-
作者：Kimura, Takeshi; Kurozumi, Takushi
作者单位：Bank of Japan
摘要：Recent empirical research finds that the degree of nominal rigidities vanes over monetary policy regimes This implies that monetary policy analysis with exogenously given nominal rigidities is subject to the Lucas critique We allow firms to choose the probability of price adjustment in a Calvo-style sticky price model and analyze how this probability changes according to an inflation coefficient of the Taylor rule The model shows that a more aggressive monetary policy response to inflation mak...
-
作者：Acharya, Viral
作者单位：New York University
-
作者：Faraglia, Elisa; Marcet, Albert; Scott, Andrew
作者单位：University of London; London Business School; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE)
摘要：The complete market approach to government debt management argues that a portfolio of non-contingent bonds at different maturities should be chosen so that fluctuations in market value offset changes in expected future deficits. However, this approach recommends huge fluctuations in positions, enormous changes in portfolios for minor changes in maturities and no presumption it is always optimal to issue long and invest short term in a wide array of model specifications. These extreme, volatile...
-
作者：Chiu, Jonathan; Molico, Miguel
作者单位：Bank of Canada
摘要：The long-run welfare costs of inflation are studied in a micro-founded model with trading frictions and costly liquidity management. By modelling the liquidity management decision, the model endogenizes the responses of velocity, output, the degree of market segmentation, and the distribution of money. Compared to the traditional estimates based on a representative agent model, the welfare costs of inflation are significantly smaller due to distributional effects of inflation. The welfare cost...
-
作者：Gust, Christopher; Leduc, Sylvain; Vigfusson, Robert
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：Over the past 20 years, U.S. import prices have become less responsive to the exchange rate. We propose that a significant portion of this decline is a result of increased trade integration. To illustrate this effect, we develop an open economy DGE model featuring demand curves with variable elasticities so that a firm's pricing decision depends on its competitors' prices. As a result, a foreign exporter finds it optimal to vary its markup in response to shocks that change the exchange rate, i...
-
作者：Auer, Raphael; Fischer, Andreas M.
作者单位：Princeton University; Swiss National Bank (SNB)
摘要：The effect of import competition from low-wage countries on U.S. inflationary pressure is estimated using a new methodology that identifies the causal response of prices to comparative advantage-induced supply shocks in these nations. The results of a panel covering 325 manufacturing industries from 1997 to 2006 show that imports from nine low-wage countries are associated with strong downward pressure on prices. When these nations capture a 1% share of the U.S. sector, the sector's producer p...
-
作者：Ferrero, Andrea
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：The US external deficits have been the most striking manifestation of global imbalances. This paper investigates the contribution of productivity growth, demographics and fiscal policy in accounting for the evolution of the US external imbalances against industrialized countries during the last three decades. Productivity growth plays a dominant role. Demographics explain a non-negligible and nearly permanent component of the US trade deficit. Furthermore, the international demographic transit...
-
作者：Albuquerque, Rui
作者单位：Boston University
-
作者：Olivei, Giovanni; Tenreyro, Silvana
作者单位：Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science; Federal Reserve System - USA; Federal Reserve Bank - Boston
摘要：Systematic differences in the timing of wage-setting decisions among industrialized countries provide an ideal framework to study the importance of wage rigidity for the transmission of monetary policy. Synchronization in wage-setting decisions is prevalent in Japan and the United States, yielding varying degrees of wage rigidity within the year: instead, in France, Germany, and the United Kingdom decisions are more uniformly spread over time. Exploiting within-year variation in the timing of ...
-
作者：Freedman, Charles; Kumhof, Michael; Laxton, Douglas; Muir, Dirk; Mursula, Susanna
作者单位：International Monetary Fund; Carleton University
摘要：The IMF's Global Integrated Monetary and Fiscal Model is used to compute short-run multipliers of fiscal stimulus measures and long-run crowding-out effects of higher debt. Multipliers of two-year stimulus range from 0.2 to 2.2 depending on the fiscal instrument, the extent of monetary accommodation and the presence of a financial accelerator mechanism. A permanent 10 percentage point increase in the US debt to GDP ratio raises the US tax burden and world real interest rates in the long run, t...
