-
作者：Nicolini, JP
作者单位：Universidad Torcuato Di Tella
摘要：We introduce costs of unexpected inflation in a general equilibrium monetary model by changing the timing of the constraints faced by consumers. We show that in this environment monetary policy is still time inconsistent, but the nature of the inconsistency is very different from the standard result found in the literature. In particular, we find that the government may find optimal to deviate by choosing inflation rates lower than expected. By making a brief review of the monetary literature,...
-
作者：Buffie, EF
作者单位：Indiana University System; Indiana University Bloomington
摘要：This paper examines the dynamics of inflation and unemployment when the government increases public sector prices and wage indexation prevents the labor market from clearing in the short run. Credible reforms are virtually certain to be immediately deflationary and welfare improving even when the labor market clears very slowly. Temporary price increases, however, usually produce higher inflation after a short period of time and often reduce welfare. When higher inflation provokes the governme...
-
作者：Hamilton, JD; Monteagudo, J
作者单位：University of California System; University of California San Diego; Autonomous University of Barcelona
摘要：In an insightful and influential paper, Mankiw et al. (1992, Quarterly Journal of Economics 107, 407-437) have suggested that an augmented Solow growth model can account for 80% of the variation in output per capita across countries due to different steady-state growth paths that result from differences in saving rates, education, and population growth. This paper carries their analysis one step further and asks whether changes in the growth rate between the 1960s and the 1980s can also be exp...
-
作者：Beaudry, P; Saito, M
作者单位：University of British Columbia; Kyoto University
摘要：This paper compares several methods for estimating the effects of monetary innovations on key macroeconomic variables and, subsequently, clarifies issues related to the use of instrumental variables in the identification of structural impulse responses. In particular, we make explicit the property that a measure of monetary policy must satisfy in order to identify the effects of monetary shocks. Within our framework we find that none of the currently popular methods of identifying the effects ...
-
作者：Perli, R
作者单位：University of Pennsylvania
摘要：In this paper I present a business cycle model with one market sector that produces a standard good, and another that produces a non-market, or home, good. The model can have multiple equilibria, and therefore cycles driven only by self-fulfilling expectations, with low externalities to market production. In particular, an upward sloping aggregate labor demand, as e.g., in Farmer and Guo (J. Economic Theory 63 (1994) 42-72), is not required for indeterminacy. The effect of technology shocks is...
-
作者：Klenow, PJ
作者单位：University of Chicago
摘要：Using 1959-1991 growth rates for 449 4-digit US manufacturing industries, I test 'idea' and 'rival human capital' models of endogenous growth. I find the following: First, TFP growth is faster in industries that are more intensive in capital and intermediate goods and less intensive in labor, favoring idea models over rival human capital models. Second, industries with rapidly declining prices for their capital and intermediate goods exhibit above-average TFP growth, which one would expect if ...
-
作者：Chow, GC; Kwan, YK
作者单位：Princeton University; Hong Kong University of Science & Technology
摘要：By examining the reduced form equations implied by an RBC model this paper shows how it fails in explaining the dynamic characteristics of the US time series using time-domain analysis. In particular, by studying the serial correlation of the residuals of the reduced form and by introducing lagged dependent variables, important propagation mechanisms left out in the model can be clearly discerned and reformations to improve the model can be evaluated. (C) 1998 Elsevier Science B.V. All rights ...
-
作者：Cooper, R; Ross, TW
作者单位：Boston University; University of British Columbia
摘要：In this paper we extend the Diamond and Dybvig (1983) model of intermediation to study further the conditions under which bank runs can occur and to consider how private parties might adjust to the existence of bank-run equilibria. We provide weaker necessary conditions for runs, We then characterize how banks respond to the possibility of runs in their design of deposit contracts and investment decisions. Banks might choose to offer contracts that prevent runs, but under some conditions the (...
-
作者：Canzoneri, MB; Dellas, H
作者单位：Center for Economic & Policy Research (CEPR); Georgetown University; Georgetown University; Universite Catholique Louvain; Universite Catholique Louvain; National & Kapodistrian University of Athens; University of Bonn
摘要：We use consumption-based CAPM models (with fixed and flexible wages) to analyze the effect of central bank operating procedures on the ex ante real rate of return on a one-period nominal bond. We show that operating procedures affect both the risk-free rate and the risk premium. Nominal interest rate targeting produces the highest real interest rates; money targeting produces the lowest rates; and nominal income targeting comes out somewhere in between. Our simulations suggest that the central...
-
作者：Canova, F
作者单位：Pompeu Fabra University; Universita di Modena e Reggio Emilia; Centre for Economic Policy Research - UK
摘要：This note argues that it is hardly the case that the profession is fully aware that the application of different filters to the data leads to different outcomes and that we have enough evidence to claim that these differences are unimportant to evaluate the fit models to the data. (C) 1998 Elsevier Science B.V. All rights reserved.
