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作者：Hafer, R. W.; Haslag, Joseph H.; Jones, Garett
作者单位：University of Missouri System; University of Missouri Columbia; Southern Illinois University System; Southern Illinois University Edwardsville
摘要：There is an emerging consensus that money can be largely ignored in making monetary policy decisions. Rudebusch and Svensson [1999, Policy Rules and Inflation Targeting. In Taylor, J.B. (Ed.), Monetary Policy Rules. University of Chicago Press, Chicago, 203-246; 2002, Eurosystem Monetary Targeting: Lessons from US Data. European Economic Review 46, 417-442] provide some empirical support for this view. We reconsider the role of money and find that money is not redundant. More specifically, the...
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作者：Laitner, John
作者单位：University of Michigan System; University of Michigan
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作者：Wolff, Edward N.
作者单位：New York University
摘要：The paper compares the well-being of the baby boom generation (ages 40-55) in 2001 with the same age group in 1983. I find little evidence that their relative position deteriorated over the period. By some indicators, this generation has seen an improvement. In terms of income, the 40-55 age group was at about the same relative position in 2001 as in 1983. In terms of conventional wealth, there was some slippage over the period. In terms of mean augmented wealth (net worth plus pension and Soc...
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作者：Midrigan, Virgiliu
作者单位：New York University
摘要：Menu-cost models predict a hump-shaped relationship between real and nominal exchange rate volatility. The hump occurs at higher values of nominal exchange rate volatility, the higher trade costs and lower international substitution elasticities are. These predictions accord well with the negative relationship between relative price and nominal exchange rate volatility I document using a data set of prices collected in Eastern Europe in a volatile environment. In contrast, trade costs must be ...
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作者：Roush, Jennifer E.
作者单位：Federal Reserve System - USA
摘要：In practice, the expectations theory of the term structure is employed extensively in monetary policy analysis despite its empirical failure. This paper performs a conditional test of the theory that is directly relevant to monetary theory and policy. It finds that the theory holds quite well conditional on identified monetary policy shocks, but fails conditional on aggregate supply shocks that prompt an immediate jump in prices. It also finds that policy responses to movements in the term str...
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作者：Sveen, Tommy; Weinke, Lutz
作者单位：Norges Bank; Duke University
摘要：Smoothness in aggregate capital accumulation is a necessary condition for New-Keynesian (NK) models to imply a quantitatively relevant monetary transmission mechanism (see, e.g., [Woodford, 2005. Firm-specific capital and the new Keynesian Phillips curve. International Journal of Central Banking 2, 1-46]). Can that aggregate smoothness be entertained in the context of an NK model featuring lumpy plant-level investment? Our answer is yes. Imperfect competition in goods markets and/or sticky pri...
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作者：Bullard, James
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：Comments on the paper by Orphanides and Williams from the November 2006 Carnegie-Rochester conference. (c) 2007 Elsevier B.V. All rights reserved.
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作者：Monnet, Cyril; Quintin, Erwan
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：We describe a dynamic model of financial intermediation in which fundamental characteristics of the economy imply a unique equilibrium path of bank and financial market lending. Yet we also show that economies whose fundamental characteristics have converged may continue to have very different financial structures. Because setting up financial markets is costly in our model, economies that emphasize bank lending are more likely to continue doing so in the future, all else equal. (C) 2006 Elsev...
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作者：Kawamura, Enrique
摘要：This paper presents a small-open-economy, two-good version of the Diamond and Dybvig model with cash constraints to analyze the implications on banking of different exchange rate regimes and monetary policies. I show that fixed exchange rates with a Central Bank providing liquidity in local currency imply Pareto efficiency, with conditions for a run equilibrium stronger than in the literature. In a flexible exchange rate regime, multiple equilibria may not be eliminated. In particular, for ver...
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作者：Davis, Morris A.; Heathcote, Jonathan
作者单位：University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve System Board of Governors; Georgetown University; Center for Economic & Policy Research (CEPR)
摘要：One can conceptualize a house as a bundle comprising a reproducible tangible structure and a nonreproducible plot of land. When the value of a home is decomposed this way, land capitalizes the market value of a home's location. We develop a formal relationship between the dynamics of house prices, structures costs and land prices, and thereby construct the first constant-quality price and quantity indexes for the aggregate stock of residential land in the United States. In a range of applicati...
