Journal of Monetary Economics

最新文章

• Monetary union, price level convergence, and inflation: How close is Europe to the USA? AI翻译
  作者：Rogers, John H.
  摘要：The pattern of price dispersion across European and US cities from 1990 to 2004 is documented. There is a striking decline in dispersion for traded goods prices in Europe, most of which took place prior to the launch of the euro. Dispersion in the euro area is now quite close to that of the USA. This evidence provides useful facts for future work assessing the importance of various developments in Europe: harmonization of tax rates, convergence of incomes and labor costs, liberalization of tra...
• Transfer problem dynamics: Macroeconomics of the Franco-Prussian war indemnity AI翻译
  作者：Devereux, Michael B.; Smith, Gregor W.
  作者单位：University of British Columbia; Queens University - Canada
  摘要：We study the classic,:transfer problem using the largest historical example, the Franco-Prussian War indemnity of 1871-1.873 which saw France transfer to Germany 25% of a year's GDP. A dynamic, two-country model allows for debt finance, supply-side effects, and controls for wartime spending. The model can, fit the historical paths of French net exports and the terms of trade. But explaining French output and consumption requires additional shocks. These results illustrate the usefulness of, th...
• Price stickiness in Ss models:: New interpretations of old results AI翻译
  作者：Caballero, Ricardo J.; Engel, Eduardo M. R. A.
  作者单位：National Bureau of Economic Research; Massachusetts Institute of Technology (MIT); Yale University
  摘要：What is the relation between infrequent price adjustment and the dynamic response of the aggregate price level to monetary shocks? The answer to this question ranges from a one-to-one link [Calvo, G., 1983. Prices in a utility maximizing framework. Journal of Monetary Economics 12, 383-398] to no connection whatsoever [Caplin, A., Spulber, D., 1987. Menu costs and the neutrality of money. Quarterly Journal of Economics 102, 703-726]. The purpose of this paper is to provide a unified framework ...
• Microeconomic adjustment and macroeconomic dynamics - Foreword AI翻译
  作者：King, Robert G.
• On optimal unemployment compensation AI翻译
  作者：Pavoni, Nicola
  作者单位：University of London; University College London
  摘要：The design of an optimal unemployment compensation scheme is analyzed, using a dynamic principal-agent relationship between a risk-neutral planner (the principal) and risk-averse workers (the agents), where the planner's inability to observe workers' job-search efforts creates a moral hazard problem. To design an implementable scheme, we require that each agent is guaranteed a minimum level of expected discounted utility, regardless of his past history. In contrast with previous studies, we fi...
• Incomplete markets, labor supply and capital accumulation AI翻译
  作者：Marcet, Albert; Obiols-Homs, Francesc; Weil, Philippe
  作者单位：Autonomous University of Barcelona; Pompeu Fabra University; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Universite Libre de Bruxelles
  摘要：Endogenous labor supply decisions are introduced in an equilibrium model of limited insurance against idiosyncratic shocks. Unlike in the standard case with exogenous labor (e.g. [Aiyagari, S.R., 1994. Uninsured idiosyncratic risk and aggregate saving. Quarterly Journal of Economics 109, 659-684; Huggett, M., 1997. The one-sector growth model with idiosyncratic shocks: steady states and dynamics. Journal of Monetary Economics 39, 385-403]), labor supply is likely to be lower than under complet...
• Comment on: Banking and interest rates in monetary policy analysis: A quantitative exploration AI翻译
  作者：Gilchrist, Simon
  作者单位：Boston University
• The high-frequency response of exchange rates and interest rates to macroeconomic announcements AI翻译
  作者：Faust, Jon; Rogers, John H.; Wang, Shing-Yi B.; Wright, Jonathan H.
  作者单位：Federal Reserve System - USA; Yale University; Federal Reserve System - USA
  摘要：The joint movements of exchange rates and U.S. and foreign term structures over short-time windows around macro announcements are studied using a 14-year span of high-frequency data. In order to evaluate whether the joint effects can be reconciled with conventional theory, the implications of these joint movements for changes in expected future exchange rates and changes in foreign exchange risk premia are deduced. For several real macro announcements, a stronger than expected release apprecia...
• Testing the cross-section implications of Friedman's permanent income hypothesis AI翻译
  作者：DeJuan, Joseph P.; Seater, John J.
  作者单位：University of Waterloo; North Carolina State University
  摘要：We use modern household data and econometric methods to conduct some of the original tests of the permanent income hypothesis (PIH) suggested and used by Friedman [1957. A Theory of the Consumption Function. Princeton University Press, Princeton]. The data and methods are superior to those available to Friedman, allowing us to refine Friedman's tests and perform tests he could not do. The results provide overall though not universal support for PIH. (c) 2006 Elsevier B.V. All rights reserved.
• The (ir)relevance of real wage rigidity in the New Keynesian model with search frictions AI翻译
  作者：Krause, Michael U.; Lubik, Thomas A.
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; Deutsche Bundesbank
  摘要：We develop a New Keynesian model with search and matching frictions in the labor market. We show that the model generates counterfactual labor market dynamics. In particular, it fails to generate the negative correlation between vacancies and unemployment in the data, i.e., the Beveridge curve. Introducing real wage rigidity leads to a negative correlation, and increases the magnitude of labor market flows to more realistic values. However, inflation dynamics are only weakly affected by real w...