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作者：Gollin, Douglas; Parente, Stephen L.; Rogerson, Richard
作者单位：Arizona State University; Arizona State University-Tempe; Williams College; University of Illinois System; University of Illinois Urbana-Champaign
摘要：In most poor countries, large fractions of land, labor, and other productive resources are devoted to producing food for subsistence needs. We show that a model incorporating the food problem can provide new and useful insights into the evolution of international income levels. In particular, we find that the food problem can explain why some countries started to realize increases in per capita output more than 250 years later in history than others. We also show that the food problem has impo...
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作者：Bridgman, Benjamin R.; Livshits, Igor D.; MacGee, James C.
作者单位：Western University (University of Western Ontario); Western University (University of Western Ontario)
摘要：The asymmetric ability of different interest groups to exclude non-members and the concentrated benefits and diffused costs of policies favoring vested interests matters for technology adoption. We analyze a political economy model where coalitions of workers in many small industries lobby government for a prohibition on the adoption of superior technologies. For reasonable parameter values, the smallness of industry lobbies leads to barriers to the adoption of technologies that would make all...
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作者：Gomme, Paul; Rupert, Peter
作者单位：Concordia University - Canada; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：Calibration has become a standard tool of macroeconomics. This paper extends and refines the calibration methodology along several important dimensions. First, accounting for home production is important both in measuring calibration targets and in organizing the data in a model-consistent fashion. For this reason, thinking about home production is important even if the model under consideration does not include home production. Second, investment-specific technological change is included beca...
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作者：Coenen, Guenter; Levin, Andrew T.; Christoffel, Kai
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; European Central Bank
摘要：We formulate a generalized price-setting framework that incorporates staggered contracts of multiple durations and that enables us to directly identify the influences of nominal vs. real rigidities. We estimate this framework using macroeconomic data for Germany (1975-1998) and for the U.S. (1983-2003). In each case, we find that the data are well-characterized by nominal contracts with an average duration of about two to three quarters. We also find that new contracts exhibit very low sensiti...
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作者：Guimaraes, Bernardo; Morris, Stephen
作者单位：Princeton University; University of London; London School Economics & Political Science
摘要：Market participants' risk attitudes, wealth and portfolio composition influence their positions in a pegged foreign currency and, therefore, may have important effects on the sustainability of currency pegs. This paper analyzes such effects in a global game model of currency crises with continuous action choices, generating a rich set of theoretical comparative static predictions related to often discussed but rarely modelled accounts of currency attacks. The model can be solved in closed form...
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作者：Mackowiak, Bartosz
作者单位：European Central Bank
摘要：Estimated structural VARs show that external shocks are an important source of macroeconomic fluctuations in emerging markets. Furthermore, U.S. monetary policy shocks affect interest rates and the exchange rate in a typical emerging market quickly and strongly. The price level and real output in a typical emerging market respond to U.S. monetary policy shocks by more than the price level and real output in the U.S. itself. These findings are consistent with the idea that when the U.S. sneezes...
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作者：Eichenbaum, Martin; Fisher, Jonas D. M.
作者单位：Northwestern University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：This paper assesses the empirical performance Calvo style models of price re-optimization. We first show that versions of these models in which firms update non-re-optimized prices to lagged inflation account well for the statistical behavior of post-war U.S. inflation rates. We then investigate whether these models imply plausible degrees of inertia in price setting behavior by firms. They do, but only if we depart from two standard auxiliary assumptions: monopolistically competitive firms fa...
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作者：Chugh, Sanjay K.
摘要：Ramsey models of fiscal and monetary policy featuring time-separable preferences and a fixed supply of capital predict highly volatile inflation with no serial correlation. In this paper, we show that an otherwise-standard Ramsey model that incorporates capital accumulation and habit persistence predicts highly persistent inflation. The result depends on increases in either the ability to smooth consumption or the preference for doing so. The effect operates through the Fisher relationship: a ...
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作者：Greenwood, Jeremy; Krusell, Per
作者单位：Princeton University; University of Pennsylvania; Stockholm University
摘要：Two approaches taken to the embodiment question are compared and discussed: quantitative theory and traditional growth accounting. The two approaches give very different estimates for the contribution of investment-specific technological advance to economic growth. Therefore, the approach taken matters. It is argued that the measures used in traditional growth accounting to gauge the importance of investment-specific technological progress have little economic content, unlike the measure obtai...
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作者：den Haan, Wouter J.; Sumner, Steven W.; Yamashiro, Guy M.
作者单位：Vrije Universiteit Amsterdam; University of Amsterdam; University of San Diego; California State University System; California State University Long Beach
摘要：We study the portfolio behavior of bank loans following a monetary tightening and find that real estate and consumer loans sharply decrease, while commercial and industrial (C&I) loans increase. These responses are compared with responses following non-monetary shocks, which also reduce output but keep interest rates roughly unchanged. During such a non-monetary downturn, C&I loans sharply decrease, while real estate and consumer loans show no substantial response. These responses, together wi...
