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作者：Restuccia, Diego; Yang, Dennis Tao; Zhua, Xiaodong
作者单位：University of Toronto; Virginia Polytechnic Institute & State University; Chinese University of Hong Kong
摘要：A decomposition of aggregate labor productivity based on internationally comparable data reveals that a high share of employment and low labor productivity in agriculture are mainly responsible for low aggregate productivity in poor countries. Using a two-sector general-equilibrium model, we show that differences in economy-wide productivity, barriers to modern intermediate inputs in agriculture, and barriers in the labor market generate large cross-country differences in the share of employme...
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作者：Nimark, Kristoffer
作者单位：Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University
摘要：Monetary policy is conducted in an environment Of uncertainty. This paper presents a model where the central bank uses real time data from the bond market together with standard macroeconomic indicators to infer the current state of the economy more efficiently, while taking into account that its own actions influence the bond market and therefore what it observes. That the central bank uses the information in the term structure to set policy creates a link between the bond market and the macr...
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作者：Knotek, Edward S., II
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City
摘要：Certain items' prices are often set to simplify and expedite transactions, by coinciding with available monetary units, requiring few pieces of money, or requiring little change. In this sense, these prices are more convenient than other proximate prices. This paper models a firm that explicitly incorporates convenience into its pricing decisions-where convenience is quantified by the number of currency units in a transaction-and illustrates the theoretical behaviors that can arise. Newspaper ...
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作者：Damjanovic, Tatiana; Damjanovic, Vladislav; Nolan, Charles
作者单位：University of St Andrews
摘要：We develop a simple and intuitive approach for analytically deriving unconditionally optimal (UO) policies, a topic of enduring interest in optimal monetary policy analysis. The approach can be employed in both general linear-quadratic problems and in the underlying non-linear environments. A detailed example is provided using a canonical New Keynesian framework. (C) 2008 Elsevier B.V. All rights reserved.
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作者：Mills, David C., Jr.; Nesmith, Travis D.
作者单位：Federal Reserve System - USA
摘要：What drives the intraday patterns of settlement in payment and securities settlement systems? Using a model of the strategic interaction of participants in these systems to capture some stylized facts about the Federal Reserve's Fedwire funds and securities systems, this paper identifies three factors that influence a participant's decision on when to send transactions intraday: cost of intraday liquidity, extent of settlement risk, and system design. With these factors, the model can make pre...
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作者：Levy, Amnon; Hennessy, Christopher
作者单位：University of California System; University of California Berkeley
摘要：We develop a computable general equilibrium model explaining financing over the business cycle. To avert agency conflicts, managers must hold a high percentage of their firm's equity. During contractions, firms substitute debt for equity in order to maintain managerial equity shares. During expansions, risk-sharing improves, with increases in managerial wealth facilitating substitution of equity for debt. In calibrated simulations, (counter) cyclical variation in leverage is only exhibited by ...
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作者：Reynard, Samuel
作者单位：Swiss National Bank (SNB)
摘要：This paper presents a systematic empirical relationship between money and subsequent prices and output, using US, euro area and Swiss data since the 1960-1970s. Monetary developments, unlike interest rate stance measures, are shown to provide qualitative and quantitative information on subsequent inflation. The usefulness of monetary analysis is contrasted to weaknesses in modeling monetary policy and inflation with respectively short-term interest rates and real activity measures. The analysi...
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作者：Hong, Jay H.; Rios-Rull, Jose-Victor
作者单位：University of Pennsylvania; University of Rochester
摘要：In this paper we ask whether an aspect of social security, namely its role as a provider of insurance against uncertain life spans, is welfare enhancing. To this end we use an OLG model where agents have a bequest motive and differ in sex and marital status and where families are formed and destroyed and their characteristics evolve (exogenously) according to U.S. demographic patterns of marriage, divorce, fertility and mortality. We compare the implications of social security under a variety ...
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作者：Devereux, Michael B.; Engel, Charles
作者单位：University of British Columbia; University of Wisconsin System; University of Wisconsin Madison
摘要：This paper develops a view of exchange rate policy as a trade-off between the desire to smooth fluctuations in real exchange rates so as to reduce distortions in consumption allocations, and the need to allow flexibility in the nominal exchange rate so as to facilitate terms of trade adjustment. We show that optimal nominal exchange rate volatility will reflect these competing objectives. The key determinants of how much the exchange rate should respond to shocks will depend on the extent and ...
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作者：Tetlow, Robert J.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This is a discussion of the paper Simple versus Optimal Rules as Guides to Policy by Brock, Durlauf, Nason and Rondina (BDNR) presented in November 2006 at Carnegie-Mellon University under the auspices of the Carnegie-Rochester Conference Series on Public Policy. I review the authors' arguments, present a few suggestions for extension and outline where I think at least one strand of the literature should be heading. Published by Elsevier B.V.
