作者：Gardeazabal, J; Regulez, A; Vazquez, J
摘要：In this paper we test the asset market approach or canonical model of exchange rates. We treat exchange rate fundamentals as unobservable. The empirical results do not reject the canonical model, and therefore the embedded rational expectations assumption, in sharp contrast with previous empirical evidence. We also find evidence of feedback from the exchange rate to fundamentals, which is normally omitted in the theoretical literature.
作者：Sakellaris, P
摘要：This paper develops a vintage model of capital accumulation to identify the structural linkage between shocks to input or output prices and a firm's stock-market value. The model accounts for a substantial part of the sample variation in excess returns, thus providing evidence for a systematic link between the stock-market valuation of firms and the economic factors that affect their profitability. The 1973-1974 oil shock is shown to have had a strong impact on excess returns; firms whose capi...
作者：Bhattacharya, J; Guzman, MG; Huybens, E; Smith, BD
作者单位：University of Texas System; University of Texas Austin; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：We consider an otherwise conventional monetary growth model in which spatial separation and limited communication create a transactions role for currency, and stochastic relocation gives rise to financial intermediaries. In this framework we consider how changes in fiscal and monetary policy, and in reserve requirements, affect inflation, capital formation, and nominal interest rates. There is also considerable scope for multiple equilibria; we show how reserve requirements that never bind alo...
