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作者：WANG, P
摘要：This paper shows that a three-period overlapping-generations model with an inverse-V life-cycle endowment structure can generally restore the first welfare theorem without imposing price characterization conditions. Even when Walras's law fails, a Walrasian equilibrium may be optimal in a three-period model, depending on the endowment and generational structure. If middle-aged generations have sufficiently high income so that both the old and the young are net borrowers, transactions are gener...
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作者：FISCHER, S
摘要：Using a regression analog of growth accounting, I present cross-sectional and panel regressions showing that growth is negatively associated with inflation, large budget deficits, and distorted foreign exchange markets. Supplementary evidence suggests that the causation runs from macroeconomic policy to growth. The framework makes it possible to identify the channels of these effects: inflation reduces growth by reducing investment and productivity growth; budget deficits also reduce both capi...
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作者：ROMER, P
作者单位：University of California System; University of California Berkeley
摘要：A nation that lacks physical objects like factories and roads suffers from an object gap. A nation that lacks the knowledge used to create value in a modern economy suffers from an idea gap. Object gaps are emphasized by mainstream economists who make use of formal models and statistical hypothesis tests. Idea gaps are emphasized by dissident economists who make use of a diverse body of evidence and avoid formal models. Economists need to use the formal models from the first approach and the d...
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作者：JACKLIN, CJ
摘要：In an economy with uninsured banks, market rate deposits are shown to provide services identical to fixed rate deposits without risking banking panics as long as there is not both aggregate uncertainty, about liquidity demands and asymmetric information about bank asset quality. However, if both factors are present, then the preferred deposit form depends on the riskiness of bank assets and information revealed through market prices. The analysis may explain the evolution of fixed rate deposit...
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作者：TROSTEL, PA
作者单位：North Carolina State University
摘要：This paper examines how relaxing the assumption of lump-sum taxation affects the Ricardian equivalence theorem. In a model with income taxation instead of lump-sum taxation structural deficit finance causes Keynesian-like effects even though government bonds are not perceived as net wealth. A temporary substitution of debt for taxation significantly increases consumption, work, and output initially - the same effects as in the Keynesian case where the implied future tax liability is not percei...
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作者：CANOVA, F; MARRINAN, J
作者单位：European University Institute; Boston College
摘要：This paper examines the properties of nominal profits from speculation in dollar-dominated forward contracts using a representative agent cash-in-advance model, modified to allow for heteroscedasticity in the exogenous processes. The model is simulated by estimating exogenous processes from the data and the remaining free parameters with a simulated method-of-moments technique. Simulated expected profits are variable, heteroskedastic, and serially correlated, but the magnitude of these second ...
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作者：ENGEL, C
作者单位：National Bureau of Economic Research
摘要：This paper uncovers a striking empirical regularity: the consumer price of a good relative to a different good within a country tends to be much less variable than the price of that good relative to a similar good in another country. This fact seems to hold for all goods except very simple, homogeneous products. Models of real exchange rates are likely to have predictions regarding this relation, so this fact may provide a useful gauge for discriminating among models.
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作者：MCQUEEN, G; THORLEY, S
摘要：This paper presents evidence that business cycles are characterized by 'sharp' troughs and 'round' peaks. Changes in growth rates surrounding NBER troughs are found to be larger than changes surrounding peaks, and the probability of a direct contraction to recovery transition is found to be higher than the probability of a direct recovery to contraction transition. These findings suggest caution in interpreting empirical tests of economic series that assume symmetry and motivate theoretic mode...
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作者：MORGAN, DP
摘要：Most bank loans are made under some form of commitment contract, like a line of credit. We show that a commitment dominates an ordinary debt contract when investment projects have random returns that are costly to observe and random costs that are completely unobservable. The fees charged on commitments reduce default risk, which in turn permits larger loans than under ordinary debt contracts. Our results contribute to the theoretical literature on financial intermediation and square with seve...
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作者：CECCHETTI, SG; LAM, PS; MARK, NC
作者单位：National Bureau of Economic Research
摘要：We investigate the ability of a representative agent model with time-separable utility to explain the first and second moments of the risk-free rate and the return to equity. We generalize the standard calibration methodology by accounting for the uncertainty in both the sample moments to be explained and the estimated parameters to which the model is calibrated. We find that the first moments of the data can be matched for a wide range of preference parameter values but the model is unable to...
