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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：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...
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作者：KING, I; FERGUSON, D
摘要：We show that in competitive endogenous growth models without externalities, balanced growth equilibria are dynamically efficient. With learning-by-doing externalities, dynamic inefficiency may exist, but due to the mix of capital rather than its scale. These results are obtained independent of whether or not lifetimes are finite or generations overlap. In OLG models with externalities we show that Ponzi games may be feasible even though equilibria are characterized by undersaving.
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作者：GILLMAN, M
摘要：The paper presents a modification of the Lucas-Stokey (1983) cash-in-advance economy in which the representative consumer decides, based on relative prices, which goods to buy with cash and which with costly credit, An explicit Baumol (1952) condition emerges that guides this consumer choice. Deriving and estimating a closed-form welfare cost function in an example economy, the paper shows that the welfare cost of inflation depends on the margins of substitution. The consumer avoids inflation ...
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作者：DUTKOWSKY, DH
摘要：This paper investigates dynamic implicit cost in aggregate Discount Window borrowing, We utilize Goodfriend's formulation, with nonprice rationing based upon the bank's current request and its past borrowing record. Estimation by Generalized-Method-of-Moments reveals a positive, systematic implicit cost structure which dampens over time. Significance extends back to nine biweekly reserve maintenance intervals. We also specify implicit cost as a geometrically declining distributed lag of past b...
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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.
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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.
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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...
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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...
