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作者：Rios-Rull, Jose-Victor; Schorfheide, Frank; Fuentes-Albero, Cristina; Kryshko, Maxym; Santaeulalia-Llopis, Raul
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research; University of Pennsylvania; Rutgers University System; Rutgers University New Brunswick; International Monetary Fund; Washington University (WUSTL)
摘要：Calibration and modern (Bayesian) estimation methods for a neoclassical stochastic growth model are applied to make the case that the identification of key parameters, rather than quantitative methodologies per se, is responsible for empirical findings. For concreteness, the model is used to measure the contributions of technology shocks to the business cycle fluctuations of hours worked and output. Along the way, new insights are provided in the parameter identification associated with likeli...
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作者：Lewis, Vivien; Poilly, Celine
作者单位：Universite Catholique Louvain; University of Lausanne
摘要：Two business cycle models with endogenous firm and product entry are estimated by matching impulse responses to a monetary policy shock. The 'competition effect' implies that entry lowers desired markups and dampens inflation. Under translog preferences, where the substitutability between goods depends on their number, we find evidence of such an effect. That model generates more countercyclical markups than Dixit and Stiglitz (1977) monopolistic competition model, where price stickiness is th...
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作者：Rogerson, Richard
作者单位：Princeton University
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作者：Marimon, Ramon; Pablo Nicolini, Juan; Teles, Pedro
作者单位：European University Institute; Pompeu Fabra University; National Bureau of Economic Research; Universidad Torcuato Di Tella; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Banco de Portugal; Universidade Catolica Portuguesa
摘要：The interplay between competition and trust as efficiency-enhancing mechanisms in the private provision of money is studied. With commitment, trust is automatically achieved and competition ensures efficiency. Without commitment, competition plays no role. Trust does play a role but requires a bound on efficiency. Stationary inflation must be non-negative and, therefore, the Friedman rule cannot be achieved. The quality of money can be observed only after its purchasing capacity is realized. I...
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作者：Nakajima, Makoto
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：Extensions of unemployment insurance (UI) benefits have been implemented in response to the Great Recession. This paper measures the effect of these extensions on the unemployment rate using a calibrated structural model featuring job search and consumption-saving decisions, skill depreciation, and Ul eligibility. The ongoing Ul benefit extensions are found to have raised the unemployment rate by 1.4 percentage points, which is about 30% of the observed increase since 2007. Moreover, the contr...
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作者：Arellano, Cristina
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作者：Yeltekin, Sevin
作者单位：Carnegie Mellon University
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作者：Bonaparte, Yosef; Cooper, Russell; Zhu, Guozhong
作者单位：University of British Columbia; University of British Columbia Okanagan; European University Institute; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Peking University
摘要：A household's response to income and return shocks depends on the costs of portfolio adjustment. In particular, the extent of portfolio rebalancing and consumption smoothing are influenced by the presence of non-convex portfolio adjustment costs. Suppose bonds can be adjusted costlessly while adjustments to stock accounts entail adjustment costs. Due to these portfolio adjustment costs, the household demands both stocks and bonds. A household can buffer some income fluctuations without incurri...
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作者：Flandreau, Marc; Oosterlinck, Kim
作者单位：Universite Libre de Bruxelles
摘要：The emergence of the gold standard has for a long time been viewed as inevitable. We analyze agents' expectations using the spread between gold and silver bonds issued by the Indian government. We find that bimetallism was credible until France surprised markets by suspending domestic operation of bimetallism, triggering a run away from silver. Thereafter, markets began demanding a premium to hold silver bonds, indicating their belief that silver would depreciate in the future as more countrie...
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作者：van Binsbergen, Jules H.; Fernandez-Villaverde, Jesus; Koijen, Ralph S. J.; Rubio-Ramirez, Juan
作者单位：Stanford University; National Bureau of Economic Research; University of Pennsylvania; Centre for Economic Policy Research - UK; University of Chicago; Duke University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：A dynamic stochastic general equilibrium (DSGE) model in which households have Epstein and Zin recursive preferences is solved with perturbation. The parameters governing preferences and technology are estimated by maximum likelihood using macroeconomic data and the term structure of interest rates. The estimates imply a large risk aversion, an elasticity of intertemporal substitution higher than one, and substantial adjustment costs. Furthermore, the paper identifies the tensions within the m...
