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作者：Rodrigues, Mauro
作者单位：Universidade de Sao Paulo
摘要：Despite Latin America's dismal performance between the 1950s and 1980s, the region experienced strong capital deepening. We suggest that these facts can be explained as a consequence of the restrictive trade regime adopted at that time. Our framework is based on a dynamic Heckscher-Ohlin model, with scale economies in the capital-intensive sector. Initially, the economy is open and produces only the labor-intensive good. The trade regime is modeled as a move to a closed economy. The model prod...
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作者：Del Negro, Marco; Perri, Fabrizio; Schivardi, Fabiano
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Center for Economic & Policy Research (CEPR); Federal Reserve System - USA; Federal Reserve Bank - New York; National Bureau of Economic Research; University of Cagliari
摘要：The paper studies a fiscal policy instrument that can reduce fiscal distortions without affecting revenues, in a politically viable way. The instrument is a private contract (tax buyout), offered by the government to each citizen, whereby the citizen can choose to pay a fixed price in exchange for a given reduction in her tax rate for a period of time. We introduce the tax buyout in a dynamic overlapping generations economy, calibrated to match several features of the US income, taxes and weal...
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作者：Bech, Morten L.; Chapman, James T. E.; Garratt, Rodney J.
作者单位：Bank of Canada; Federal Reserve System - USA; Federal Reserve Bank - New York; University of California System; University of California Santa Barbara
摘要：Liquidity flows through a financial network cannot be accurately described using external processing constraints alone. Behavioral aspects of participants also matter. A method similar to Google's PageRank procedure is used to produce a ranking of participants in the Canadian Large Value Transfer System in terms of their daily liquidity holdings. Accounting for differences in banks' processing speeds is essential for explaining why observed distributions of liquidity differ from the initial di...
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作者：Prati, Alessandro; Sbracia, Massimo
作者单位：International Monetary Fund
摘要：How does uncertainty about fundamentals affect speculation in the foreign exchange markets? This paper studies empirically the role of uncertainty in currency crises. Uncertainty, which is measured using the dispersion of survey forecasts of key macroeconomic variables, is found to have a non-monotonic effect on exchange rate pressures: it heightens speculative pressures when expected fundamentals are good and eases them when they are bad. This prediction is consistent with a broad class of cu...
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作者：Clementi, Gian Luca
作者单位：New York University
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作者：Feldman, Ron J.; Stern, Gary H.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：The Squam Lake Report (SLR) contains a host of recommendations to fix the financial sector. A credible fix must take on the excessive risk-taking of financial institutions created when uninsured creditors of important financial institutions expect government protection from loss (i.e., the too-big-to-fail problem). The vast majority of SLR's recommendations constitute important contributions to addressing TBTF; the analysis offered in support of recommendations is sound and brings modern econo...
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作者：Panageas, Stavros
作者单位：University of Chicago; National Bureau of Economic Research
摘要：The termination of a representative financial firm due to excessive leverage may lead to substantial bankruptcy costs. A government in the tradition of Ramsey (1927) may be inclined to provide transfers to the firm so as to prevent its liquidation and the associated deadweight costs. It is shown that the optimal taxation policy to finance such transfers exhibits procyclicality and history dependence, even in a complete market. These results are in contrast with pre-existing literature on optim...
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作者：Dennis, Richard
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：Model uncertainty has the potential to change importantly how monetary policy is conducted, making it an issue that central banks cannot ignore. Using a standard new Keynesian business cycle model, this paper analyzes the behavior of a central bank that conducts policy under discretion while fearing that its model is misspecified. The main results are as follows. First, policy performance can be improved if the discretionary central bank implements a robust policy. This important result is obt...
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作者：Meh, Cesaire A.; Rios-Rull, Jose-Victor; Terajima, Yaz
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
摘要：An unanticipated rise in the price level redistributes wealth from lenders to borrowers. Its size depends on the monetary policy regime, as inflation targeting (IT) and price-level targeting (PT) have different implications for the price-level path following price-level movements. The effects of an unexpected 1% price-level increase are measured and assessed under both regimes. Overall, the redistribution of wealth and the implied aggregate and welfare effects are larger under IT than they are...
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作者：Cole, Harold L.
作者单位：University of Pennsylvania
