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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：Engineer, M; Shi, SY
作者单位：University of Victoria; Queens University - Canada
摘要：We modify the Kiyotaki and Wright (1991, J. Economic Theory 53, 215-235; 1993, Amer. Econom. Rev. 83, 63-77) framework so that there is a universal double coincidence of wants in all barter matches. We also introduce divisible service sidepayments into the model and allow agents to bargain over bundles of goods, services and money in bilateral matches. In asymmetric matches, the agent that values the other's good more dearly will typically have to make a substantial service sidepayment to comp...
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作者：Kocherlakota, NR
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：This paper discusses the implications for prices and quantities of an alternative trading arrangement in Kahn's (1990) economic environment with moral hazard. Unlike Kahn's model of asset trade, my model does not impose any unmotivated restrictions on short sales. Instead, it features complete markets and publicly observable asset transactions. Like Kahn's model, my model implies that allocations are (constrained) Pareto optimal. However, the implications of my model for asset prices are consi...
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作者：Castaneda, A; Diaz-Gimenez, J; Rios-Rull, JV
作者单位：University of Pennsylvania; Pompeu Fabra University; Universidad Carlos III de Madrid
摘要：We document the business cycle behavior of the US income distribution and explore the extent to which unemployment spells and cyclically-moving factor shares account for this behavior by analyzing four heterogeneous household extensions of the neoclassical growth model. We conclude (i) that partitioning the population into five types subject to type-specific employment processes seems to be enough to account for most aspects of the US income distribution business cycle dynamics, (ii) that the ...
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作者：Otto, GD; Voss, GM
作者单位：University of New South Wales Sydney
摘要：We examine whether public investment undertaken in Australia over the last three decades satisfies conditions for intertemporal efficiency. We find that the conditions are satisfied over the sample period but only after allowance for changes in the relative price of public and private capital. In contrast to previous research, we do not find any evidence of excessive returns to public investment; rather, the average real investment return for both private and public capital is estimated at abo...
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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...
