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作者：Carlstrom, CT; Fuerst, TS
作者单位：University System of Ohio; Bowling Green State University; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：This paper considers the welfare consequences of two particularly simple rules for monetary policy: an interest rate peg and a money growth peg. The model economy consists of a real side that is the standard real business cycle model and a monetary side that amounts to imposing cash-in-advance constraints on certain market transactions. The paper also considers the effect of assuming a rigidity in the typical household's cash savings choice. The competitive equilibrium of the economy is not Pa...
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作者：HOFFMAN, DL; RASCHE, RH; TIESLAU, MA
作者单位：Michigan State University; Arizona State University; Arizona State University-Tempe; University of North Texas System; University of North Texas Denton; Lund University
摘要：This study provides strong evidence for the stability of long-run demand functions for narrowly defined money (M1) in five industrial countries (U.S., Japan, Canada, U.K., and West Germany) using post-war quarterly data. Evidence of stability is examined using two different estimation techniques and through a formal test of parameter constancy designed specifically for cointegrating vectors. In the majority of these countries, the key to stability is the imposition of a unitary long-run income...
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作者：DENHAAN, WJ
摘要：Recent empirical papers study the convergence of per capita income, given an initial cross-sectional variation in per capita income. The question of why per capita income levels differ in the first place arises. This paper argues that the answer to this question has important implications for the estimation and interpretation of convergence models. If income is influenced by more than one factor, then we cannot expect a given cross-section of income levels to converge in the same manner at eve...
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作者：McCarthy, J
摘要：This paper extends previous tests of consumption insurance by splitting the sample to examine whether the marginal propensity to consume (MPC) out of idiosyncratic income shocks is larger for low-wealth households than it is for high-wealth households. Using data from the PSID, I find: (1) The MPC of low-wealth households is higher than that of high-wealth households. There are indications that both precautionary savings behavior and liquidity constraints contribute to this difference. (2) Spl...
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作者：GALI, J
摘要：We analyze the implications of endogenous markups for the dynamics of capital accumulation, in an environment in which the degree of competition increases with economic development. In equilibrium markups are inversely related to the aggregate capital stock, which makes it possible for the marginal revenue product of capital to be nonmonotonic, even if the marginal product of capital is strictly diminishing. That feature raises the possibility of multiple steady states and, most interestingly,...
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作者：GARFINKEL, MR; OH, SW
作者单位：Seoul National University (SNU)
摘要：This paper analyzes the role of noisy or imprecise announcements in mitigating the basic credibility problem in monetary policy. Based on a model where the monetary authority's private information gives rise to an unavoidable trade-off between flexibility and credibility, the analysis finds that noisy announcements can serve as a meaningful form of communication to make that trade-off more favorable. However, such talk is not cheap. The analysis predicts that those central banks who can speak ...
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作者：BenDavid, D; Papell, DH
作者单位：University of Houston System; University of Houston; Tel Aviv University; Centre for Economic Policy Research - UK
摘要：The 'stylized fact' that growth rates remain constant over the long run was a fundamental feature of postwar growth theory. Using recently developed tests for structural change in univariate time series, we determine whether, and when, a break in growth rates exists for 16 countries. We find that most countries exhibited fairly steady growth for a period lasting several decades, terminated by a significant, and sudden, drop in GDP levels. Following the break, per capita output in most countrie...
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作者：GLICK, R; ROGOFF, K
作者单位：Princeton University
摘要：This paper develops an analytically tractable empirical model of investment and the current account, and applies it to data from the G-7 countries. The distinction between global and country-specific shocks turns out to be quite important for explaining current account behavior; overall the model performs surprisingly well. One apparent puzzle, however, is that the current account responds by much less than investment to country-specific shocks, despite the near unit root behavior of these sho...
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作者：BASU, S; FERNALD, JG
作者单位：Federal Reserve System - USA; University of Michigan System; University of Michigan
摘要：Using data on gross output for two-digit manufacturing industries, we find that an increase in the output of one manufacturing sector has little or no significant effect on the productivity of other sectors. Using value-added data, however, we confirm the results of previous studies which find that output spillovers instead appear large. We provide an explanation for these differences, showing why, with imperfect competition, the use of value-added data leads to a spurious finding of large app...
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作者：NORRBIN, SC; REFFETT, KL
作者单位：Arizona State University; Arizona State University-Tempe
摘要：This paper examines the importance of financial and technological stochastic trends in the context of a stochastic, dynamic, general equilibrium monetary economy with multiple means of payment. In contrast to earlier empirical work, we find support for both a long-run substitution condition between money, trade credit, and interest rates as well as a long-run transactions demand for alternative payments media consistent with real business cycle frameworks.
