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作者：Goodfriend, M
摘要：Optimal monetary policy is studied in a model with no contractual restrictions or physical costs of changing prices. Nevertheless, the price level is sticky in a range of mark-up indeterminacy, and inflation occurs only when employment presses against capacity. Under full information, the monetary authority can exploit price level stickiness to minimize the mark-up and keep employment at a constrained optimum without inflation, Under uncertainty, negative aggregate demand shocks produce real c...
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作者：Cooper, RW; Johri, A
作者单位：McMaster University
摘要：This paper considers the importance of dynamic complementarities as an endogenous source of propagation in a dynamic stochastic economy. Dynamic complementarities link the stocks of human and organizational capital, which are influenced by past levels of economic activity, to current levels of productivity. We supplement an otherwise standard dynamic business cycle model with both contemporaneous and dynamic complementarities. The model is calibrated using estimates of these effects from both ...
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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：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：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...
