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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：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：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.
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作者：Galetovic, A
摘要：In market economies financial intermediaries develop during the early stages of industrialization. This paper argues that it occurs because as firms specialize the number of transactions involving credit increases. The main conclusions of the paper are: (a) when increased specialization is a necessary condition for growth, sustained growth may not start if financial intermediaries do not emerge. In this sense, intermediaries are a necessary condition for growth to start and persist; (b) when f...
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作者：Loewy, MB; Papell, DH
摘要：Regions of the United States represent a set of economies where the conditions often argued as underlying convergence in per-capita income are satisfied, Stochastic convergence among regions implies the rejections of a unit root in relative per-capita income, a hypothesis which is not supported by conventional tests. Carlino and Mills (1993) allow for an exogenous trend break, but can only reject the unit root hypothesis in three of the eight U.S. regions. We incorporate endogenously determine...
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作者：Grier, KB
摘要：Grier(1991) shows that monetary policy is influenced by Congress in that increases in the liberality of the Senate Banking Committee leadership are significantly positively correlated with monetary base growth. Chopin, Cole, and Ellis (1996) claim that the House leadership statistically dominates the Senate leadership for predicting money growth, but that the direction of the effect is perverse: a more liberal House leadership is associated with a lower rate of base growth. In this paper, I sh...
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作者：Atkeson, A; Ogaki, M
作者单位：University System of Ohio; Ohio State University; University of Pennsylvania; National Bureau of Economic Research
摘要：This paper constructs and estimates a model of consumer preferences in which the intertemporal elasticity of substitution (IES) of consumption expenditure rises with the revel of wealth, The purpose of this paper is to measure the effect that systematic variation in the IES of poor and rich consumers has on the IES of aggregate consumption expenditure. We find economically significant differences in the IES of poor and rich consumers in Indian panel data on the consumption of individual househ...
