1993

最新文章

• INFLATION, TAXATION, AND LONG-RUN GROWTH AI翻译
  作者：DEGREGORIO, J
  摘要：This paper investigates the relationship between inflation and growth in an endogenous growth framework. Two models that illustrate different channels through which inflation affects growth are presented. They emphasize the effect of inflation on the rate of investment and on the productivity of investment, respectively. Then, inflation is considered to be part of a public finance problem, where high rates of inflation are the result of inefficiencies in the tax system. The negative relationsh...
• A REASSESSMENT OF THE RELATIONSHIP BETWEEN REAL EXCHANGE-RATES AND REAL INTEREST-RATES - 1974-1990 AI翻译
  作者：EDISON, HJ; PAULS, BD
  摘要：This paper uses cointegration techniques and error-correction models to re-examine the link between real exchange rates and real interest rate differentials. The results show that real exchange rates and real interest rates are nonstationary; however, they are not cointegrated with each other. On the other hand, the dynamic models indicate that there might be a long-run relationship between these variables, but this cannot be verified. The final conclusion is that there is little empirical evi...
• FINANCING BANKING CRISES - LESSONS FROM THE PANIC OF 1907 AI翻译
  作者：DONALDSON, RG
  摘要：A model of strategic asset pricing is used to investigate the increase in interest rates and the formation of cash syndicates that can occur during privately financed banking crises. Results produced help to explain the Federal Reserve System's creation following the panic of 1907 and to clarify the Fed's role in financing contemporary banking crises.
• CENTRAL BANK STRATEGIES, CREDIBILITY, AND INDEPENDENCE - A REVIEW-ESSAY AI翻译
  作者：WALSH, CE
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
• MONEY AND GROWTH REVISITED - MEASURING THE COSTS OF INFLATION IN AN ENDOGENOUS GROWTH-MODEL AI翻译
  作者：GOMME, P
  摘要：Conventional wisdom is that if public policy can affect the growth rate of the economy, the welfare implications of alternative policies will be large. In this paper, a stochastic, dynamic general equilibrium model with endogenous growth and money is examined. In this setting, inflation lowers growth through its effect on the return to work. However, the welfare costs of higher inflation are modest. The endogenous labor supply is important in producing this result.
• GOOD POLICY OR GOOD LUCK - COUNTRY GROWTH-PERFORMANCE AND TEMPORARY SHOCKS AI翻译
  作者：EASTERLY, W; KREMER, M; PRITCHETT, L; SUMMERS, LH
  作者单位：Massachusetts Institute of Technology (MIT); United States Department of the Treasury
  摘要：Much of the new growth literature stresses country characteristics, such as education levels or political stability, as the dominant determinant of growth. However, growth rates are highly unstable over time, with a correlation across decades of 0.1 to 0.3, while country characteristics are stable, with cross-decade correlations of 0.6 to 0.9. Shocks, especially those to terms of trade, play a large role in explaining variance in growth. These findings suggest either that shocks are important ...
• ECONOMIES OF DIVERSIFICATION IN THE BANKING INDUSTRY - A FRONTIER APPROACH AI翻译
  作者：FERRIER, GD; GROSSKOPF, S; HAYES, KJ; YAISAWARNG, S
  作者单位：Southern Methodist University; University of Arkansas System; University of Arkansas Fayetteville; Southern Illinois University System; Southern Illinois University; Union College
  摘要：This paper defines a new measure, economies of diversification, to examine the cost effect of product line expansion. This measure is a special case of expansion path subadditivity and contains economies of scope as a special case. A nonparametric frontier technique which isolates the effects of inefficiency and scale is used to measure economies of diversification. Applied to a set of 468 U.S. depository institutions operating in 1984, we find slight diseconomies of diversification. Diseconom...
• ARE US REGIONAL INCOMES CONVERGING - A TIME-SERIES ANALYSIS AI翻译
  作者：CARLINO, GA; MILLS, LO
  作者单位：Federal National Mortgage Association (Fannie Mae)
  摘要：The time series properties of per-capita income in U.S. regions are tested for consistency with the neoclassical growth model's prediction of per-capita income convergence. Two conditions are required for convergence. Shocks to relative regional per-capita incomes should be temporary (stochastic convergence), and initially poor regions should catch up to rich regions (beta-convergence). We find evidence for stochastic convergence across U.S. regions during the 1929-90 period after allowing for...
• REGRESSION DIRECTION AND WEAK EXOGENEITY - DETERMINING THE CONDITIONING PROPERTIES OF US MONEY DEMAND-FUNCTIONS AI翻译
  作者：FISCHER, AM; NICOLETTI, G
  作者单位：Organisation for Economic Co-operation & Development (OECD)
  摘要：The absence of testing for weak exogeneity in money demand has often led to stark conditioning claims regarding the validity of price equations. This paper uses the Johansen procedure to explore the conditioning properties of money demand systems for nonborrowed reserves, M1, and M2. Our results show that irrespective of the specification of the cointegrating relation, a feedback mechanism enters the equation for money. The opposite, however, is not true for the price equations. The results al...
• WERE PRICE CHANGES DURING THE GREAT-DEPRESSION ANTICIPATED - EVIDENCE FROM NOMINAL INTEREST-RATES AI翻译
  作者：EVANS, M; WACHTEL, P
  作者单位：New York University
  摘要：This paper reassesses whether the large swings in prices during the 1930's were anticipated. We argue that uncertainty about monetary, fiscal, and exchange rate Policies induced systematic differences between the rate of price change expected by economic agents at the time and the time series forecasts of inflation. Our analysis of nominal interest rates and ex post inflation strongly supports this view. In fact, our results suggest that the deflation of the early Depression years and the infl...