-
作者：Williamson, SD
-
作者：Bental, B; Eden, B
作者单位：University of Haifa; Bank of Israel
摘要：We propose a model in which an unanticipated reduction in the money supply leads to a contemporaneous increase in inventories followed by periods with lower output. This persistent real effect does not require price rigidities or real shocks and confusion. It is obtained in a model of uncertain and sequential trade, in which markets are cleared and agents are price takers.
-
作者：Burnside, C
摘要：A number of recent papers have used simple linear regressions in an attempt to identify market structure, the extent of returns to scale, and possible external effects in U.S. manufacturing industries. The results obtained from these regressions have important implications for several branches of modem macroeconomics. As a result, the macro literature frequently cites specific numerical evidence from Caballero and Lyons (1992) and Hall (1990), which suggests that there are quantitatively signi...
-
作者：Fleissig, A; Swofford, JL
作者单位：University of South Alabama; Saint Louis University
摘要：We estimate a dynamic asymptotically ideal model of a system of money demand equations. This specification allows incomplete portfolio adjustment. We base our policy conclusions on Morishima elasticities, because as Blackorby and Russell (1989) show, the Allen-Uzawa elasticities can give misleading results. We find that cash assets, savings deposits, and small time deposits are all substitutes for each other. These results imply that monetary authorities should target a relatively broad moneta...
-
作者：Jonsson, G; Klein, P
作者单位：International Monetary Fund; Stockholm University
摘要：In this paper we show that fluctuations in distortive taxes can account for some of the key features of the Swedish post-war business cycle. The empirical fit of a simple stochastic growth model is significantly improved when it is amended to include imperfectly predictable fluctuations in payroll taxes, consumption taxes, and government consumption. Indeed, using the simulated method of moments, SMM, we find that, for large sets of conventional moments, models with stochastic fiscal policy ca...
-
作者：Benavie, A; Grinols, E; Turnovsky, SJ
作者单位：University of Washington; University of Washington Seattle; University of North Carolina; University of North Carolina Chapel Hill; University of Illinois System; University of Illinois Urbana-Champaign
摘要：This paper introduces costly investment into a stochastic equilibrium macro model. Investment is determined by an endogenously determined Tobin-q that depends upon the structural parameters of the economy. The model permits a sequence of economies, allowing for an increasing role of government, to be studied. The effects of both a structural change, taking the form of a higher variance of productivity shocks, and fiscal policy on the equilibrium is analyzed, paying particular attention to the ...
-
作者：Krusell, P; Quadrini, V; RiosRull, JV
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Rochester; Centre for Economic Policy Research - UK; University of Pennsylvania; Pompeu Fabra University
摘要：We use political-equilibrium theory and the neoclassical growth model to compare consumption and income tax systems, If government outlays are used for redistribution through transfers, then steady-state equilibria in societies that use income taxes are not necessarily worse in welfare terms, and may even be better. Income taxes are attractive precisely because they are more distortionary, since this implies low equilibrium transfer levels, We also find that switching lax systems typically doe...
-
作者：Chari, VV; Christiano, LJ; Kehoe, PJ
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Northwestern University; University of Pennsylvania
摘要：We find conditions for the Friedman rule to be optimal in three standard monetary models. Our main contribution is to shed light on two issues in the literature. First, the conventional view maintains that when money is a final good, its services should be taxed. Moreover, if money demand is interest-inelastic, its services should be taxed heavily. We show that this view is incorrect. Second, there is an ongoing controversy about whether the optimality of the Friedman rule is connected to the ...
-
作者：Crucini, MJ; Kahn, J
作者单位：University of Rochester
摘要：We argue against the prevailing view that the macroeconomic role of tariffs during the Great Depression was small. To understand the economic channels through which tariffs could have large effects we build a multi-sector dynamic equilibrium trade model that captures key features of trade in the 1930s: A substantial share of trade was in material inputs, and the persistence of the tariff increases had the potential for significant effects on capital accumulation. Both of these features are imp...
-
作者：Kaminsky, GL; Lewis, KK
作者单位：University of Pennsylvania; National Bureau of Economic Research; Federal Reserve System - USA
摘要：A frequently cited explanation for why foreign exchange interventions affect the exchange rate is that these interventions signal future monetary policy intentions. This explanation says that central banks signal a more contractionary monetary policy in the future by buying domestic currency today. Therefore, the expectations of future tighter monetary policy make the domestic currency appreciate, even though the current monetary effects of the intervention are typically offset by central bank...
