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作者：Brock, William A.; Durlauf, Steven N.; Nason, James M.; Rondina, Giacomo
作者单位：University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; University of California System; University of California San Diego
摘要：This paper compares the performance of different policy rules. Our comparisons focus on simple feedback rules versus rules which are optimal, given knowledge of the correct economic structure and the appropriate loss function for the policymaker. First, we compare rule performance when the correct model is not known. Second, we compare rule performance with respect to the frequency-specific behavior for variables of interest. Taken as a whole, our results indicate how the case for a model-spec...
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作者：Campbell, John Y.; Nosbusch, Yves
作者单位：Harvard University; University of London; London School Economics & Political Science
摘要：In the presence of overlapping generations, a social security system, with contingent taxes and benefits, can affect both asset prices and intergenerational risksharing. In a simple model with two risky factors of production-human capital, owned by the young, and physical capital, owned by all older generations-asocial security system that optimally shares risks exposes future generations to a share of the risk in physical capital. Such a system reduces precautionary saving and increases the r...
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作者：Levin, Andrew; Yun, Tack
摘要：This paper formulates a stylized New Keynesian model in which each individual firm can select the frequency of its price adjustments. The endogeneity of contract duration has a dramatic impact on the magnitude of the aggregate effects of steady-state inflation. With a plausible calibration of the magnitude of menu costs and other structural parameters, this model predicts a relationship between steady-state inflation and the frequency of price adjustment that is reasonably close to the empiric...
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作者：Lippi, Francesco; Neri, Stefano
摘要：A small scale new keynesian model for the euro area is estimated with maximum likelihood under the assumptions of imperfect information and discretionary monetary policy. The estimated parametrization of this widely used dynamic stochastic model unveils the monetary authorities' objectives and the information content of two indicator variables: monetary aggregates and real unit labour costs. The results highlight a significant policy concern about interest-rate smoothing and inflation; almost ...
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作者：Aruoba, S. Boragan; Rocheteau, Guillaume; Waller, Christopher
作者单位：University of Notre Dame; Federal Reserve System - USA; Federal Reserve Bank - Cleveland; University System of Maryland; University of Maryland College Park
摘要：Search models of monetary exchange have typically relied on Nash [1950. The bargaining problem. Econometrica 18, 155-162] bargaining, or strategic games that yield an equivalent outcome, to determine the terms of trade. By considering alternative axiomatic bargaining solutions in a search model with divisible money, we show that the properties of the bargaining solutions do matter both qualitatively and quantitatively for questions of first-degree importance in monetary economics such as: (i) ...
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作者：Gahvari, Firouz
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：In overlapping generations models, money growth creates intergenerational wealth effects and leads to the breakdown of the Friedman rule; the rule can be restored via lump-sum tax and transfers that neutralize these wealth transfers. Additionally, and in contrast to money-in-the-utility-function models, the Friedman rule is not the unique first-best solution in cash-in-advance-constraint models of money: a continuum of combinations of money growth rates and consumption taxes implement the firs...
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作者：Alvarez, Fernando; Lucas, Robert E., Jr.
作者单位：University of Chicago; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research
摘要：We study a variation of the Eaton-Kortum model, a competitive, constant-returns-to-scale multicountry Ricardian model of trade. We establish existence and uniqueness of an equilibrium with balanced trade where each country imposes an import tariff. We analyze the determinants of the cross-country distribution of trade volumes, such as size, tariffs and distance, and compare a calibrated version of the model with data for the largest 60 economies. We use the calibrated model to estimate the gai...
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作者：Klenow, Peter J.; Willis, Jonathan L.
作者单位：Federal Reserve System - USA; National Bureau of Economic Research; Stanford University
摘要：In the U.S. and Europe, prices change at least once a year. Yet nominal macro shocks seem to have real effects lasting well beyond a year. Sticky information models, as posited by Mankiw and Reis [2002. Sticky information versus sticky prices: a proposal to replace the new Keynesian Phillips curve. Quarterly Journal of Economics 117, 1295-1328], Sims [2003. Implications of rational inattention. Journal of Monetary Economics 50(3), 665-690], and Woodford [2003. Princeton University Press: Princ...
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作者：Duffy, John; Xiao, Wei
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Louisiana System; University of New Orleans
摘要：We provide conditions under which a general, reduced-form class of real business cycle (RBC) models has rational expectations equilibria that are both indeterminate and stable under adaptive learning. Indeterminacy of equilibrium allows for the possibility that non-fundamental sunspot variable realizations can be used to drive the model, and several researchers have offered calibrated structural models where sunspot shocks play such a role. However, we show that the structural restrictions res...
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作者：Minetti, Raoul
作者单位：Michigan State University
摘要：We construct an economy where a two way interaction between bank capital and project quality propagates negative shocks to technology or regulation. By shrinking the available liquidity and the scale of their activity, a contraction in bank loans discourages entrepreneurs from sustaining the setup effort of high quality projects, inducing them to shift to low quality ones. The deterioration in project quality erodes the value of bank assets and, hence, banks' capitalization and loanable funds....
