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作者：Smith, BD; Wang, C
作者单位：University of Texas System; University of Texas Austin; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Carnegie Mellon University
摘要：We consider the problem of an insurer who enters into a repeated relationship with a set of risk averse agents in the presence of ex post verification costs, The insurer wishes to minimize the expected cost of providing these agents a certain expected utility level. We characterize the optimal contract between the insurer and the insured, agents. We then apply the analysis to the provision of deposit insurance. Our results suggest - in a deposit insurance context - that it may be optima. to ut...
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作者：Rossana, RJ
作者单位：Wayne State University
摘要：This paper explores the determinants of the adjustment matrix in error correction models within two intertemporal models of the firm. In a production smoothing model of inventories, it is shown that the adjustment matrix contains the speed of adjustment of inventories as conjectured in previous work but this parameter matrix also contains the parameters from the autoregressive polynomials associated with the stochastic, unobservable shocks in the model. Two empirical examples are provided sugg...
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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：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.
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作者：Stephenson, EF
作者单位：North Carolina State University
摘要：I revise and update through 1994 the estimated average marginal income and Social Security tax rates of Seater (1982) [Marginal federal personal and corporate income tax rates in the US, 1909-1975. Journal of Monetary Economics, 10, 361-381], Seater (1985) [On the construction of marginal federal personal and social security tax rates in the US. Journal of Monetary Economics, 15, 121-135] and Barro and Sahasakul (1983) [Measuring the average marginal tax rate from the individual income tax. Jo...
