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作者：Coen-Pirani, Daniele
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：The main cross-sectional and time-series properties of state-level gross and net worker flows, wages, and rents are characterized using micro-data from the U.S. Census. A dynamic general equilibrium model of worker migration is introduced to explain the stylized facts. In the model, a location may experience simultaneous inflows and outflows of workers. Recent migrants choose to migrate more often than incumbent workers. Thus, locations that attract high numbers of migrants also tend to experi...
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作者：Sustek, Roman
作者单位：University of Iowa
摘要：A monetary aggregate consisting predominantly of zero-maturity deposits, called MZM, tends to systematically lead output in the US business cycle. Such fluctuations are observed both before and after the 1979 monetary policy change. Similar dynamics are obtained in a model with multi-stage production and purchase-size heterogeneity when agents optimally choose their mix of cash, checkable, and time deposits used in transactions. The causality in the model runs from real activity to money, rath...
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作者：Gorodnichenko, Yuriy; Ng, Serena
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Columbia University
摘要：Dynamic stochastic general equilibrium (DSGE) models are often solved and estimated under specific assumptions as to whether the exogenous variables are difference or trend stationary. However, even mild departures of the data generating process from these assumptions can severely bias the estimates of the model parameters. This paper proposes new estimators that do not require researchers to take a stand on whether shocks have permanent or transitory effects. These procedures have two key fea...
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作者：Casares, Miguel
作者单位：Universidad Publica de Navarra
摘要：The introduction of both market-clearing wages and nominal rigidities on wage setting call be used to rationalize unemployment as excess supply of labor in the New Keynesian model. As a result, wage inflation dynamics are forward-looking and depend negatively oil the rate of unemployment. Moreover, both price inflation and wage inflation evolve as indicated by equations equivalent to those obtained in Erceg et al. (2000), though with different slope coefficients. In all equal-volatility compar...
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作者：Crowe, Christopher
作者单位：International Monetary Fund
摘要：Using inflation forecast data for 11 IT adoption countries, IT adoption is found to promote convergence in forecast errors, suggesting that it enhances transparency. This result, Which is subjected to several robustness checks and found to be robust, supports Morris and Shin's (2002) contention that better public information is most beneficial for forecasters with bad private information. However, it does not Support their hypothesis that better public information could make private forecasts ...
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作者：Green, Edward J.; Zhou, Ruilin
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：In a random-matching economy of traders who maximize cumulative consumption (overtaking criterion), the stationary, Markov, Bayesian-perfect equilibrium is studied. At Such equilibrium two results hold: (1) perfect substitutability between current and future consumption implies a no-surplus condition; and (2) by the no-surplus condition, there is a nominal price at which all trades must Occur. These results strengthen the seminal results of Ostroy (1973) regarding monetary bilateral exchange i...
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作者：Kurozumi, Takushi; Van Zandweghe, Willem
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City; Bank of Japan
摘要：In a sticky-price model with labor market search and matching frictions, forecast-based interest rate policy almost always induces indeterminacy when it is strictly inflation targeting and satisfies the Taylor principle. Indeterminacy is due to a vacancy channel of monetary policy that makes inflation expectations self-fulfilling. The effect of this channel strengthens as the sluggishness of the adjustment of employment relative to that of consumption increases. When this relative sluggishness...
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作者：Lippi, Francesco; Secchi, Alessandro
作者单位：University of Sassari
摘要：It is shown that accounting for technology variations, across households and periods, is important to obtain theoretically consistent estimates of the demand for currency. An inventory model is presented where the withdrawal technology is explicitly modeled. Both the level and the interest rate elasticity of cash holdings depend on the withdrawal technology available to households. Empirical proxies for the household withdrawal technology, based on the diffusion of cash withdrawal points measu...
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作者：Hellwig, Christian; Venkateswaran, Venky
作者单位：University of California System; University of California Los Angeles; Centre for Economic Policy Research - UK
摘要：Nominal price adjustment is studied in an environment with firm-specific and aggregate shocks to economic fundamentals and incomplete, dispersed information. Firms update their expectations about fundamentals based on their own cash flows (revenues and wages). We show that in a model with realistic levels of product-level price dispersion, the firms' inference about aggregate shocks is very gradual, yet in the aggregate prices adjust rapidly in response to aggregate nominal shocks. When an agg...
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作者：Pope, Clayne
作者单位：Brigham Young University
摘要：Economists with a few exceptions have automatically assumed that the important measure of well-being is income. In contrast, economic historians have broadened the measure of well-being with particular interest in mortality, morbidity, nutrition, education and leisure. When one takes this broader view of the standard of living, there appears to be a strong trend toward more equality in the distribution of well-being since the industrial revolution. Gini coefficients calculated for the distribu...
