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作者：Bohn, H
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作者：Ball, L
摘要：This paper presents a model of dynamically consistent monetary policy that explains changes in inflation over time. In the model - as in the postwar United States - adverse supply shocks trigger increases in inflation. High inflation persists until a tough policy-maker causes a recession to disinflate. The paper also proposes an approach to selecting a unique equilibrium in infinite-horizon models of monetary policy.
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作者：BENASSY, JP
摘要：This article presents an explicitly computable business cycle model with optimizing agents in an economy with money and wage contracts. We start from the well-known Long-Plosser-McCallum real business cycle model and extend it in two directions: First, money is introduced, still maintaining the market clearing assumption. Secondly, this monetary model is studied under the assumption of predetermined wages. An explicit solution is given in both cases. It appears that the combination of money an...
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作者：Houston, JF; James, C
作者单位：State University System of Florida; University of Florida
摘要：This paper examines whether executive compensation in banking is structured to promote risk taking. We find that, on average, bank CEOs receive less cash compensation, are less likely to participate in a stock option plan, hold fewer stock options, and receive a smaller percentage of their total compensation in the form of options and stock than do CEOs in other industries. Cross-sectional differences in the structure of compensation contracts within banking are also examined. We find a positi...
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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：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：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：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.
