作者：Benhabib, J; Schmitt-Grohé, S; Uribe, M
作者单位：New York University; Rutgers University System; Rutgers University New Brunswick; University of Pennsylvania
摘要：Once the zero bound on nominal interest rates is taken into account, Taylor-type interest rate feedback rules give rise to unintended self-fulfilling decelerating inflation paths and aggregate fluctuations driven by arbitrary revisions in expectations. These undesirable equilibria exhibit the essential features of liquidity traps since monetary policy is ineffective in bringing about the government's goals regarding the stability of output and prices. This paper proposes several fiscal and mon...
作者：Peters, M; Siow, A
作者单位：University of Toronto
摘要：This paper studies premarital parental investments in children's wealth, where spousal wealth is a public good in marriage. By investing in their children's wealth, parents increase the wealth of their children and the quality of the spouses that their children can marry. In large marriage markets, the hedonic return to investment internalizes all the external benefits of premarital investment in wealth so that the competitive equilibrium is efficient. Marriage market competition also increase...
