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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：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：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...
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作者：HO, WM
摘要：This paper presents a two-country, two-good, two-currency model to study the role of liquidity effects in exchange rate determination and the international transmission of economic fluctuations. The model provides an exchange rate equation which is different from the simple purchasing-power-parity law of exchange rate determination. Both monetary injections and real disturbances can lead to exchange rate fluctuations and comovements of interest rates, prices, and output of the two economies. W...
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作者：HUH, CG
摘要：A dynamic general equilibrium economy in which output is exogenous with respect to money is calibrated and simulated following a procedure commonly used in the real business cycle literature. It is then confronted with key comovement patterns of output and nominal variables in post-war U.S. time series data. The model economy performs well in matching second-moment patterns involving output, money, and price. The model economy - with its embedded 'reverse causation' from output to money - also...
