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作者：[Anonymous]
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作者：Chakraborty, Avik; Evans, George W.
作者单位：University of Oregon; University of Tennessee System; University of Tennessee Knoxville
摘要：Under rational expectations and risk neutrality the linear projection of exchange-rate change on the forward premium has a unit coefficient. However, empirical estimates of this coefficient are significantly less than one and often negative. We show that replacing rational expectations by discounted least-squares (or perpetual) learning generates a negative bias that becomes strongest when the fundamentals are strongly persistent, i.e. close to a random walk. Perpetual learning can explain the...
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作者：Adam, Klaus; Billi, Roberto M.
作者单位：University of Mannheim; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve Bank - Kansas City
摘要：Does an inflation conservative central bank a la Rogoff (1985) remain desirable in a setting with endogenous fiscal policy? To provide an answer we study monetary and fiscal Policy games Without commitment in a dynamic, stochastic sticky-price economy with monopolistic distortions. Monetary policy determines nominal interest Fates and fiscal policy provides public goods generating private utility. We find that lack of fiscal commitment gives rise to excessive Public spending. The optimal infla...
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作者：Christoffel, Kai; Kuester, Keith
作者单位：European Central Bank; European Central Bank
摘要：Higher wages all else equal translate into higher inflation. More rigid wages imply a weaker response of inflation to shocks. This view of the wage channel is deeply entrenched in central banks' views and models of their economies. In this paper, we present a model with equilibrium unemployment which has three distinctive Properties. First, using a search and matching model with right-to-manage wage bargaining a proper wage channel obtains. Second, accounting for fixed costs associated with ma...
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作者：Krause, Michael U.; Lopez-Salido, David; Lubik, Thomas A.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; Deutsche Bundesbank; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：The New Keynesian Phillips curve explains inflation dynamics as being driven by current and expected future real marginal costs. In competitive labor markets, the labor share can serve as a proxy for the latter. In this paper, we study the role of real marginal cost components implied by search frictions in the labor market. We construct a measure of real marginal costs by using newly available labor market data on worker finding rates. Over the business cycle, the measure is highly correlated...
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作者：Lustig, Hanno; Sleet, Christopher; Yeltekin, Sevin
作者单位：Carnegie Mellon University; University of California System; University of California Los Angeles
摘要：We analyze optimal fiscal and monetary policy in an economy with distortionary labor incorne taxes, nominal rigidities, nominal debt of various maturities and short-selling constraints. Optimal policy prescribes the almost exclusive use of long term debt. Such debt mitigates the distortions associated with hedging fiscal shocks by allowing the government to allocate them efficiently across states and periods. (c) 2008 Elsevier B.V. All rights reserved.
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作者：Backus, David; Henriksen, Espen; Storesletten, Kjetil
作者单位：New York University; National Bureau of Economic Research; University of Oslo
摘要：Despite enormous growth in international capital flows, capital-output ratios continue to exhibit substantial heterogeneity across countries. We explore the possibility that taxes, particularly corporate taxes, are a significant source of this heterogeneity. The evidence is mixed. Tax rates computed from tax revenue are inversely correlated with capital-output ratios, as we might expect. However, effective tax rates constructed from official tax rates show little relation to capital-or to reve...
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作者：Casares, Miguel
作者单位：Universidad Publica de Navarra
摘要：The implications of search frictions on the inflation dynamics are shown here for the case with wage adjustments typically belonging to the New Keynesian model, not to the Mortensen-Pissarides framework. In that model variant, I identify the role of search frictions by an additional term entering the slope coefficient of the inflation equation. After a numerical exercise, I find results that are in line with those obtained by Krause et al. [2008. Inflation dynamics with search frictions: a str...
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作者：Hassler, John; Krusell, Per; Storesletten, Kjetil; Zilibotti, Fabrizio
作者单位：Stockholm University; Princeton University; National Bureau of Economic Research; University of Oslo; University of Zurich
摘要：For many kinds of capital, depreciation rates change systematically with the age of the capital. Consider an example that captures essential aspects of human capital, both regarding its accumulation and its depreciation: a worker obtains knowledge in period 0, then uses this knowledge in production in periods I and 2, and thereafter retires. Here, depreciation accelerates: it occurs at a 100% rate after period 2, and at a lower (perhaps zero) rate before that. The present paper analyzes the im...
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作者：Grochulski, Borys
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
