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作者：BOHN, H
作者单位：Leibniz Association; Ifo Institut; University of Munich
摘要：Several recent papers on dynamically optimal taxation have derived indeterminacy results regarding state-contingent capital taxation in stochastic equilibrium models with state-contingent government debt. I show that these results rely crucially on the assumption that there is a single, aggregate decision about private capital investment. In a model with many technologies and many capital goods, the need to preserve individual investment incentives imposes as many constraints on government pol...
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作者：SVENSSON, LEO
作者单位：National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：The paper argues that the reason real world fixed exchange rate regimes usually have finite bands, instead of completely fixed exchange rates between realignments, is that exchange rate bands, counter to the textbook result, give central banks some monetary independence, even with free international capital mobility. The nature and amount of monetary independence is specified, informally and in a formal model, and quantified with Swedish krona data. Altogether the amount of monetary independen...
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作者：MIRON, JA
作者单位：National Bureau of Economic Research
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作者：DUGUAY, P
摘要：This paper examines the transmission of monetary policy in Canada. It emphasizes the transmission through interest rates and the exchange rate rather than through changes in monetary aggregates and provides empirical evidence on the strength of these channels using a highly aggregated structural model. Implications of these structural equations for the dynamic effects of monetary policy are explored through a simulation analysis.
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作者：HOOVER, KD; PEREZ, SJ
摘要：Christina and David Romer's paper 'Does Monetary Policy Matter?' advocates the so-called 'narrative' approach to causal inference. We demonstrate that this method will not sustain causal inference. First, it is impossible to distinguish monetary shocks from oil shocks as causes of recessions. Second, a world in which the Fed only announces intentions to act cannot be distinguished from one in which it in fact acts. Third, the techniques of dynamic simulation used in the Romers' study are inapp...
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作者：WASSERFALLEN, W; KURSTEINER, G
作者单位：Centre for Economic Policy Research - UK; Yale University
摘要：Short-term effects of monetary policy on interest rates and exchange rates are evaluated with monthly and daily data for Switzerland from 1974 to 1991. During this period, the Swiss National Bank generally pursued a policy of targeting the money supply. Some evidence in favor of liquidity effects on interest rates is found. The influence of changes in monetary aggregates is, however, not very strong both in terms of magnitude and explanatory power, and depends on the time period investigated. ...
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作者：OSMITH, BD
作者单位：Cornell University
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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：[Anonymous]
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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...
