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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：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 ...
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作者：Barnett, SA; Sakellaris, P
作者单位：International Monetary Fund; University System of Maryland; University of Maryland College Park
摘要：Abel and Eberly (1994) study optimal investment behavior in the presence of flow fixed costs, proportional costs and convex costs. A clear prediction is that investment will alternate between regimes of insensitivity and responsiveness to q separated by unknown threshold levels of q. At the firm level, we find evidence for different regimes of sensitivity to q but not for a regime of zero sensitivity. Our finding that investment has a nonlinear relationship to q is important because it implies...
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作者：Smith, BD; Villamil, AP
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Texas System; University of Texas Austin; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：We study the problem of a government that wishes to share optimally the burden of deficit finance among agents with differential access to investment opportunities. In the presence of private information, it is Pareto efficient for the government to borrow in a way that amounts to non-linear taxation, and it must treat agents with access to the best investment opportunities preferentially to keep them in the bond market. In addition, with private information about access to assets, it is often...
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作者：Chang, R
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：This paper examines the determination of the rate of growth in an economy in which two political parties, each representing a different social class, negotiate the magnitude and allocation of taxes. Taxes may increase growth if they finance public services, but reduce growth when used to redistribute income between classes. The different social classes have different preferences about growth and redistribution. The resulting conflict is resolved through the tax negotiations between political p...
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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,...
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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 ...
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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 ...
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作者：Driffill, J; Sola, M
作者单位：University of Southampton; University of London; Birkbeck University London; Universidad Torcuato Di Tella; University of London; London Business School
摘要：Froot and Obstfeld (1991) allow for an intrinsic bubble in stock prices, using approximately a century of annual data for the US, in an attempt to model the widely documented deviations from the prices predicted by present values or fundamentals, However they assume that the log of real dividends follows a constant random walk with drift over the whole period. We show that this assumption is invalid, and that a Markov-switching model is a more appropriate representation of dividends. We then g...
