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作者：Liu, Zheng; Phaneuf, Louis
作者单位：Emory University; University of Quebec; University of Quebec Montreal
摘要：A positive technology shock may lead to a rise or a fall in per capita hours, depending on how hours enter the empirical VAR model. We provide evidence that, independent of how hours enter the VAR, a positive technology shock leads to a weak response in nominal wage inflation, a modest decline in price inflation, and a modest rise in the real wage in the short-run and a permanent rise in the long-run. We then examine the ability of several competing theories to account for this VAR evidence. O...
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作者：Cooper, Russell; Haltiwanger, John; Willis, Jonathan L.
作者单位：University of Texas System; University of Texas Austin; National Bureau of Economic Research; University System of Maryland; University of Maryland College Park; National Bureau of Economic Research; Federal Reserve System - USA
摘要：We estimate a search model to match hours, employment, vacancies and unemployment at the micro- and macrolevels. We establish a set of facts concerning the variability of unemployment and vacancies in the aggregate and the distribution of net employment growth and the comovement of hours and employment growth at the establishment level. A search model with non-convex costs of posting vacancies, establishment-level profitability shocks and a contracting framework to set hours provides a structu...
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作者：Eisfeldt, Andrea L.; Rampini, Adriano A.
作者单位：Northwestern University; Duke University
摘要：Used capital is cheap up front but requires higher maintenance payments later on. We argue that the timing of these investment cash outflows makes used capital attractive to financially constrained firms, since it is cheap when evaluated using their discount factor. In contrast, it may be expensive from the vantage point of an unconstrained agent. We provide an overlapping generations model and determine the price of used capital in equilibrium. Agents with less internal funds are more credit ...
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作者：Goodfriend, Marvin; McCallum, Bennett T.
作者单位：Carnegie Mellon University
摘要：The paper reconsiders the role of money and banking in monetary policy analysis by including a banking sector and money in an optimizing model otherwise of a standard type. The model is implemented quantitatively, with a calibration based on US data. It is reasonably successful in providing an endogenous explanation for substantial steady-state differentials between the interbank policy rate and (i) the collateralized loan rate, (ii) the uncollateralized loan rate, (iii) the T-bill rate, (iv) ...
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作者：Gorodnichenko, Yuriy; Shapiro, Matthew D.
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research
摘要：The Fed kept interest rates low and essentially unchanged during the late 1990s despite a booming economy and record-low unemployment. These interest rates were accommodative by historical standards. Nonetheless, inflation remained low. How did the Fed succeed in sustaining rapid economic growth without fueling inflation and inflationary expectations? In retrospect, it is evident that the productive capacity of the economy increased. Yet as events unfolded, there was uncertainty about the expa...
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作者：King, Thomas B.; Morley, James
作者单位：Washington University (WUSTL)
摘要：The natural rate of unemployment can be measured as the time-varying steady state of a structural vector autoregression. For post-War US data, the natural rate implied by this approach is more volatile than most previous estimates, with its movements accounting for the bulk of the variation in the unemployment rate, as well as substantial portions of the variation in aggregate output and inflation. These movements, in turn, can be related to variables associated with labor-market search theory...
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作者：Bloom, David E.; Canning, David; Mansfield, Richard K.; Moore, Michael
作者单位：Harvard University; Harvard T.H. Chan School of Public Health; Yale University; Queens University Belfast
摘要：In theory, improvements in healthy life expectancy should generate increases in the average age of retirement, with little effect on savings rates. In many countries, however, retirement incentives in social security programs prevent retirement ages from keeping pace with changes in life expectancy, leading to an increased need for life-cycle savings. Analyzing a cross-country panel of macroeconomic data, we find that increased longevity raises aggregate savings rates in countries with univers...
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作者：Chang, Roberto
作者单位：Rutgers University System; Rutgers University New Brunswick; National Bureau of Economic Research
摘要：The simultaneous determination of financial default and political crises is studied in an open economy model. Political crises accompany default in equilibrium because of an information transmission conflict between the government and the public. Multiple equilibria are possible: if foreign lenders are pessimistic about the country's stability, they demand a high interest on the debt, exacerbating distortions and possibly leading to political crisis; but if lenders are optimistic, the cost of ...
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作者：Ashcraft, Adam B.; Campello, Murillo
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; University of Illinois System; University of Illinois Urbana-Champaign; National Bureau of Economic Research
摘要：The functioning of internal capital markets in financial conglomerates facilitates a novel identification strategy of the balance sheet channel of monetary policy. We look at small subsidiary banks that are affiliated with the same holding company but operate in different geographical areas. These banks face the same marginal cost of funds due to internal capital markets, but face different borrowers as they concentrate their lending with small local businesses. Exploring cross-sectional varia...
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作者：West, Kenneth D.
作者单位：University of Wisconsin System; University of Wisconsin Madison
