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作者：MCLAUGHLIN, KJ
作者单位：University of Rochester
摘要：How rigid are wages? To answer this question, I empirically investigate the nature of wage rigidity at the individual level. I find that wages in panel data vary considerably: real wage cuts are common, and nominal wage cuts are not rare. For most workers, the distribution of wage growth is not skewed away from wage cuts. The high frequency of small wage changes is inconsistent with menu cost models that censor small wage changes. The evidence supporting nominal wage rigidity is a small spike ...
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作者：EASTERLY, W
摘要：An endogenous growth model with fixed factors predicts that countries will stagnate if policies pass a threshold; initial income does not affect whether a country stagnates. For growing countries, the model has transitional dynamics where growth first accelerates and then decelerates as income rises. The data confirm these predictions: a probit equation predicts well whether countries stagnate as a function of policies but not of income, a truncated regression for growing countries shows a 'hu...
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作者：JONES, CI
摘要：This paper examines empirically the relationship between the relative price of capital and the rate of economic growth. In the results, machinery appears to be the most important component of capital: when the relative price of machinery and the relative price of nonmachinery are included in a Barro (1991) growth regression, a strong negative relationship between growth and the machinery price emerges while the nonmachinery price enters insignificantly. These results indicate that the tax trea...
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作者：LI, VE
摘要：This paper explores the implications of a search-based model of money for the linkage between steady state inventory accumulation, inflation, and welfare. Because individual traders in the search economy do not internalize the positive effects inventory accumulation and search effort have on the aggregate economy, they are too low relative to social efficiency. It is established that a tax on money balances can alleviate these externalities and improve aggregate welfare. It does so by (i) dire...
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作者：CAMPBELL, JY
摘要：This paper argues that a clear understanding of the stochastic growth model can best be achieved by working out an approximate analytical solution. The proposed solution method replaces the true budget constraints and Euler equations of economic agents with loglinear approximations. The model then becomes a system of loglinear expectational difference equations, which can be solved by the method of undetermined coefficients. The paper uses this technique to study shocks to technology and shock...
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作者：INGRAM, BF; WHITEMAN, CH
作者单位：University of Iowa
摘要：Although general equilibrium models are in wide use in the theoretical macroeconomic literature, their empirical relevance is uncertain. We develop procedures for using dynamic general equilibrium models to aid in analyzing the observed time series relationships among macroeconomic variables. Our strategy is based on that developed by Doan, Litterman, and Sims (1984), who constructed a procedure for improving time series forecasts by shrinking vector autoregression coefficient estimates toward...
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作者：ANGELINI, P
摘要：I argue that in order to test for the effect of the foundation of the Federal Reserve on the behavior of short-term interest rates, extending the sample size on either side of the interval 1908-1918 will generate spurious results. Mankiw, Miron, and Weil (1987, 1994) do not address data problems pointed out by other authors, nor do they take into account some historical events and institutional changes in New York money market that had an impact on the behavior of short-term interest rates. Gi...
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作者：CHAMP, B; WALLACE, N; WEBER, WE
作者单位：Federal Reserve System - USA; Fordham University; University of Miami; University of Minnesota System; University of Minnesota Twin Cities
摘要：According to previous studies, the demand-liability feature of national bank notes did not present a problem for note-issuing banks because the nonbank public treated notes and other currency as perfect substitutes. However, that view, when combined with nonbindingness of the collateral restriction against note issue, itself an implication of the fact that some eligible collateral was not used for that purpose, implies that the safe short-term interest rate is pegged at the tax rate on note ci...
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作者：INGRAM, BF; KOCHERLAKOTA, NR; SAVIN, NE
摘要：Aiyagari (1992) and Prescott (1986, 1991) claim that a large fraction of the variance of United States quarterly detrended real GNP is attributable to an unobservable shock to total factor productivity. This paper argues that the importance of a productivity shock in explaining the variance of output is fundamentally indeterminate. Any model that is in accord with the several time series that make up United States macroeconomic data must feature multiple shocks that are correlated at all leads...
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作者：ANGELINI, P
摘要：The paper addresses the issue of the impact of the foundation of the Federal Reserve System in 1914 on the behavior of short-term interest rates. Empirical evidence is presented showing that no change of regime can be detected in the process governing short-term rates in the years straddling the foundation of the Fed. Since the behavior of this process did change in the decade 1910-1920, the paper discusses some historical events and institutional changes in the New York money market that had ...
