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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...
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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...
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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：FUKUDA, S
摘要：This paper analyzes the dynamic properties of the monetary economy when money held during the period induces some utility. It is shown that the price level and real money balances may have chaotic dynamic paths even if the utility function is separable in real money balances and consumption. A crucial point is that a constraint on the utility of money yields the wealth effect that inflation will reduce the real value of assets. Hence, as in the overlapping generations model, the conflict betwe...
