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作者：Buiter, WH; Panigirtzoglou, N
作者单位：National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：The paper considers two small analytical models, one Old-Keynesian, the other New-Keynesian, possessing equilibria where nominal interest rates at all maturities can be stuck at their zero lower bound. When the authorities remove the zero nominal interest rate floor by adopting an augmented monetary rule that systematically keeps the nominal interest rate on base money at. or below the nominal interest rate on non-monetary instruments, the lower bound equilibria are eliminated, thus allowing a...
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作者：Teulings, CN
作者单位：Erasmus University Rotterdam; Tinbergen Institute; Erasmus University Rotterdam - Excl Erasmus MC
摘要：Recent research has shown the reduction in the minimum wage to be the main cause of the rise in wage dispersion in the lower half of the wage distribution in the US during the 1980s. However, the return to human capital does not seem to have been much affected. Using new methodology this paper confirms previous conclusions regarding the wage distribution but shows that the return to human capital has also increased strongly. A 10% reduction of the minimum wage causes the wage of someone earnin...
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作者：Sarkar, S; Zapatero, F
作者单位：McMaster University; University of Southern California
摘要：The 'trade-off theory' of capital structure predicts a positive relationship between earnings and leverage, contradictory to well established empirical evidence. Since corporate earnings are known to be mean reverting, we reformulate the trade-off model with mean reverting earnings. We show that, with mean reverting earnings, there should be a negative relationship between optimal leverage and the current earnings level. The model also illustrates the importance of the earnings reversion param...
