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作者：Gardeazabal, J; Regulez, A; Vazquez, J
摘要：In this paper we test the asset market approach or canonical model of exchange rates. We treat exchange rate fundamentals as unobservable. The empirical results do not reject the canonical model, and therefore the embedded rational expectations assumption, in sharp contrast with previous empirical evidence. We also find evidence of feedback from the exchange rate to fundamentals, which is normally omitted in the theoretical literature.
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作者：Sakellaris, P
摘要：This paper develops a vintage model of capital accumulation to identify the structural linkage between shocks to input or output prices and a firm's stock-market value. The model accounts for a substantial part of the sample variation in excess returns, thus providing evidence for a systematic link between the stock-market valuation of firms and the economic factors that affect their profitability. The 1973-1974 oil shock is shown to have had a strong impact on excess returns; firms whose capi...
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作者：Conlon, JR; Liu, CY
作者单位：National Taiwan University
摘要：We present a generalized (s,S) state-dependent pricing model in which menus are changed, not just in response to price misalignment, but also in response to factors such as changing product mix. Our model generates aggregate price inertia, and so reverses an important earlier result on neutrality in state-dependent pricing contexts in more general settings than previous modifications. It also provides a compromise between state-and time-dependent rules, gives a glimpse at the dynamic implicati...
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作者：Bhattacharya, J; Guzman, MG; Huybens, E; Smith, BD
作者单位：University of Texas System; University of Texas Austin; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：We consider an otherwise conventional monetary growth model in which spatial separation and limited communication create a transactions role for currency, and stochastic relocation gives rise to financial intermediaries. In this framework we consider how changes in fiscal and monetary policy, and in reserve requirements, affect inflation, capital formation, and nominal interest rates. There is also considerable scope for multiple equilibria; we show how reserve requirements that never bind alo...
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作者：Robson, AJ; Wooders, M
作者单位：University of Toronto
摘要：This paper presents an unconventional argument based on population growth to bolster marginal productivity theory. There is an economy with a single output produced from a number of differ:nt types of labor. Each type of labor is reproduced from that type itself and from the amount of the output devoted to it under some income distributional norm. Any norm which fails to induce convergence to maximal balanced growth is growth dominated, in that the population and income it induces can be overw...
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作者：Motta, M; Thisse, JF; Cabrales, A
作者单位：Universite Catholique Louvain; Institut Polytechnique de Paris; Ecole des Ponts ParisTech
摘要：When two countries starting from different quality levels (reflecting different conditions on domestic market demands) open to trade, two possible equilibria arise. In the first, the quality leader maintains its position. In the second, leapfrogging occurs. However, the latter is possible only if the initial quality gap is not too wide. Further, when the risk dominance criterion is used, only the former equilibrium is selected. These results suggest that initial conditions (such as domestic ma...
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作者：Betts, CM; Smith, BD
作者单位：Cornell University; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：We consider a model where spatial separation, limited communication, and stochastic relocation create a role for banks and country-specific currencies. The same factors also permit a deviation from the law of one price. We examine how monetary policies influence real and nominal rates of exchange and real and nominal rates of interest under both fixed and flexible exchange rate regimes. We also demonstrate that both regimes are characterized by an indeterminacy of both the real and the nominal...
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作者：Hall, AR; Rudebusch, GD; Wilcox, DW
作者单位：Federal Reserve System - USA; Federal Reserve System - USA
摘要：Recent research has emphasized the poor finite-sample performance of the instrumental variables (IV) estimator when the instruments are weakly correlated with the regressors. We show how the canonical correlations between regressors and instruments can provide a measure of instrument relevance in the general multiple-instrument-multiple-regressor case. However, our simulation results indicate that any such relevance measure probably has little practical merit, as its use may actually exacerbat...
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作者：Peretto, PF
摘要：I present a model of endogenous innovation where firms undertake in-house research and development (R&D). The concentration of sales and R&D resources determines the scale and efficiency of R&D operations and rate of productivity growth. In zero-profit equilibrium, R&D expenditure is one component of total fixed costs and determines the number of active firms. This feedback generates interdependent pricing, investment, and entry/exit decisions. The (jointly determined) rate of growth and numbe...
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作者：Bental, B; Peled, D
作者单位：Western University (University of Western Ontario)
摘要：In this paper sustained technological progress results from the feedback between technical change and the accumulation of wealth. The production technology is affected by a productivity factor which ensues from research and development. The research and development process is described as a sequential search problem in which optimal decisions depend on current levels of wealth and technology. The resulting growth path displays invention cycles. A discovery of a significant technological improv...
