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作者：Chowdhry, B; Roll, R; Xia, YH
作者单位：University of California System; University of California Los Angeles
摘要：Relative purchasing power parity (PPP) holds for pure price inflations, which affect prices of all goods and services by the same proportion, while leaving relative prices unchanged. Pure price inflations also affect nominal returns of all traded financial assets by exactly the same amount. Recognizing that relative PPP may not hold for the official inflation data constructed from commodity price indices because of relative price changes and other frictions that cause prices to be sticky, we ...
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作者：Black, SE; Devereux, PJ; Salvanes, KG
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; Norwegian School of Economics (NHH)
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作者：Henderson, R; Jaffe, A; Trajtenberg, M
作者单位：Massachusetts Institute of Technology (MIT); Brandeis University; Tel Aviv University
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作者：Shimer, R
作者单位：University of Chicago
摘要：This paper argues that the textbook search and matching model cannot generate the observed business-cycle-frequency fluctuations in unemployment and job vacancies in response to shocks of a plausible magnitude. In the United States, the standard deviation of the vacancy-unemployment ratio is almost 20 times as large as the standard deviation of average labor productivity, while the search model predicts that the two variables should have nearly the same volatility. A 'shock that changes averag...
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作者：Abiad, A; Mody, A
作者单位：International Monetary Fund
摘要：What accounts for the worldwide advance of financial reforms in the last quarter century? Using a new index of financial liberalization, we find that influential events shook the policy status quo. Balance-of-payments crises spurred reforms, but banking crises set liberalization back. Falling global interest rates strengthened reformers, while new governments went both ways. The overall trend toward liberalization, however, reflected pressures and incentives generated by initial reforms that r...
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作者：Auerbach, AJ; Obstfeld, M
作者单位：University of California System; University of California Berkeley
摘要：Prevalent thinking about liquidity traps suggests that the perfect substitutability of money and bonds at a zero short-term nominal interest rate renders open-market operations ineffective for achieving macroeconomic stabilization goals. We show that even were this the case, there remains a powerful argument for large-scale open market operations as a fiscal policy tool. As we also demonstrate, however, this same reasoning implies that open-market operations will be beneficial for stabilizatio...
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作者：Feldstein, M
作者单位：Harvard University
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作者：Engelbrecht-Wiggans, R; List, JA; Reiley, DH
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University System of Maryland; University of Maryland College Park; University System of Maryland; University of Maryland College Park; University of Arizona
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作者：Greenwood, J; Seshadri, A; Vandenbroucke, G
作者单位：University of Rochester; University of Wisconsin System; University of Wisconsin Madison; University of Southern California
摘要：What caused the baby boom? And can it be explained within the context of the secular decline infertility that has occurred over the last 200 years? The hypothesis is that: (a) The secular decline infertility is due to the relentless rise in real wages that increased the opportunity cost of having children; (b) The baby boom is explained by an atypical burst of technological progress in the household sector that occurred in the middle of the last century. This lowered the cost of having childre...
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作者：Levin, D
作者单位：University System of Ohio; Ohio State University
