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作者：BOYD, JH; RUNKLE, DE
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：In recent years, two important literatures on the theory of banking firms have developed. One examines the economic functions of banks in environments in which agents are asymmetrically informed. Another considers the incentive effects (moral hazard) resulting from deposit insurance. Both theories make predictions about the relation between banking firm size and performance. An empirical analysis of large bank holding companies investigates measures of market valuation and risk of failure. Lim...
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作者：STARRMCCLUER, M
摘要：To investigate how sectoral demand shifts affect cyclical unemployment, studies by Murphy-Topel and Loungani-Rogerson examine whether labor mobility rises in recession. Results are contradictory, depending on a priori assumptions about unfinished unemployment spells. This note uses monthly data from the early 1980s and a competing risks hazard approach to overcome this problem. Results confirm the Loungani-Rogerson finding of higher respecialization in recession; however, the countercyclicalit...
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作者：GUPTA, A; LECOMPTE, RLB; MISRA, L
作者单位：Wichita State University; University of Texas System; University of Texas at San Antonio
摘要：This paper examines whether FSLIC-assisted failed thrift mergers in the 1980s resulted in wealth transfers from the insurance fund to acquiring firm stockholders. We find that winning bidders earned positive abnormal returns upon the announcement of such mergers. More importantly, the abnormal returns are larger in cases where the FSLIC provided direct financial assistance, and bidder abnormal returns are positively related to the size of FSLIC assistance. These results suggest that the proces...
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作者：PATINKIN, D
作者单位：Hebrew University of Jerusalem
摘要：This paper provides further evidence in refutation of the major aspect of Allan Meltzer's recent 'different interpretation' of the General Theory. It also provides further evidence in refutation of his interpretation of Keynes' policy views.
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作者：BERNANKE, BS
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作者：BERTOCCHI, G; SPAGAT, M
作者单位：Brown University
摘要：We present a model of monetary policy where the policymaker faces uncertainty about which he is learning in a Bayesian fashion. A fixed money supply rule is not optimal since the learning leads to adjustments in the monetary action. We present cases in which it is optimal to bear some cost in terms of current output performance in order to gain information that can be used in the formulation of future monetary policy: experimentation therefore pays. We also show that even passive learning with...
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作者：BEASON, R
摘要：Using monthly physical quantity data on production, sales, and inventories for 29 selected Japanese industries, it is found that the usual variance decompositions are generally consistent with the production smoothing model at both seasonal and nonseasonal frequencies. However, the estimated seasonal coefficients in production and sales are highly correlated, which should not be the case if firms smooth production in the face of anticipated seasonal movements in sales. A further test of the mo...
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作者：EASTERLY, W; REBELO, S
作者单位：University of Rochester; The World Bank
摘要：This paper describes the empirical regularities relating fiscal policy variables, the level of development, and the rate of growth. We employ historical data, recent cross-section data, and newly constructed public investment series. Our main findings are: (i) there is a strong association between the development level and the fiscal structure: poor countries rely heavily on international trade taxes, while income taxes are only important in developed economies; (ii) fiscal policy is influence...
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作者：OCONNELL, SA; ZELDES, SP
作者单位：University of Pennsylvania; National Bureau of Economic Research; Swarthmore College
摘要：In the standard analysis of overlapping generations economies with gifts from children to parents, each generation takes the actions of other generations as given. The resulting equilibrium is dynamically inefficient. In reality, however, parents realize that children will respond to higher parental saving by reducing gifts. For a broad class of gift economies, this implicit tax on saving pushes the equilibrium to dynamic efficiency. This result reestablishes the potential relevance of the gif...
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作者：GROSSMAN, GM; YANAGAWA, N
作者单位：University of Tokyo
摘要：We study the interaction between productive and nonproductive savings in economies with endogenous long-run growth. As in the neoclassical growth setting with overlapping generations, asset bubbles can exist in an economy with endogenous growth provided that they are not too large and that the growth rate in the equilibrium without bubbles exceeds the interest rate. Here, the existence conditions for bubbles reflect parameters of tastes and technology. We find that bubbles. when they exist, re...
