quality-testing technology is not too high. When the private information problem is rela...
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作者：Nautz, D
作者单位：Free University of Berlin; Humboldt University of Berlin
摘要：The extensive use of revolving securities repurchase agreements has increased the flexibility of the money market management of many European central banks. Using an extended reserve management model, this paper shows that a flexible central bank can influence money market conditions just by being more or less vague or determined about its future course of monetary policy. Employing ARCH-in-mean models for German money market rates confirms that more uncertainty reduces banks' demand for borro...
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作者：Cho, JO; Merrigan, P; Phaneuf, L
作者单位：Sogang University; University of Quebec; University of Quebec Montreal
摘要：We show that the representative consumer model fits the aggregate consumption and employment data well if a choice of work is allowed both at the intensive and extensive margins. The structural preference parameters recovered from the estimation of the Euler equations of the model are economically meaningful and the null hypothesis of the overidentifying restrictions implied by our model is far from being rejected. We find that the shares in preferences associated with leisure time in the week...
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作者：Cosimano, TF; McDonald, B
作者单位：University of Notre Dame
摘要：Based on commercial paper being a nearly perfect substitute for certificates of deposits (CDs) and CD reserve requirements creating a higher cost of funds for banks, Fama shows that the banking industry must have some monopoly power relative to other financial institutions. His analysis does not resolve whether this monopoly power is vested in banks collectively, vis-a-vis other financial institutions, or if the monopoly power extends to the level of individual banks. Using an event study fram...
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作者：Hercowitz, Z
作者单位：Tel Aviv University
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作者：Chadha, B; Tsiddon, D
作者单位：International Monetary Fund; Tel Aviv University
摘要：This paper examines the distribution of output around capacity when money demand is a nonlinear function of the nominal interest rate such that nominal interest rates cannot become negative. When fluctuations in output result primarily from disturbances to the money market, the variance of output is shown to be an increasing function of the trend inflation rate. When they result from disturbances to the goods market, the variance of output is a decreasing function of the trend inflation rate. ...
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作者：Elwood, SK
作者单位：James Madison University
摘要：This paper provides evidence that the persistence of positive shocks to output is not significantly different from the persistence of negative shocks. This contrasts the results of Beaudry and Koop (1993) Journal of Monetary Economics 31, 149-163 showing asymmetry in the effects of innovations to GNP. An unobserved components model modified to incorporate a threshold process is used to examine GNP as well as industrial production data. Its ability to discriminate between positive and negative ...
