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作者：Salyer, KD; Sheffrin, SM
作者单位：University of California System; University of California Davis
摘要：This paper adds financial assests to Roger Farmer's business cycle model with increasing returns and self-fulfilling beliefs. By using information from the financial markets in conjunction with the structure of the model, we can uncover from financial data the belief shocks that drive the model. Specifically, we assume that belief shocks drive both economic fluctuations and asset returns. The financial market information allows us to identify these shocks. We use our methods to generate dynami...
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作者：Wen, Y
作者单位：Hong Kong University of Science & Technology
摘要：Watson (1993) [Measures of fit for calibrated models. Journal of Political Economy 101 (6), 1011-1041] proposes a procedure for evaluating the fit of a dynamic equilibrium business cycle model. Under Watson's criterion, the standard real business cycle (RBC) model fails dramatically in reconciling the dynamics of the model with the data. This inability to account for the dynamics of US aggregate data remains a major challenge to RBC theory. This paper demonstrates that reasonable modifications...
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作者：Jermann, UJ
作者单位：University of Pennsylvania
摘要：This paper studies asset returns in different versions of the one-sector real business cycle model. We show that a model with habit formation preferences and capital adjustment costs can explain the historical equity premium and the average risk-free return while replicating the salient business cycle properties. The paper also applies a solution technique that combines loglinear methods with lognormal asset pricing formulae. (C) 1998 Elsevier Science B.V. All rights reserved.
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作者：Cochrane, JH
作者单位：University of Chicago; Federal Reserve System - USA; Federal Reserve Bank - Chicago; National Bureau of Economic Research
摘要：VARs describe the history of output and other variables following monetary shocks. To measure the effects of monetary shocks, one must add economic identifying assumptions. I specify the relative effects of anticipated and unanticipated money, and I calculate how VAR-based measures of the effect of money on output change as one varies this assumption. The anticipated/unanticipated assumption influences measured output effects as much or more than the variable selection and shock orthogonalizat...
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作者：Devarajan, S; Xie, DY; Zou, HF
作者单位：The World Bank; Hong Kong University of Science & Technology; Wuhan University
摘要：In an endogenous-growth model, we consider alternative ways of providing public capital using distortionary taxes. We show that if the government provides the good, the resulting growth rate and welfare may or may not be higher than under laissez-faire. By contrast, if the government subsidizes private providers, not only are growth and welfare higher than under public provision, they are also unambiguously higher than under laissez-faire. (C) 1998 Elsevier Science B.V. All rights reserved.
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作者：Kimmel, J; Kniesner, TJ
作者单位：Indiana University System; Indiana University Bloomington; W.E. Upjohn Institute for Employment Research
摘要：Using the tri-annual micro panel data of the Survey of Income and Program Participation we estimate fixed effects labor supply models separating the extensive and intensive margins. The employment elasticity is + 0.6 for single men versus + 1.1 for married men; the employment elasticity is + 2.4 for single women versus + 1.8 for married women. The compensated hours worked elasticity is + 0.4 for employed single and married men and + 0.7 for employed single and married women. The implied aggreg...
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作者：Ortigueira, S
作者单位：Instituto Tecnologico Autonomo de Mexico
摘要：In this paper we present an endogenous growth model with physical and human capital accumulation and study the effects of labor and capital income taxation on the transitional dynamics to the balanced path. We show that parameters on preferences, technologies and depreciation rates, as well as fiscal policy parameters, ale relevant to determine qualitatively the dynamic behavior of the economy. We also offer a measure of the inefficiency derived from the taxation of capital earnings. Finally, ...
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作者：Rousseau, PL
作者单位：Vanderbilt University
摘要：This paper examines links between innovation in the US intermediating sector and financial deepening from 1872-1929. Technical progress is modeled in a credit-rationing framework with limited liability as an enhanced ability of intermediaries to monitor loan recipients. This allows an innovating lender to earn temporary rents by lowering loan rates and inducing firms with higher repayment prospects to apply. Rents persist until others adopt the improvement and competition for loanable funds ra...
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作者：Perli, R; Sakellaris, P
作者单位：University of Pennsylvania; University System of Maryland; University of Maryland College Park
摘要：In this paper we examine the role of the formation of human capital in propagating shocks over the business cycle. We show that a two-sector equilibrium business cycle model with human capital is able to generate persistence in the growth of output and other aggregate variables comparable to that observed in the post-war US data. A key feature is the relatively low elasticity of substitution between skilled and unskilled labor in the production of human capital. (C) 1998 Elsevier Science B.V. ...
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作者：Nelson, E
作者单位：Carnegie Mellon University
摘要：Many researchers have added sticky prices to quantitative business cycle models. I simulate several of these models in order to evaluate their success at reproducing two features of US data: the lagged reaction of inflation to monetary growth, and the persistence of inflation. (C) 1998 Elsevier Science B.V. All rights reserved.
