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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...
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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...
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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：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：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：Williamson, SD
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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 ...
