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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：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：BEAUDRY, P; KOOP, G
作者单位：Boston University; Universite de Montreal; University of Cambridge
摘要：This paper examines whether negative innovations to GNP are more or less persistent than positive innovations. We find that once we allow for the impulse response of GNP to be asymmetric, negative innovations to GNP are observed to be much less persistent than positive ones. In particular, the effect of a recession on the forecast of output is found to be negligible after only eight to twelve quarters, while the effect of a positive shock is estimated to be persistent and amplified over time. ...
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作者：EASTERLY, W
摘要：This paper presents a simple endogenous growth model with two types of capital which can display sizeable long-run growth effects of distortionary policies. The model applies to many different types of distortions of relative prices common in developing countries, such as differential taxes and tariffs, black market exchange rates, and price controls. The model shows that a subsidy to one type of capital financed by a tax on another capital good lowers growth. A measure of the variance of rela...
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作者：GUIDOTTI, PE; VEGH, CA
作者单位：International Monetary Fund
摘要：It has been argued that, if money acts as an intermediate good, the optimal inflation tax is zero. This paper reexamines such a claim in the context of a model in which money reduces transactions costs. It is shown that modeling money as an intermediate good does not necessarily imply that the optimal inflation tax is zero. The optimality of a zero inflation tax depends on the properties of the transactions costs technology. In particular, if the transactions costs technology does not exhibit ...
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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...
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作者：WALSH, CE
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
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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...
