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作者：Daniel, BC
摘要：This paper identifies two structural trends responsible for growth in per capita industrial production in the US, the UK and Japan, First, using Johansen's multivariate cointegration approach, the number of common trends in the three industrial production series and the real price of oil is estimated to be two. Next, long-run restrictions are used to separate structural errors with temporary effects from those with permanent effects. Finally, it is assumed that the oil price is affected by onl...
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作者：Temzelides, T
摘要：I study equilibrium selection by an evolutionary process in an environment with multiple equilibria, one of which involves a banking panic. The analysis is built on a repeated version of the Diamond-Dybvig (1983) model. The optimal equilibrium is uniquely selected if it is also 'risk dominant'. When there are multiple banks, the probability of observing a panic increases as the size of the banks decreases. Local interaction generates contagion effects that allow a bank run to spread first amon...
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作者：Balduzzi, P; Bertola, G; Foresi, S
作者单位：Centre for Economic Policy Research - UK; University of Turin; National Bureau of Economic Research
摘要：We investigate the effects of short-term rate targeting by the Federal Reserve on the term structure of interest rates, and make contributions at two levels. Using a new series of interest rate targets made available by the Federal Reserve Bank of New York, we develop a family of models that highlight the implications of discrete changes in interest rate targets for the term structure of interest rates. We show that spreads between short-term rates and the overnight federal reserve funds rate ...
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作者：King, M
摘要：In October 1992, following sterling's departure from the Exchange Rate Mechanism, Britain adopted a new framework for monetary policy. That comprised two components: first, an explicit target for inflation, and, second, institutional changes designed to give greater influence to the Bank of England by increasing the transparency and openness of the process by which interest rates are set. This paper analyses those changes from the perspective of the debate on rules versus discretion, and argue...
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作者：Klenow, PJ; Rodriguez-Clare, A
作者单位：University of Chicago
摘要：The last decade has seen an explosion of research on economic growth. Based on a selective review of this literature and the recent book on Economic Growth by Robert Barro and Xavier Sala-i-Martin, we see four main challenges for future research. First, to more tightly link theory and evidence. We think a good way of achieving this would be to follow the methodology common in the business cycle literature of simulating models to compare their predictions to the data. Second, to develop new way...
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作者：Lacker, JM
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：This paper develops a general equilibrium model of the clearing and settlement of private payment instruments. Spatial separation, heterogeneous preference shocks and limited communication provide a role for private credit as a means of payment. Although this method could be applied to various settlement arrangements, the use of central bank deposit liabilities in settlement is studied here. Various tools of payment system policy, such as intraday overdraft limits and fees, collateral requirem...
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作者：[Anonymous]
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作者：Berger, AN; Leusner, JH; Mingo, JJ
作者单位：University of Pennsylvania; University of Chicago
摘要：An understanding of bank branch efficiency may help resolve a number of conceptual, measurement, and policy questions about efficiency at the bank level. We measure the efficiency of over 760 branches of a large U.S. commercial bank. We find that there are about twice as many branches as would minimize costs, but this may be optimal from a profitability standpoint because 'overbranching' raises revenues from providing extra customer convenience. X-inefficiencies are quite large, over 20% of op...
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作者：Alvarez, F; Atkeson, A
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Chicago; Universidad Torcuato Di Tella; National Bureau of Economic Research
摘要：We analyze the impact of monetary policy on inflation, interest rates and exchange rates in a model with segmented asset markets developed by Grossman and Weiss (1983) and Rotemberg (1984, 1985). We find parameters for which real and nominal exchange rates in this model are (1) much more volatile than interest rates, inflation rates, and money growth rates, (2) highly correlated with each other, and (?) highly persistent, While this model fails to match the data in other important respects, it...
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作者：Ingram, BF; Kocherlakota, NR; Savin, NE
作者单位：University of Iowa; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：A significant amount of economic activity takes place within the home. Unfortunately, it is difficult to assess the cyclical properties of home production because the available data are too sporadic. Using a real business cycle (RBC) model, we construct quarterly data on three variables that are unobservable at a quarterly frequency: hours worked in the home sector, hours spent in leisure, and the consumption of home-produced goods. Three results emerge: leisure is countercyclical while nonmar...
