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作者：Taber, A; Wallace, N
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：Recent versions of pairwise random matching models of money with divisible and perishable goods are amended to allow individuals to hold more than one unit of an indivisible asset. The asset resembles a fiat asset, except that nominal holdings of it yield a small amount of utility. There is a general upper bound on the number of units of the asset that individuals can hold. A steady state with trade is shown to exist. The model is applied to study numerically the effect on welfare of the degre...
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作者：Cole, HL; Rogerson, R
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Pennsylvania
摘要：We examine whether the Mortensen-Pissarides matching model can account for the business-cycle facts on employment, job creation, and job destruction. A novel feature of our analysis is its emphasis on the reduced-form implications of the matching model. Our main finding is that the model can account for the business-cycle facts, but only if the average duration of a nonemployment spell is relatively high-about 9 months or longer.
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作者：Segerstrom, PS; Zolnierek, JM
作者单位：Michigan State University
摘要：This paper presents a model to explain why industry leader firms often devote substantial resources to R&D activities and explores the welfare implications of this investment. The key new assumption is that industry leaders can improve their own products more easily than can other firms. When industry leaders have R&D cost advantages, it is optimal for the government to subsidize the R&D expenditures of all firms, subsidize the production expenditures of industry leaders, and tax the profits o...
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作者：Hartwick, JM; Van Long, N
作者单位：Queens University - Canada; Universite de Montreal; McGill University
摘要：We investigate economic depreciation of natural capital for cases of nonstationary output prices, technology, and interest rates. For the former two cases (exogenous movements in prices and technology), constant consumption emerges under a strategy of investing to cover off economic depreciation. The interest rate case requires a modified sinking fund strategy.
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作者：Fiorentini, G; Sentana, E
作者单位：Universitat d'Alacant
摘要：We study the process for the conditional mean of vector linear processes, which nest many models of interest. We also consider the joint process for a variable and its mean conditional on a multivariate information set. We compare the persistence of shocks to stationary variables and their means using impulse response functions. An empirical application suggests that U.S. real stock returns are close to white noise, while expected returns follow an AR(1) with high autocorrelation. We also find...
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作者：Chuang, YC
作者单位：National Chengchi University
摘要：In contrast with other trade and growth theories in previous literature, I present a growth theory of trade-induced learning: Other things being equal, two conditions are essential for trade-induced learning. First, both exports and imports are equally important sources and are mutually reinforced in intensifying the learning process. Moreover, the nature or characteristics of these traded goods also influence the effect of learning. Second, trade openness is a prerequisite but not a sufficien...
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作者：Diebold, FX; Gunther, TA; Tay, AS
作者单位：University of Pennsylvania; National Bureau of Economic Research; National University of Singapore
摘要：Density forecasting is increasingly more important and commonplace, for example in financial risk management, yet little attention has been given to the evaluation of density forecasts. We develop a simple and operational framework for density forecast evaluation. We illustrate the framework with a detailed application to density forecasting of asset returns in environments with time-varying volatility. Finally, we discuss several extensions.
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作者：Grinols, EL; Turnovsky, SJ
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Washington; University of Washington Seattle
摘要：The effects of open-market operations and long-versus short-bond financing on risk in financial markets in a stochastically growing economy are studied. An increase in short bonds, resulting from exchanging long bonds, increases the riskiness of long bonds and raises their real rate of return. An open-market purchase of either long or short bonds raises the price of long bonds and lowers their risk and real return. However, debt policy adjustments that affect the real return to long bonds do n...
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作者：Sattinger, M
作者单位：State University of New York (SUNY) System; University at Albany, SUNY
摘要：This paper develops the theory of statistical discrimination in the form of unequal employment criteria and interviews. Workers differ by imperfectly observed 'quit rate.' Profit maximization leads firms to set stricter employment criteria or interview fewer workers from the group with a greater proportion of high-quit-rate workers. The theory can explain unemployment differences between groups and the total exclusion of a group from a labor market. Although statistical discrimination constitu...
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作者：Xie, DY
作者单位：Hong Kong University of Science & Technology
摘要：This paper constructs a growth model with the feature that the range of differentiated consumption goods and the range of specialized producer durables are both endogenously determined. I show that this feature allows the domestic investment rate to be closely associated with the domestic saving rate even when international financial markets are integrated. I also argue that this feature is important in explaining the observed cross-country diversity in growth performance and saving behavior.
