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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 examine the empirical implications of models that display perpetual growth through human capital accumulation in a case study of Taiwan. Our results show that incorporating a labor quality index into the labor input improves the performance of the growth model in Taiwan over the 1965-89 period. The results are robust to alternative enhancements to raw labor input measures and to the inclusion of additional relevant variables often correlated with economic growth in developing countries. The...
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作者：MELTZER, AH
作者单位：American Enterprise Institute for Public Policy Research
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作者：SAMOLYK, KA
摘要：This paper examines the empirical relationship between banking conditions and economic performance at the state level. We develop a regional credit view to explain how, due to information costs, regional banking conditions can affect local economic activity by impacting on a region's ability to fund local investments. Localized information costs suggest that banking-sector problems may constrain economic activity in financially distressed regions, whereas no such link need be evident in financ...
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作者：BRAUN, RA
作者单位：University of Virginia
摘要：This paper investigates the macroeconomic effects of cyclical fluctuations in marginal tax rates. It finds that systematically including tax variables in a standard real business cycle model substantially improves the model's ability to reproduce basic facts about postwar U.S. business cycle fluctuations. In particular, modeling fluctuations in personal and corporate income tax rates increases the model's predicted relative variability of hours and decreases its predicted correlation between h...
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作者：LUCAS, DJ
摘要：This paper studies asset prices and consumption patterns in an infinite horizon model with borrowing constraints and uninsurable idiosyncratic shocks to labor income. Calibration experiments demonstrate that idiosyncratic shocks to income are effectively smoothed through transactions in the securities market; consumption and asset prices are similar to those predicted in the representative agent model. This suggests that the equity premium puzzle is robust to several important sources of marke...
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作者：[Anonymous]
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作者：FUERST, TS
摘要：This paper develops a general equilibrium model in which monetary disturbances have effects reminiscent of Roosa's classic description of the availability doctrine. The model is a marriage of the modern credit rationing literature and the recent sluggish cash flow models of monetary transmission. Both elements are crucial. The credit rationing aspect leads to a focus upon the quantity or availability of credit. However, the rationing model in and of itself is a real model, and there is no reas...
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作者：ICARD, A
摘要：French monetary policy relies both on exchange rate and monetary aggregate targeting. Hindsight has vindicated the choice of this original, two-pronged approach. The exchange rate target is one of stability vis-a-vis the best-performing currency in a heavily integrated trade area. Since 1979, it has brought down inflation expectations and enhanced competitiveness, as the real exchange rate has fallen of late. Domestic monetary targets have been maintained despite distortions in the wake of der...
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作者：EVANS, G; REICHLIN, L
作者单位：Columbia University; University of Edinburgh
摘要：The Beveridge-Nelson (BN) technique provides a forecast-based method of decomposing a variable, such as output, into trend and cycle when the variable is integrated of order one, I(1). This paper considers the multivariate generalization of the BN decomposition when the information set includes other I(1) and/or stationary variables. We show how the relative importance of the cyclical component depends on the size of the information set, and is necessarily higher with multivariate BN decomposi...
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作者：HARDOUVELIS, GA
摘要：According to the expectations hypothesis, when the spread between long and short rates widens, next quarter's long rate should rise. In the United States, however, long rates decline instead of rising. This anomaly is also present in Canada, the UK, Germany, and Japan (four of the additional six G7 countries). Nevertheless, in contrast to the US, where long rates appear to overreact to expected future developments, the anomalous short-run movement of long rates in these other G7 countries is c...
