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• The welfare cost of inflation in general equilibrium AI翻译
  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...
• Was the worldwide shift to gold inevitable? An analysis of the end of bimetallism AI翻译
  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...
• Intrinsic bubbles and mean-reverting fundamentals AI翻译
  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...
• Inflation targeting in a small open economy: Empirical results for Switzerland AI翻译
  作者：Dueker, M; Fischer, AM
  作者单位：Swiss National Bank (SNB)
  摘要：This paper extends McCallum's (1987) nominal targeting rule to a small open economy by allowing for feedback from the exchange rate. Instead of setting parameters in a McCallum-type targeting rule and simulating, the parameters are estimated using a Markov switching model. We argue that a model of discrete parameter changes should be adept at capturing sudden changes in policy regime, such as changes in the degree to which monetary policy admits feedback from the exchange rate. We examine the ...
• Real business cycles and sunspot fluctuations are observationally equivalent AI翻译
  作者：Kamihigashi, T
  摘要：This paper points out that real business cycle models are observationally equivalent to externality models, which we define as models with externalities and sunspots but without productivity shocks. As far as standard first-order systems are concerned, however, externality models turn out to be more flexible than RBC models. This explains, at least partly, why previous studies have found that externality models perform better than standard RBC models at generating realistic business cycle beha...
• Clearinghouse banks and banknote over-issue AI翻译
  作者：Freeman, S
  摘要：The paper presents a model of banks as clearinghouses of private debt where money is used as the means of payment. Implications of the model include: i) the private provision of banknotes or a discount window may be needed to avoid the insufficient debt clearing that results from an inflexible currency stock; and ii) an uncontrolled total money stock may result in a multiplicity of equilibria including an inflationary banknote over-issue.
• Money and credit as means of payment AI翻译
  作者：Lacker, JM; Schreft, SL
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
  摘要：A stochastic economic environment is presented in which the mix of cash and resource-costly credit used as means of payment is endogenous. For reasonable values of the credit cost parameter, velocity can be quite variable and sensitive to the nominal interest rate. Those parameter values also generate larger welfare costs of inflation than have been found previously and a sizable impact of inflation on real interest rates.
• 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...
• 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 ...