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作者：Rudebusch, GD
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作者：Zhu, XD
摘要：The present paper studies the implications of endogenous capital utilization and investor's effort on the structure and time consistency of optimal fiscal policy. The main results are that levies of old capital are distortionary and should therefore not be used at confiscatory rates, that in a steady state capital and labor income should be taxed at the same rate and investment should be subsidized at the same rate as the tax rate, and that the optimal tax policy can be made time-consistent th...
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作者：GORTON, GB; PENNACCHI, GG
作者单位：National Bureau of Economic Research; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Theories of financial intermediation predict that bank loans should not be marketable because of moral hazard problems; banks will not conduct credit risk analysis or monitor borrowers if they are not at risk for failing to perform these services. Throughout most of history, bank loans have not, in fact, been marketable. Yet, by the end of the 1980's the amount of commercial and industrial loan sales outstanding had grown to over $250 billion from trivial amounts at the beginning of the decade...
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作者：KING, I; WELLING, L
摘要：We develop a model to study the effects of changes in the size of technological innovations upon search and 'waiting-time' unemployment when search is costly and shocks are positively autocorrelated. We find that increases in the size of innovations increase steady state search, decrease steady-state waiting-time unemployment, and decrease total unemployment.
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作者：Bullard, J; Keating, JW
作者单位：Washington University (WUSTL)
摘要：We investigate the relationship between inflation and real output in a large sample of postwar economies. Our methodology is to use a structural vector autoregression to estimate the response of the level of real output to permanent inflation shocks separately for each country. We find that a permanent shock to inflation is not associated with a permanent movement in the level of real output for most countries in our sample. The main exceptions are certain low inflation countries, in which per...
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作者：Pecorino, P
摘要：The relationship between tax rates and the present value of tax collections is analyzed in an endogenous growth setting in which growth is driven by the accumulation of human capital. In such a model, income taxation may reduce the size of the tax base in current and future periods through both labor supply and growth rate effects. Under the benchmark parameterization of the model, the growth-reducing effects of taxation are found to have a moderate, but significant effect in lowering the reve...
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作者：Gilchrist, S; Himmelberg, CP
作者单位：Columbia University; Boston University
摘要：Recent work in macroeconomics argues that imperfections in capital markets may lead to business cycle fluctuations by propagating relatively modest shocks. Evidence for such a mechanism (also known as the 'financial accelerator') consists largely of firm-level studies showing that cash flow is an important predictor of investment. But this evidence is often viewed with skepticism because cash flow is also a good indicator of investment opportunities. In this paper, we develop a framework for e...
