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作者：Faust, J
摘要：The Federal Reserve has been called a bizarre policymaking structure. This paper documents and formalizes a historical argument that the Fed's structure was a response to public conflict over inflation's redistributive powers. The paper shows that, in the face of conflict over redistributive inflation, policy by majority can lead to policy that is worse, even for the majority, than obvious alternatives. In balancing the interests for and against surprise inflation, the Fed's structure can lead...
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作者：Fair, RC; Howrey, EP
作者单位：University of Michigan System; University of Michigan
摘要：This paper examines monetary policy from an optimal control perspective. Five loss functions are minimized for each of five models, and the results are compared. The basic ('true') loss function targets inflation and unemployment. The other loss functions target, respectively, inflation alone, unemployment alone, nominal growth alone, and real growth alone. The five models are two small structural models, two VAR models, and a large structural model. A numerical procedure is presented that can...
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作者：Sbordone, AM
摘要：This pager develops a dynamic model of labor hoarding to explain two empirical facts, the cyclical behavior of total factor productivity and the dynamic correlations of sectoral productivity with aggregate variables. The model features convex costs of adjusting the labor force, which induce firms to vary the intensity of labor utilization over the cycle. In particular, cyclical variations in labor 'effort' take place as a response to expected future changes in industry conditions. I test the r...
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作者：Bayoumi, T; Gagnon, J
作者单位：Federal Reserve System - USA
摘要：In a world of mobile capital, the current system of taxation implies that the after-tax cost of capital and return to saving in each country are negatively correlated with the rate of inflation. Thus a country's net foreign asset position ought to be negatively correlated with its long-run inflation rate. The magnitude of these effects is shown to be potentially large. For OECD countries, cross-section and time-series regressions confirm that inflation rates are good predictors of net foreign ...
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作者：Evans, P; Karras, G
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：The conventional approach to testing whether economies converge examines the cross-sectional relationship between the growth rate of per capita output over some time period and the initial level of per capita output. This paper shows that this approach is valid only if economies have identical first-order autoregressive dynamic structures and all permanent cross-economy differences are completely controlled for, conditions that are grossly violated for the data sets considered here. The paper ...
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作者：Bose, N; Cothren, R
作者单位：Virginia Polytechnic Institute & State University
摘要：This paper considers an endogenous growth model in which an informational asymmetry exists between capital producing borrowers and lenders as to the borrower's ability to successfully operate an investment project. In contrast to previous models of this genre, the lender can induce self-selection either by rationing a fraction of borrowers, or by using a costly screening technology, or by a mix of the two. The equilibrium contract's form and the growth rate of output are mutually dependent and...
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作者：Hamilton, JD
摘要：Many of the quarterly oil price increases observed since 1985 are corrections to even bigger oil price decreases the previous quarter. When one looks at the net increase in oil prices over the year, recent data are consistent with the historical correlation between oil shocks and recessions.
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作者：Hong, KO
摘要：This paper examines the time series behavior of durables/nondurables and services consumption expenditure of six OECD countries, following Caballero's approach. In each country, durables expenditure exhibits greater reversion than nondurables and services, when lower frequencies of the series are examined. The results reject the frictionless PIH as a model for durable goods consumption. However, they strongly support Mankiw's hypothesis on the nature of durable goods consumption.
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作者：delaFuente, A; Marin, JM
作者单位：Pompeu Fabra University
摘要：We analyze the interaction between growth and financial development in a model of product innovation. Innovation is risky and can be monitored only imperfectly and at a cost. Financial intermediaries emerge endogenously to avoid the duplication of monitoring activities and negotiate contracts with innovators which induce optimal effort through a combination of incentives and monitoring. A positive correlation emerges between growth and financial development. The optimal degree of monitoring de...
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作者：Yun, T
摘要：This paper investigates the ability of nominal price rigidity to explain the co-movement of inflation with the cyclical component of output observed in the post-war U.S. data. A dynamic general equilibrium model is constructed with the introduction of monopolistic competition and nominal price rigidity in a standard real business cycle model, allowing for an endogenous money supply rule. It is then demonstrated that sticky price models can explain the observed associations between movements in...
