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作者：Smetters, Kent
作者单位：National Bureau of Economic Research
摘要：The U.S. Social Security trust fund currently invests in government bonds. Investing some of it instead in equities while continuing to pay Social Security benefits under existing rules would alter - potentially improve - the sharing of financial risks across non-trading generations. This paper shows that the same risk sharing can be achieved without direct government ownership of equities if instead the government places a linear and symmetric tax on risky private capital returns. This equiva...
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作者：Vestin, David
作者单位：European Central Bank
摘要：This paper shows that price-level targeting outperforms inflation targeting in the standard New-Keynesian model, under the assumption that the central bank is forced to operate in an environment characterized by discretion. In the benchmark case, with no persistence in the shocks, the commitment solution can be fully replicated. Intuitively, price-level targeting introduces history dependence and a stationary level of prices, both of which are prominent features of the commitment solution. (c)...
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作者：Mankiw, N. Gregory; Swagel, Phillip
作者单位：Harvard University; American Enterprise Institute for Public Policy Research
摘要：This paper reviews the political uproar over offshore outsourcing connected with the release of the Economic Report of the President (ERP) in February 2004, examines the differing ways in which economists and non-economists talk about offshore outsourcing, and assesses the empirical evidence on the importance of offshore outsourcing in accounting for the weak labor market from 2001 to 2004. Even with important gaps in the data, the empirical literature is able to conclude that offshore outsour...
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作者：Kurozumi, Takushi
作者单位：Bank of Japan
摘要：Recent studies show that the Taylor rule possesses desirable properties in terms of generating determinacy and E-stability of rational expectations equilibria under sticky prices. This paper examines whether this policy rule retains these properties within a discrete-time money-in-utility-function model, employing three timings of money balances Of the utility function that the existing literature contains: end-of-period timing and two types of cash-in-advance timing. This paper shows: (i) eve...
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作者：Kimbrough, Kent P.
作者单位：Duke University
摘要：A classic monetary policy result is that revenue maximization entails setting the inflation tax rate equal to the inverse of the interest semi-elasticity of the demand for money. The standard approach underlying Cagan's rule is partial equilibrium in nature, treating money demand as being given from outside the model and abstracting from the real effects of inflation. This paper reconsiders the question of the revenue maximizing inflation rate in a general equilibrium framework with a laborlei...
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作者：Li, Yiting
作者单位：National Taiwan University
摘要：We study competition between inside and outside money in economies with trading frictions and financial intermediation. Claims on banks circulate if the redemption rate is low. When the quantity of fiat money is scarce, coexistence of inside and outside money dominates equilibria with a unique medium of exchange. If outside money is ample, banks choose to redeem claims in outside money, which increases welfare. Under binding reserve requirements, tightening monetary policy leads to credit rati...
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作者：Rappaport, Jordan
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City
摘要：A simple augmentation of the Ramsey-Cass-Koopmans growth model allows it to match observed transitions by initially poor economies. A high-convexity installation cost directly dampens investment demand for a first capital input. The resulting scarcity acts as a bottleneck, strongly dampening demand for investment in a complementary capital input as well. The match to observed transitions holds both for narrow and broad interpretations of capital. In either case, the bottleneck capital's share ...
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作者：Eisfeldt, Andrea L.; Rampini, Adriano A.
作者单位：Northwestern University
摘要：This paper shows that the amount of capital reallocation between firms is procyclical. In contrast, the benefits to capital reallocation appear countercyclical. We measure the amount of reallocation using data on flows of capital across firms and the benefits to capital reallocation using several measures of the cross-sectional dispersion of the productivity of capital. We then study a calibrated model economy where capital reallocation is costly and impute the cost of reallocation. We find th...
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作者：Lusardi, A
作者单位：Dartmouth College; National Bureau of Economic Research
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作者：Santos, T
作者单位：Columbia University; National Bureau of Economic Research
