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作者：Becker, T
摘要：To empirically discriminate between Ricardian and non-Ricardian behaviour, we have to use a method that distinguishes between expected and unexpected, as well as permanent and transitory changes in taxes and government consumption. One method that provides these distinctions between different types of changes is the common trends framework used in this paper, which is a VAR model with cointegrating constraints. In the empirical study of US data, there is some support for the Ricardian hypothes...
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作者：Acemoglu, D; Scott, A
作者单位：Massachusetts Institute of Technology (MIT); University of London; London Business School; University of Oxford
摘要：We offer a theory of economic fluctuations based on intertemporal increasing returns: agents who have been active in the past face lower costs of action today. This specification explains the observed persistence in Individual and aggregate output fluctuations even in the presence of i.i.d shocks because individuals respond to the same shock differently depending on their recent past experience. The exact process for output, the sharpness of turning points and the degree of asymmetry are deter...
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作者：Wallace, N; Zhou, RL
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Pennsylvania
摘要：Until the mid-19th century, shortages of currency were common. Moreover, a frequent policy response was a prohibition on the export of coins. We use a random matching model with indivisible money to explain a shortage and to judge the desirability of a prohibition on the export of coins. The model, although extreme in many regards, represents better than earlier models a demand for outside money and the problems that arise when that money is indivisible. It can also rationalize a prohibition o...
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作者：Einarsson, T; Marquis, MH
作者单位：State University System of Florida; Florida State University; University of Iceland
摘要：Benhabib et al. (1991) and Greenwood and Hercowitz (1991) demonstrate that general equilibrium Beckerian home production models that incorporate separate technology shocks to the home and market production functions are able to explain either the comovements in employment across consumption and investment sectors of the economy or the comovement in output across market and home investment sectors, but not both simultaneously. This paper demonstrates that these comovements can be resolved by in...
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作者：Kroszner, RS; Rajan, RG
摘要：We examine the two ways in which US commercial banks organized their investment banking operations before the 1933 Glass-Steagall Act forced the banks to leave the securities business: as an internal securities department within the bank and as a separately incorporated affiliate with its own board of directors. While departments underwrote seemingly higher quality firms and securities than did comparable affiliates, the departments obtained lower prices for the issues they underwrote. The hig...
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作者：Sibert, A; Ha, JM
作者单位：University of London; International Monetary Fund
摘要：Legal and institutional changes are making it easier to adjust foreign exchange portfolios. This has raised fears that exchange rates will become increasingly volatile. This paper presents an optimizing, equilibrium model where varying degrees of portfolio substitutability are possible. Our results suggest that if preferences are nearly log linear, or transactions costs are small, exchange rate volatility rises as portfolios become more substitutable. With empirically reasonable parameter valu...
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作者：Huggett, M
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：This paper investigates the one-sector growth model where agents receive idiosyncratic labor endowment shocks and face a borrowing constraint. It is shown that any steady-state capital stock lies strictly above the steady state in the model without idiosyncratic shocks. In addition, the capital stock increases monotonically when it is sufficiently far below a steady state, However, near a steady state there can be non-monotonic economic dynamics.
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作者：Hess, GD; Iwata, S
作者单位：University of Cambridge; University of Kansas
摘要：If an economic time series behaves asymmetrically, then an interpretation of economic fluctuations based on linear time-series models could be misleading. Beaudry and Koop (1993) recently argued that for post-war US GDP data there exists a statistically significant difference in persistence between negative and positive shocks. We demonstrate that their test has two pitfalls: First, the t-statistic for testing asymmetry in persistence does not have a conventional interpretation. Second, a high...
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作者：Leeper, EM
作者单位：Indiana University System; Indiana University Bloomington
摘要：Romer and Romer [Romer, C.D., Romer, D.H., 1989. Does monetary policy matter? A new test in the spirit of Friedman and Schwartz. In: Blanchard, O.J., Fischer, S. (Eds.), NBER Macroeconomics Annual 1989. MIT Press, Cambridge, MA, pp. 121-170; Romer, C.D., Romer, D.H., 1994. Monetary policy matters. Journal of Monetary Economics 34, 75-88] adopted a narrative approach to address the identification problems in time series models of monetary policy. Based on Federal Reserve documents, the Romers c...
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作者：Demirguc-Kunt, A; Diwan, I; Spiegel, MM
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; The World Bank
摘要：Using data on bank choices in the 1988 Brazilian debt-reduction deal, we confirm predictable heterogeneity in bank valuation of Brazilian claims. In the presence of a functioning secondary market for LDC debt, the source of this heterogeneity is unclear. We introduce a model in which regulatory concerns influence bank choice, Bank choices in debt reduction programs are aimed at maximizing the magnitude of their transfer from regulatory agencies. As a result, bank choices reflect their characte...
