作者：CARDIA, E
摘要：This paper evaluates empirically the relative importance of monetary and fiscal versus technology shocks in an open economy characterized by perfect international capital mobility. The variance-covariance matrix of these shocks is estimated. A stochastic model is used to perform numerical simulations. The results show that persistent shocks to productivity can reproduce several empirical regularities (including the puzzling high correlation between national saving and investment) remarkably we...
作者：JOINES, DH
摘要：This paper derives testable implications of a model due to Siegel (1985) in which interest rates react to announced innovations in the money supply solely because money announcements reveal information about real economic activity. Tests of these implications yield results inconsistent with the model. In addition, the results contradict the finding of Huizinga and Leiderman (1987) that interest rates tended to rise in response to unexpected increases in the monetary base from October 1979 to F...
作者：AIYAGARI, SR; GERTLER, M
作者单位：New York University
