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作者：Benhabib, J; Eusepi, S
作者单位：New York University; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We study the emergence of multiple equilibria in models with capital and bonds under various monetary and fiscal policies. We show that the presence of capital is indeed another independent source of local and global multiplicities, even under active policies that yield local determinacy. We also show how a very similar mechanism generates multiplicities in models with bonds and distortionary taxation. We then explore the design of monetary policies that avoid multiple equilibria. We show that...
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作者：Carlstrom, CT; Fuerst, TS
作者单位：University System of Ohio; Bowling Green State University; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：This paper analyzes the restrictions necessary to ensure that the interest rate policy rule used by the central bank does not introduce local real indeterminacy into the economy. It conducts the analysis in a Calvo-style sticky price model. A key innovation is to add investment spending to the analysis. In this environment, local real indeterminacy is much more likely. In particular, all forward-looking interest rate rules are subject to real indeterminacy. (c) 2004 Elsevier Inc. All rights re...
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作者：Quiggin, J; Chambers, RG
作者单位：University of Queensland; University System of Maryland; University of Maryland College Park; University of Western Australia
摘要：Concepts of constant absolute risk aversion and constant relative risk aversion have proved useful in the analysis of choice under uncertainty, but are quite restrictive, particularly when they are imposed jointly. A generalization of constant risk aversion, referred to as invariant risk aversion is developed. Invariant risk aversion is closely related to the possibility of representing preferences over state-contingent income vectors in terms of two parameters, the mean and a linearly homogen...
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作者：Burnside, C; Eichenbaum, M; Fisher, JDM
作者单位：Northwestern University; University of Virginia; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：This paper investigates the response of hours worked and real wages to fiscal policy shocks in the post-World-War 11 US. We identify these shocks with exogenous changes in military purchases and argue that they lead to a persistent increase in government purchases and tax rates on capital and labor income, and a persistent rise in aggregate hours worked as well as declines in real wages. The shocks are also associated with short lived rises in aggregate investment and small movements in privat...
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作者：Aliprantis, CD; Monteiro, PK; Tourky, R
作者单位：University of Melbourne; Getulio Vargas Foundation; Purdue University System; Purdue University
摘要：This paper presents a surprising example that shows that the lattice theoretic properties in Mas-Colell's (1986) seminal work are relevant to the existence of equilibrium even when the commodity space is finite dimensional. The example is a two-period securities model with a three-dimensional portfolio space and two traders. The paper identifies a non-marketed call option that fails to have a minimum cost super-replicating portfolio. Using this option, we construct an economy that satisfies al...
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作者：Aghion, P; Bacchetta, P; Banerjee, A
作者单位：Study Center Gerzensee; Harvard University; University of Lausanne; Massachusetts Institute of Technology (MIT)
摘要：This paper presents a general equilibrium currency crisis model of the 'third generation', in which the possibility of currency crises is driven by the interplay between private firms' credit-constraints and nominal price rigidities. Despite our emphasis on microfoundations, the model remains sufficiently simple that the policy analysis can be conducted graphically. The analysis hinges on four main features (i) ex post deviations from purchasing power parity; (ii) credit constraints a la Berna...
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作者：Gomberg, A
作者单位：Instituto Tecnologico Autonomo de Mexico; Instituto Tecnologico Autonomo de Mexico
摘要：This paper analyzes a general model of an economy with heterogeneous individuals choosing among two jurisdictions, such as towns or political parties. Each jurisdiction is described by its constitution, where a constitution is defined as a mapping from all possible population partitions into the (possibly multidimensional) policy space. This study is the first to establish sufficient conditions for existence of sorting equilibria in a two-jurisdiction model for a policy space of an arbitrary d...
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作者：Skrzypacz, A; Hopenhayn, H
作者单位：Stanford University; University of Rochester
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作者：Heathcote, J; Perri, F
作者单位：New York University; Georgetown University
摘要：Over the period 1972-1986, the US business cycle was strongly correlated with the business cycle in the rest of the industrialized world. Over the period 1986-2000, international co-movement was much weaker (real regionalization). At the same time, US international asset trade has increased significantly (financial globalization). We first document these phenomena in detail and then argue that they are related. In particular, we present a model in which financial globalization occurs endogenou...
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作者：Levy, G
作者单位：University of London; London School Economics & Political Science; Tel Aviv University
摘要：This paper presents a new model of political parties. I assume that the role of parties is to increase the commitment ability of politicians vis-a-vis the voters. Whereas a politician running alone can only offer his ideal policy, the set of policies that a party can commit to is the Pareto set of its members. I show that the commitment mechanisms provided by the institution of parties has no effect when the policy space is unidimensional; the policies parties can induce in equilibrium arise a...
