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作者：Koelln, K; Rush, M; Waldo, D
作者单位：State University System of Florida; University of Florida; University of North Texas System; University of North Texas Denton
摘要：We use cross-country data to examine the effects of inflation on government spending and monetary policy multipliers. In contrast to earlier work by Ball, Mankiw, and Romer (1988) and Defina (1991), we allow for differential impacts of both the monetary base and government spending, and this difference turns out to be empirically quite important. We find little evidence in favor of a New Keynesian, sticky price model.
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作者：Chopin, MC; Cole, CS; Ellis, MA
作者单位：University of North Texas System; University of North Texas Denton; University System of Ohio; Kent State University; Kent State University Salem; Kent State University Kent
摘要：One of the few works that Ends strong evidence of congressional influence on U.S. monetary policy is Grier (1991), which finds a direct relationship between the liberalism of the Senate oversight committee leadership and monetary base growth. We extend this analysis by considering a longer sample period and by considering the preferences of House oversight committee leaders, in addition to Senators. Grier's evidence is not robust to these extensions. Where we do find correlation between congre...
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作者：Chopin, MC; Cole, CS; Ellis, MA
作者单位：University of North Texas System; University of North Texas Denton; University System of Ohio; Kent State University; Kent State University Salem; Kent State University Kent
摘要：This paper shows that the evidence of congressional impotence in influencing U.S. monetary policy presented in Chopin et al. (1996) is robust to inclusion of a dummy variable for the tenure of House Banking Committee Chairman Wright Patman. This result is in contrast to the assertion of Grier (1996). Further, we show that specification problems of models of congressional influence over a sample period that extends beyond the mid-1980s can be the result of omitted variable bias. When macroecono...
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作者：Dotsey, M; Ireland, P
摘要：This paper presents a general equilibrium monetary model in which inflation distorts a variety of marginal decisions. Although individually none of the distortions is very large, they combine to yield substantial welfare cost estimates. A sustained 4 percent inflation like that experienced in the US since 1983 costs the economy the equivalent of 0.41 percent of output per year when currency is identified as the relevant definition of money and over 1 percent of output per year when M1 is defin...
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作者：Faust, J
摘要：The Federal Reserve has been called a bizarre policymaking structure. This paper documents and formalizes a historical argument that the Fed's structure was a response to public conflict over inflation's redistributive powers. The paper shows that, in the face of conflict over redistributive inflation, policy by majority can lead to policy that is worse, even for the majority, than obvious alternatives. In balancing the interests for and against surprise inflation, the Fed's structure can lead...
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作者：Oppers, SE
摘要：This paper analyzes the causes and consequences of the universal switch from bimetallism to the gold standard in the early 1870s. It shows that the sole cause for the fall in silver prices after 1871 was the German demonetization of silver, and that the subsequent restriction of free silver coinage in Belgium and France was unnecessary: continued free silver coinage in the Latin Union would have reduced the share of gold in the Union's monetary system only marginally. Their continued adherence...
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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 compares the age-wealth distribution produced in life-cycle economies to the corresponding distribution in the US economy. The idea is to calibrate the model economies to match features of the US earnings distribution and then examine the wealth distribution implications of the model economies. The findings are that the calibrated model economies with earnings and lifetime uncertainty can replicate measures of both aggregate wealth and transfer wealth in the US. Furthermore, the mod...
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作者：Williamson, SD
摘要：A cash-in-advance model with sequential markets is constructed, where unanticipated monetary injections are nonneutral and can potentially produce large liquidity effects. However, if the monetary authority adheres to an optimal money rule, money should not respond to unanticipated shocks, so that a Friedman rule is suboptimal and the monetary authority does not exploit the liquidity effect. Quantitatively, the model can generate variability in money and nominal interest rates close to what is...
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作者：Sutherland, A
作者单位：Centre for Economic Policy Research - UK
摘要：'Intrinsic bubbles' (i.e., bubbles which are related only to fundamentals) are considered in a simple asset pricing model where fundamentals follow an Ornstein-Uhlenbeck process. It is shown that such bubbles imply an explosive path for the expectation of the asset price. It is also shown that the conditional variance of the asset price diverges in finite time. Intrinsic bubbles therefore imply highly nonstationary behaviour for the asset price even when the underlying fundamental to which the...
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作者：Sargent, TJ
作者单位：University of Chicago
摘要：This paper was written to kick off the conference celebrating the anniversary of Lucas's 'Expectations and the Neutrality of Money'. It recalls the state of macroeconomics in the late 1960's, cites some technical and substantive precursors of Lucas's idea, and explores the legacies of the equilibrium concept, monetarism, fiscalism, and standards proposed in Lucas's paper.
