-
作者：Rocheteau, Guillaume
作者单位：University of California System; University of California Irvine; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：Informational asymmetries regarding the future value of assets affect their role in exchange. I construct a random-matching economy composed of two assets: a risk-free bond and a Lucas tree whose terminal value is privately known to its holder. No restrictions are imposed on payment arrangements. The main finding supports a pecking-order theory of payments: Agents use their risk-free bonds first in order to finance their spending shocks, and they use their information-sensitive assets only if ...
-
作者：Martin, Fernando M.
作者单位：Simon Fraser University
摘要：The conduct of fiscal and monetary policy absent commitment depends on the interaction between the objective of smoothing distortions intertemporally and a time-consistency problem. When net nominal government obligations are positive, both fiscal and monetary policies are distortionary and the choice of debt depends on how the anticipated response in future monetary policy affects the current demand for money and bonds. There exists a unique steady state with positive net nominal government o...
-
作者：Gertler, Mark; Karadi, Peter
作者单位：New York University
摘要：We develop a quantitative monetary DSGE model with financial intermediaries that face endogenously determined balance sheet constraints. We then use the model to evaluate the effects of the central bank using unconventional monetary policy to combat a simulated financial crisis. We interpret unconventional monetary policy as expanding central bank credit intermediation to offset a disruption of private financial intermediation. Within our framework the central bank is less efficient than priva...
-
作者：Goodfriend, Marvin
作者单位：Carnegie Mellon University; Carnegie Mellon University; National Bureau of Economic Research
摘要：Central banking is understood in terms of the fiscal features of monetary, credit, and interest on reserves policies. Monetary policy - expanding reserves by buying Treasuries - transfers all revenue from money creation directly to the fiscal authorities. Credit policy - selling Treasuries to fund loans or acquire non-Treasury securities - is debt-financed fiscal policy. Interest on reserves frees monetary policy to fund credit policy independently of interest rate policy. An ambiguous boundar...
-
作者：Peck, James; Shell, Karl
作者单位：University System of Ohio; Ohio State University; Cornell University
摘要：Restrictions placed on bank portfolios are analyzed in a banking model designed to capture the role of checking accounts in facilitating transactions. Forcing banks to hold only liquid assets creates the incentive for liquidity-based runs. Even when a run does not occur, welfare is reduced as a result of overinvestment in the liquid asset. (C) 2010 Elsevier B.V. All rights reserved.
-
作者：Keister, Todd
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
-
作者：Milbradt, Konstantin
作者单位：Massachusetts Institute of Technology (MIT)
-
作者：Kitao, Sagiri
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：Capital taxation which is negatively correlated with labor supply is proposed This paper uses a life-cycle model of heterogeneous agents that face idiosyncratic productivity shocks and shows that the tax scheme provides a strong work incentive when households possess large assets and high productivity later in the life-cycle when they otherwise would work less The system also adds to the saving motive of prime-age households and raises aggregate capital The increased economic activities expand...
-
作者：Taylor, John B.
作者单位：Stanford University
-
作者：Sterk, Vincent
作者单位：European Central Bank; De Nederlandsche Bank NV; Vrije Universiteit Amsterdam; University of Amsterdam
摘要：Frictions in lending between households have been proposed as a Solution to the difficulties new-Keynesian models have in predicting a decline ill both durable and nondurable consumption following a monetary tightening. By revisiting a standard new-Keynesian framework with collateral constraints, it is shown that the presence Of Such credit frictions in fact makes it more difficult to generate the joint decline. The intuitive reasons behind this result are provided, which should be helpful in ...
