-
作者：Veracierto, Marcelo
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：In this paper I evaluate to what extent a real business cycle (RBC) model that incorporates search and home production decisions can simultaneously account for the observed behavior of employment, unemployment and out-of-the-labor-force. This contrasts with the previous RBC literature, which analyzed employment or hours fluctuations either by lumping together unemployment and out-of-the-labor-force into a single non-employment state or by assuming a fixed labor force. Once the three employment...
-
作者：John, A. Andrew; Wolman, Alexander L.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：State-dependent pricing models are now an operational framework for quantitative business cycle analysis. The analysis in Ball and Romer [1991. Sticky prices as coordination failure. American Economic Review 81 (3), 539-552], however, suggests that such models may be rife with multiple equilibria, for in their static model, price adjustment is always characterized by complementarity, a necessary condition for multiplicity. We study existence and uniqueness of steady-state equilibrium in a disc...
-
作者：Albanesi, Stefania
作者单位：National Bureau of Economic Research; Columbia University; Center for Economic & Policy Research (CEPR)
-
作者：Berentsen, Aleksander; Monnet, Cyril
作者单位：University of Basel; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：Channel systems for conducting monetary policy are becoming increasingly popular. Despite its popularity, the consequences of implementing policy with a channel system are not well understood. We develop a general equilibrium framework of a channel system and study the optimal policy. A novel aspect of the channel system is that a central bank can tighten or loosen its policy without changing its policy rate. This policy instrument has so far been overlooked by a large body of the literature o...
-
作者：Cordoba, Juan Carlos; Ripoll, Marla
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Rice University
摘要：Using a class of endogenous growth models that exhibit international spillovers, we show that most of the cross-country differences in output per worker are explained by barriers to the accumulation of rival factors (physical and human capital) rather than by barriers to the accumulation of knowledge. This is shown theoretically, by comparing models with exogenous and endogenous TFP, and quantitatively by using a carefully calibrated version of the model, The main finding is that barriers to t...
-
作者：Abraham, Arpad
作者单位：University of Rochester
-
作者：Nimark, Kristoffer
作者单位：Reserve Bank of Australia
摘要：Introducing private information into the dynamic pricing decision of firms by adding an idiosyncratic component to marginal cost can help explain two stylised facts about price changes: Aggregate inflation responds gradually and with inertia to shocks at the same time as individual price changes can be large. The inertial behaviour of inflation is driven by privately informed firms strategically 'herding' on the public information contained in the observations of lagged aggregate variables. Th...
-
作者：Azzimonti, Marina
作者单位：University of Texas System; University of Texas Austin
-
作者：Galenianos, Manolis; Kircher, Philipp
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Pennsylvania
摘要：We develop a model of decentralized monetary exchange to examine the distributional effects of inflation across heterogeneous agents. The agents have private information about their productivity, preferences, or money holdings. Matching is multilateral and each seller is visited by a stochastic number of buyers. The good is allocated according to a second-price auction in money. In equilibrium, homogeneous buyers hold different amounts of money leading to price dispersion. We find the closed-f...
-
作者：Mendoza, Enrique G.; Ostry, Jonathan D.
作者单位：University System of Maryland; University of Maryland College Park; National Bureau of Economic Research; International Monetary Fund
摘要：We conduct a cross-country empirical analysis of fiscal solvency based on dynamic stochastic general equilibrium conditions. The results show evidence of fiscal solvency, in the form of a robust positive conditional response of the primary balance to changes in public debt, in panels for emerging and industrial economies and in a combined panel. Emerging economies show a stronger response and hence converge to lower mean debt-output ratios, as observed in the data. The results are weaker for c...
