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作者：Tallman, EW; Wang, P
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We investigate dynamic interactions between relative price movements and money demand behaviors during hyperinflations, viewing relative price changes as resulting primarily from real disturbances. We develop a general equilibrium model with heterogeneous consumption and capital goods to illustrate how monetary shocks may produce real effects through the relative price channel. This motivates the design of long-run restrictions to identify a structural vector autoregression, employing data fro...
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作者：Merz, M
摘要：Existing models of the business cycle have been incapable of explaining many of the stylized facts that characterize the US labor market. The standard real business cycle model is modified by introducing two-sided search in the labor market as an economic mechanism that propagates technology shocks. This new analytical environment can explain many phenomena of the business cycle that the standard model either has resolved in an unsatisfactory manner or has not been able to address at all.
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作者：Kim, MJ; Yoo, JS
作者单位：University of Alabama System; University of Alabama Tuscaloosa
摘要：This paper extends the univariate Markov switching unobserved component model to the multivariate Markov switching factor model of coincident economic indicators. An approximate ML method is developed to estimate the model. The extracted Markov switching factor may be interpreted as the coincident index and is comparable to the Stock-Watson index which differs only by the Markov switching component. Using four constituent series of the DOC coincident index for the period January 1960 to June 1...
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作者：STRONGIN, S
摘要：This paper examines recent work on the identification of monetary policy disturbances. Its main finding is that the empirical anomalies found in the literature reflect a failure to properly address the Federal Reserve's policy of accommodating reserve demand shocks. A new method of identifying monetary policy using nonborrowed reserves is proposed. Using this specification - policy has a strong persistent liquidity effect regardless of subsample - policy Granger-causes output even in the prese...
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作者：SALYER, KD
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作者：HONKAPOHJA, S
摘要：This essay provides a discussion of the recent literature on learning behavior and macroeconomics while reviewing the recent important book Bounded Rationality in Macroeconomics by Thomas J. Sargent (Clarendon Press, Oxford, 1993).
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作者：Li, YT
摘要：Private information is introduced into the Kiyotaki-Wright model of commodity money in terms of qualitative uncertainty concerning the good which would be the unique medium of exchange under complete information. Producers are allowed to produce high- or low-quality versions of that good, and people may not always recognize its quality. It is shown that commodities that suffer from qualitative uncertainty may still be used as the medium of exchange when the private information problem is not t...
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作者：Rudebusch, GD
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作者：Ahmed, S; Rogers, JH
作者单位：Federal Reserve System - USA; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We test whether long-term data from the U.S. and U.K. are consistent with the intertemporal government budget constraint and external borrowing constraint, both individually and simultaneously. A very strong test is provided by our focus on whether the present value constraints (PVCs) continue to hold despite unusual events, such as wars, that cause a structural break in the short-run dynamic behavior of the variables. We find that the PVCs hold over the whole sample period. The data also indi...
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作者：COLE, HL; KEHOE, PJ
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities; University of Pennsylvania
摘要：A standard explanation for why sovereign governments repay their debts is that they must maintain a good reputation to easily borrow more. We show that the ability of reputation to support debt depends critically on the assumptions made about institutions. At one extreme, we assume that bankers can default on payments they owe to governments. At the other, we assume that bankers are committed to honoring contracts made with governments. We show that if bankers can default, then a government ge...
