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作者：Ireland, PN
作者单位：Boston College; National Bureau of Economic Research
摘要：In models with heterogeneous agents, issues of distribution and redistribution jump to the fore, raising the question: Which policies-monetary or fiscal-work most effectively in transferring income between groups'? From Townsend's turnpike model, two basic results emerge to help answer this question. First, the zero lower bound on nominal interest rates often appears as an obstacle to redistribution by monetary means. Second, assumptions about the government's ability to raise tax revenue with...
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作者：Henderson, DJ; Russell, RR
作者单位：University of California System; University of California Riverside; State University of New York (SUNY) System; Binghamton University, SUNY
摘要：Using nonparametric, production-frontier methods, we decompose labor productivity growth into components attributable to technological change (shifts in the world production frontier), technological catch-up (movements toward or away from the frontier), and physical and human capital accumulation (movements along the frontier). We find that (1) technological change is decidedly nonneutral, (2) productivity growth is driven primarily by physical and human capital accumulation, (3) the increased...
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作者：Lentz, R; Mortensen, DT
作者单位：Northwestern University; Boston University
摘要：Productivity dispersion across firms is large and persistent, and worker reallocation among firms is an important source of productivity growth. An equilibrium model of growth and firm evolution designed to clarify the role of worker reallocation in the growth process is studied. We show that it explains the correlations between size measures and labor productivity found in Danish firm data. Conditions under which the reallocation of workers from less to more productive firms contributes to ag...
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作者：Green, EJ; Zhou, RL
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We investigate the efficiency property of a monetary economy with spot trade. We prove a conjecture that is essentially due to Bewley (Models of Monetary Economies (1980); Econometrica 51 (1983), 1485-504). The gist is that monetary spot trading is nearly efficient ex ante in an environment where very patient agents can accumulate large enough money stocks to be completely self-insured. We also study examples where a nonmonetary mechanism is preferred ex ante to any monetary mechanism in a sta...
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作者：Elliott, G; Timmermann, A
作者单位：University of California System; University of California San Diego
摘要：This article proposes a new forecast coin hi nation method that lets the combination weights be driven by regime switching in a latent state variable. An empirical application that combines forecasts from survey data and time series models finds that the proposed regime switching combination scheme performs well for a variety of macroeconomic variables. Monte Carlo simulations shed light on the type of data-generating processes for which the proposed combination method call be expected to perf...
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作者：Cavalcanti, RD; Erosa, A; Temzelides, T
作者单位：Getulio Vargas Foundation; University of Toronto; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We build on our earlier model of money in which bank liabilities circulate as a medium of exchange. We investigate optimal bank behavior and the resulting provision of liquidity under a range of central bank regulations. In our model, banks issue inside money under fractional reserves, facing the possibility of excess redemptions. Banks consider the float resulting from money creation and make reserve-management decisions that affect aggregate liquidity conditions. Numerical examples demonstra...
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作者：He, P; Huang, LX; Wright, R
作者单位：University of Pennsylvania; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; City University of Hong Kong
摘要：We develop anew theory of money and banking based on the old story in which goldsmiths start accepting deposits for safe keeping, then their liabilities begin circulating as media of exchange, then they begin making loans. We first discuss the history. We then present a model where agents can open bank accounts and write checks. The equilibrium means of payment may be cash, checks, or both. Sometimes multiple equilibria exist. Introducing banks increases the set of parameters for which money i...
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作者：Wright, R
作者单位：University of Pennsylvania
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作者：Fong, YF; Szentes, B
作者单位：University of Chicago; Northwestern University
摘要：We study an economy in which there is always double coincidence of wants, agents have perfect information about qualities of goods, and there are no transaction costs. The hold-up problem arises because efforts invested in improving quality prior to search may not be compensated in the market. Situations in which barter fails to motivate quality improvement are identified. With money, however, the extra effort in quality improvement will be compensated when high-quality good producers trade wi...
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作者：Kocherlakota, NR
作者单位：Stanford University; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research
摘要：In this article, I examine the current state of knowledge about optimal monetary policy. I distinguish between two literatures, basic and applied. The basic literature is explicit about the frictions that generate a positive value for money and make it socially beneficial. The applied literature is not. I describe the recent lessons about monetary policy that we have learned from each literature and discuss how the two distinct approaches may be usefully combined.
