Journal of Monetary Economics

最新文章

• Inference in models with adaptive learning AI翻译
  作者：Chevillon, Guillaume; Massmann, Michael; Mavroeidis, Sophocles
  作者单位：Brown University; Vrije Universiteit Amsterdam; ESSEC Business School; Institut Polytechnique de Paris; ENSAE Paris
  摘要：Identification of structural parameters in models with adaptive learning can be weak, causing standard inference procedures to become unreliable. Learning also induces persistent dynamics, and this makes the distribution of estimators and test statistics non-standard. Valid inference can be conducted using the Anderson-Rubin statistic with appropriate choice of instruments. Application of this method to a typical new Keynesian sticky-price model with perpetual learning demonstrates its usefuln...
• Investment shocks and business cycles AI翻译
  作者：Justiniano, Alejandro; Primiceri, Giorgio E.; Tambalotti, Andrea
  作者单位：Northwestern University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Chicago; Federal Reserve System - USA; Federal Reserve Bank - New York
  摘要：The origins of business cycles are still controversial among macroeconomists. This paper contributes to this debate by studying the driving forces of fluctuations in an estimated new neoclassical synthesis model of the U.S. economy. In this model, most of the variability of output and hours at business cycle frequencies is due to shocks to the marginal efficiency of investment. Imperfect competition and, to a lesser extent, technological frictions are the key to their transmission. Although la...
• Credit crises, money and contractions: An historical view AI翻译
  作者：Bordo, Michael D.; Haubrich, Joseph G.
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; National Bureau of Economic Research; Rutgers University System; Rutgers University New Brunswick
  摘要：The relatively infrequent nature of major credit distress events makes an historical approach particularly useful. Using a combination of historical narrative and econometric techniques, we identify major periods of credit distress from 1875 to 2007, examine the extent to which credit distress arises as part of the transmission of monetary policy, and document the subsequent effect on output. Using turning points defined by the Harding-Pagan algorithm, we identify and compare the timing, durat...
• Government investment and fiscal stimulus AI翻译
  作者：Leeper, Eric M.; Walker, Todd B.; Yang, Shu-Chun S.
  作者单位：Indiana University System; Indiana University Bloomington; National Bureau of Economic Research; International Monetary Fund
  摘要：Effects of government investment are studied in an estimated neoclassical growth model The analysis focuses on two dimensions that are critical for understanding government investment as a fiscal stimulus implementation delays for building public capital and expected fiscal adjustments to deficit-financed spending Implementation delays can produce small or even negative labor and output responses to Increases in government investment in the short run Anticipated fiscal adjustments matter both ...
• Discussion of Tax buyouts by M. Del Negro, F. Perri and F. Schivardi AI翻译
  作者：Sleet, Christopher
  作者单位：Carnegie Mellon University
• Comment on: Unfunded liabilities and uncertain fiscal financing by Troy Davig, Eric M. Leeper, Todd B. Walker AI翻译
  作者：Smetters, Kent
  作者单位：University of Pennsylvania
• The anatomy of growth in the OECD since 1870 AI翻译
  作者：Madsen, Jakob B.
  作者单位：Monash University
  摘要：Conventional growth accounting exercises are extended in this paper to allow for endogeneity of capital, demographic transitions, age dependency, and employment rates, among other factors. Using data for the OECD countries in the period 1870-2006 it is shown that growth has been predominantly driven by demographics and TFP growth. TFP has, in turn, been driven by R&D, knowledge spillovers through the channel of imports, educational attainment, and the interaction between educational attainment...
• Non-performing loans, prospective bailouts, and Japan's slowdown AI翻译
  作者：Barseghyan, Levon
  作者单位：Cornell University
  摘要：The delay in the government bailout of the financial sector played a key role in Japan's slowdown during the 1990s and early 2000s. This argument is articulated in a general equilibrium model in which the government provides deposit insurance to the financial sector. The existence of non-performing loans, combined with a delay in the bailout, leads to a persistent decline in economic activity. Consistent with Japan's experience, the decline in output is caused not only by a fall in investment,...
• When do firms adjust prices? Evidence from micro panel data AI翻译
  作者：Lein, Sarah M.
  作者单位：Swiss National Bank (SNB)
  摘要：The price-setting behavior of manufacturing firms is examined using a large panel of quarterly firm survey data from 1984 to 2007, which allows changes in firms' prices to be linked to several firm-specific variables. The results show that state-dependent pricing is clearly present in a low-inflation environment and that variables measuring the current situation of the firm, especially costs for intermediate products, are important determinants of price adjustments. Compared to purely time-dep...
• Discussion of How to reduce unemployment: A new policy proposal AI翻译
  作者：Rogerson, Richard
  作者单位：Arizona State University; Arizona State University-Tempe