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作者：DeGregorio, J
作者单位：International Monetary Fund; Universidad de Chile
摘要：Borrowing constraints increase aggregate savings, and therefore may increase growth. This paper argues, however, that by reducing human capital accumulation, borrowing constraints also have negative effects on growth. These effects are discussed in an overlapping-generations model with endogenous growth. Empirical evidence for OECD and developing countries lend support to the main predictions of the model.
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作者：Kocherlakota, NR
摘要：This paper examines the properties of efficient allocations of risk in an economic environment in which the outside enforcement of risk-sharing arrangements is infinitely costly. Tn these allocations, unanticipated relative productivity movements have effects on both the current and future distribution of consumption across individuals. If preferences over consumption and leisure are nonhomothetic, these changes in the allocation of consumption will generate persistent cycles in aggregate outp...
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作者：Rotemberg, JJ
摘要：I show that a simple sticky price model based on Rotemberg (1982) is consistent with a variety of facts concerning the correlation of prices, hours, and output. It is consistent with the negative correlation between forecastable movements in prices and output as well as the smaller negative correlation between forecastable movements in prices and hours. It is also consistent with the positive correlations of unexpected movements in prices, output, and hours. These patterns are harder to reconc...
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作者：Woodford, M
摘要：With loan commitments negotiated in advance, the use of 'tight money' to restrain nominal spending has asymmetric effects upon different categories of borrowers. This can reduce efficiency, even though aggregate demand is stabilized. An equilibrium model of financial intermediation with loan commitments is developed, and used to analyze the welfare consequences of alternative monetary policies. If demand uncertainty relates primarily to the number of borrowers rather than to each one's demand ...
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作者：DeNicolo, G
作者单位：Sapienza University Rome
摘要：In a model of banking with asymmetric information among depositors and multiple sources of aggregate risk, I show that a demand deposit arrangement with state-contingent deposit payments and a priority-of-claims provision on final date resources is (almost) best. Under this arrangement, intermediaries infer the realization of aggregate risk and of a privately observed signal on the outcome of the risky technology from depositors' withdrawal choices, and panics as well as information-based runs...
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作者：Feldstein, M; Stock, JH
作者单位：Harvard University; Harvard University; National Bureau of Economic Research
摘要：This article considers constructing monetary aggregates in the presence of financial market innovations and changes in the relationship between individual assets and output. We propose two procedures for constructing a monetary aggregate with the objective of providing a reliable monetary leading indicator of nominal GDP. In the first, subaggregates discretely switch in and out; in the second, the aggregate's growth is a time-varying weighted average of the growth of the subaggregates, where t...
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作者：Hooker, MA
摘要：James Hamilton argues that oil price changes are still important for the macroeconomy, and that using a filter which screens out drops and measures increases relative to a reference level well represents the effects of price changes when they are 'choppy', While this measure outperforms the oil price transformations considered in my paper, much of its predictive power is coming from the pre-1986 (and pre-1973) part of the sample. With less than 10 years of choppy data, finding the best oil pri...
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作者：Chirinko, RS; Schaller, H
作者单位：Federal Reserve System - USA; Carleton University
摘要：Dramatic fluctuations in the stock market raise questions about whether actual asset prices correspond to the expected present value of future cash flow and whether deviations from this fundamental price can affect real investment spending. Even if there are deviations from fundamental price, they may not distort real behavior if firms ignore these deviations in making their investment decisions. On the other band, overvaluation of equities could provide firms with a relatively cheap source of...
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作者：Carlino, G; Mills, L
作者单位：Federal National Mortgage Association (Fannie Mae)
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作者：Correia, I; Teles, P
作者单位：Banco de Portugal; Universidade Catolica Portuguesa
摘要：In contrast to the recent literature on the optimal inflation tax, we show that, in models where money reduces transactions costs, it is optimal to set the inflation tax to zero when seigniorage is replaced by revenue from distortionary taxes. The main reasons for this result are that the variable costs of supplying real balances are negligible and the inflation tax is a unit tax. We also show that the intermediate good optimal taxation rules in the public finance literature cannot be directly...
