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作者：Jacobs, Kris
作者单位：McGill University
摘要：We use panel data to estimate nonlinear Euler equations for preferences that are nonseparable in consumption and leisure. This approach departs from existing panel data studies that investigate linearizations and/or separable preferences. Intuitively plausible estimates are obtained only when excluding nonassetholders from the sample, which indicates the importance of asset market participation. For market participants, estimated parameter values are intuitively appealing, but differ from exis...
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作者：Eisfeldt, Andrea L.
作者单位：Northwestern University
摘要：A quantitative examination of the demand for liquid assets arising from consumption smoothing motives reveals that such demand is very low. Consumers faced with income streams calibrated to match income and unemployment data and returns and transactions costs calibrated to match US Treasury Bill data almost exclusively buy and hold illiquid long term assets even though the return premium on long term assets is quite small. This is because, with standard preferences, savings are highly persiste...
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作者：Wolman, Alexander L.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
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作者：Erosa, Andres; Koreshkova, Tatyana
作者单位：University of Toronto; University System of Ohio; Oberlin College; University of Toronto; Concordia University - Canada
摘要：We develop a quantitative theory of economic inequality to investigate the effects of replacing the current U.S. progressive income tax system with a proportional one. The cross-sectional implications of the theory are used to discipline the assessment of the effects of tax policy and circumvent the lack of conclusive micro-evidence on the parameterization of the human capital production technology. We find that the elimination of progressive taxation increases steady state level of output by ...
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作者：Kennickell, Arthur B.
作者单位：Federal Reserve System - USA
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作者：Krueger, Dirk; Ludwig, Alexander
作者单位：University of Mannheim; Center for Economic & Policy Research (CEPR); University of Pennsylvania; National Bureau of Economic Research
摘要：This paper employs a multi-country large-scale Overlapping Generations model with uninsurable labor productivity and mortality risk to quantify the impact of the demographic transition towards an older population in industrialized countries on world-wide rates of return, international capital flows and the distribution of wealth and welfare in the OECD. We find that for the U.S. as an open economy, rates of return are predicted to decline by 86 basis points between 2005 and 2080 and wages incr...
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作者：Edge, Rochelle M.; Rudd, Jeremy B.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：A nominal tax system is added to a sticky-price monetary business cycle model. When nominal interest income is taxed, the coefficient on inflation in a Taylor-type monetary policy rule must be significantly larger than one in order for the model economy to have a determinate rational-expectations equilibrium. When effective tax rates are raised by inflation, the stability of the economy's equilibrium can be adversely affected. Finally, when depreciation is treated as a charge against taxable i...
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作者：Sun, Hongfel
作者单位：University of Toronto
摘要：This paper addresses the problem of monitoring the monitor in a model of money and banking with private information and aggregate uncertainty. There is no need to monitor a bank if it requires loans to be repaid partly with money. A market arises at the repayment stage and generates information-revealing prices that perfectly discipline the bank. This mechanism also applies when there exist multiple banks. With multiple banks, competition of private monies improves welfare. A prohibition on pr...
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作者：Oulton, Nicholas
作者单位：University of London; London School Economics & Political Science
摘要：Greenwood et at. [1997. Long-run implications of investment- specific technological change. American Economic Review 87(3), 342-362; and 2000. The role of investment-specific technological change in the business cycle. European Economic Review 44, 91-115] and Hercowitz [1998. The 'embodiment' controversy: a review essay. Journal of Monetary Economics 41, 217-224] have claimed that the Jorgenson form of growth accounting is conceptually flawed and severely understates the importance of technolo...
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作者：Chari, V. V.; Kehoe, Patrick J.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research
摘要：The desirability of fiscal constraints in monetary unions depends critically on whether the monetary authority can commit to following its policies. If it can commit, then debt constraints can only impose costs. If it cannot commit, then fiscal policy has a free-rider problem, and debt constraints may be desirable. This type of free-rider problem is new and arises only because of a time inconsistency problem. (c) 2007 Elsevier B.V. All rights reserved.
