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作者：Fitzgerald, Doireann
作者单位：Stanford University
摘要：If countries specialize in imperfectly substitutable goods, trade costs increase the share of expenditure devoted to domestic output, reducing the exposure of consumer price inflation to exchange rate changes. I present a multi-country flexible-price model where expenditure shares are inversely related to trade costs through a gravity equation. In this setting, consumer price inflation can be approximated as an expenditure-share-weighted average of the contributions to inflation from all count...
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作者：Rios-Rull, Jose-Victor
作者单位：University of Minnesota System; University of Minnesota Twin Cities
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作者：Foellmi, Reto; Zweimueller, Josef
作者单位：University of Bern; University of Zurich
摘要：Non-linear Engel-curves for consumer goods cause continuous structural change. Goods are sequentially introduced starting out as a luxury with high income elasticity and ending up as a necessity with low income elasticity. Although this leads to rising and falling sectoral employment shares, the model exhibits a steady growth path along which the Kaldor facts are satisfied. Extending the basic model to the case of endogenous product innovations shows that complementarities between aggregate an...
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作者：Bohacek, Radim; Kapicka, Marek
作者单位：University of California System; University of California Santa Barbara; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences
摘要：We analyze optimal income taxes and optimal schooling subsidies in a dynamic private information economy with observable human capital accumulation. We show that under plausible conditions the marginal schooling subsidies are positive and that they are zero at both endpoints of the skill distribution. We compute the optimal policies and evaluate their impact over the transition and at the steady state. We find that the optimal schooling policies are significantly smaller than the optimal margi...
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作者：Farhi, Emmanuel; Werning, Ivan
作者单位：Harvard University; Massachusetts Institute of Technology (MIT)
摘要：This paper derives an intertemporal optimality condition for economies with private information, focusing on a class of recursive preferences. By comparing it to the situation where agents can freely save in a risk-free asset market, we derive the optimal savings distortions necessary for constrained optimality. Our recursive preferences are homogeneous and satisfy a balanced-growth condition, while allowing us to separate the role of risk aversion and intertemporal elasticity of substitution....
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作者：Perri, Fabrizio
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research
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作者：Naknoi, Kanda
作者单位：Purdue University System; Purdue University
摘要：The real exchange rate is driven by fluctuations of the relative price of traded goods and the relative price of nontraded to traded goods. This study explains the variance decomposition of the real exchange rate using a stochastic dynamic general equilibrium model of comparative advantage with money. Given interest rate shocks, exchange rate stability reduces the covariance between the two relative prices and raises the contribution of the relative price of nontraded to traded goods. Producti...
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作者：Antunes, Antonio; Cavalcanti, Tiago; Villamil, Anne
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Banco de Portugal; University of Cambridge
摘要：A general equilibrium model with heterogeneous agents (with respect to wealth and ability) shows that differences across countries in intermediation costs and enforcement generate differences in occupational choice., firm size, credit, output and income inequality. Counterfactual experiments are performed for Latin American, European, transition and high growth Asian countries, with empirical estimates of each country's financial frictions and United States values for all other parameters. The...
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作者：Bullard, James; Singh, Aarti
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of Sydney
摘要：We Study the interaction of multiple large economies in dynamic stochastic general equilibrium. Each economy has a monetary policy maker that attempts to control the economy through the use of a linear nominal interest rate feedback rule. The main results show how the determinacy of worldwide equilibrium depends on the joint behavior of policyrnakers worldwide. The results also show how indeterminacy exposes all economies to endogenous volatility, even ones where monetary policy may be judged ...
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作者：Molodtsova, Tanya; Nikolsko-Rzhevskyy, Alex; Papell, David H.
作者单位：University of Houston System; University of Houston; Emory University; University of Memphis
摘要：Using real-time data that reflects information available to monetary authorities at the time they are formulating policy, we find that estimated Taylor rules based on revised and real-time data differ more for Germany than for the U.S., Taylor rules using real-time data suggest differences between U.S. and German monetary policies, and Taylor rules for the U.S. using inflation forecasts are nearly identical to those using lagged inflation rates. Evidence of out-of-sample predictability for the...
