1996

最新文章

• Money, barter, and costly information acquisition AI翻译
  作者：Kim, YS
  摘要：Endogenous information structure is analyzed in a search model of production and exchange under qualitative uncertainty by allowing agents to invest in an inspection technology at a fixed cost where incurring a higher cost permits quality to be recognized with higher probability. In any equilibria where agents acquire information, some bad commodities are always produced. The information acquisition promotes production and exchange of good commodities. As the information problem becomes severe...
• Inflation, inflation uncertainty, and relative price dispersion: Evidence from bivariate GARCH-M models AI翻译
  作者：Grier, KB; Perry, MJ
  作者单位：University of Michigan System; University of Michigan; University of Michigan Flint
  摘要：One potential real effect of inflation is its influence on the dispersion of relative prices in the economy. Menu cost models generally imply that higher trend inflation will increase price dispersion. In contrast, signal extraction models predict that increased inflation uncertainty will raise relative price dispersion. Existing empirical studies do not distinguish between these separate hypotheses. We constuct a bivariate GARCH-M model of inflation and relative price dispersion to test these...
• The marginal income tax rate schedule from 1930 to 1990 AI翻译
  作者：Hakkio, CS; Rush, M; Schmidt, TJ
  作者单位：State University System of Florida; University of Florida
  摘要：Although it is well known that marginal income tax rates vary with income, few economists have studied the effect on real GDP of the distribution of marginal income tax rates, This omission is probably because data on the distribution do not exist. We remedy this shortcoming by providing a computer program that calculates marginal income tax rates for all income levels for the years 1930 to 1990. We conduct a preliminary empirical investigation into the effect of taxes on economic growth. We f...
• Overtime, effort, and the propagation of business cycle shocks AI翻译
  作者：Hall, GJ
  摘要：This paper presents and estimates a variant of Hansen and Sargent's (1988) real business cycle model with straight time and overtime. The model presented has only one latent variable, the state of technology, yet it does a better job propagating and magnifying shocks than the labor hoarding models which incorporate unobserved effort. This model, as well as a version of Burnside, Eichenbaum, and Rebelo's (1993) labor hoarding model, is estimated using maximum likelihood. The maximum likelihood ...
• The macroeconomic effects of government debt in a stochastic growth model AI翻译
  作者：Ludvigson, S
  摘要：This paper studies how government liabilities affect macroeconomic aggregates in a standard general equilibrium growth model. There are two principal results: (i) Though it is often thought that fiscal deficits crowd out investment, this paper shows that deficit-financed cuts in distortionary income taxation may stimulate investment even if agents expect future taxes on capital income to be higher. This result is dependent on the values of two key parameters: the elasticity of labor supply and...
• Indeterminacy and sector-specific externalities AI翻译
  作者：Benhabib, J; Farmer, REA
  作者单位：University of California System; University of California Los Angeles; New York University
  摘要：We introduce mild increasing returns-to-scale into a version of the Real Business Cycle model. These increasing returns-to-scale occur as a consequence of sector-specific externalities, that is externalities where the output of the consumption and investment sectors have external effects on the output of firms within their own sector. Keeping the production technologies for both sectors identical for expositional simplicity, we show that indeterminacy can easily occur for parameter values typi...
• Money and finance with costly commitment AI翻译
  作者：Chatterjee, S; Corbae, D
  作者单位：University of Iowa
  摘要：We develop a variant of Townsend's turnpike model where the trading friction is related to a commitment problem rather than spatial separation alone. Specifically, expenditure on financial services is necessary to ensure commitment. When commitment is costless, the equilibrium allocation is equivalent to that from an Arrow sequential markets equilibrium. When commitment is prohibitively expensive, the allocation is similar to the Townsend equilibrium. We use numerical examples to study the con...
• 25th anniversary of Lucas's 'expectations and the neutrality of money' - Introduction AI翻译
  作者：[Anonymous]
• Coexistence of money and interest-bearing securities AI翻译
  作者：Aiyagari, SR; Wallace, N; Wright, R
  作者单位：University of Miami; University of Pennsylvania
  摘要：A random matching model with money is used to study the nominal yield on small denomination, bearer, safe, discount securities issued by the government. There is always one steady state with matured securities circulating at par and, for some parameters, another with them circulating at a discount. In the former, a necessary and sufficient condition for a positive nominal yield on not-yet-matured securities is exogenous discriminatory treatment of them by the government. In the latter, the pos...
• On avoiding bank runs AI翻译
  作者：Alonso, I
  作者单位：Pompeu Fabra University
  摘要：Can bank runs be avoided and should they be avoided? I analyze a banking environment where bank runs can occur as a result of negative signals about the bank's investments. In this environment, banks can make sure that runs do not occur by designing the deposit contract appropriately, I show that there are conditions under which it is profit-maximizing for the bank to avoid runs, and others under which occasional runs are part of optimal bank behavior. I also compare the banking arrangement to...