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作者：Alvarez-Peláez, MJ; Díaz, A
作者单位：Universidad Carlos III de Madrid; University of Copenhagen
摘要：This paper investigates quantitatively how initial wealth holding differences across households are propagated through time in a one sector growth model economy. A key feature of the model is that household consumption cannot fall below a positive level each period. The existence of a minimum consumption requirement implies that the Intertemporal Elasticity of Substitution not only differs across households but also changes differently over time. This model is calibrated to March some key aggr...
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作者：Gilchrist, S; Himmelberg, CP; Huberman, G
作者单位：Boston University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - New York; Columbia University
摘要：Dispersion in investor beliefs and short-selling constraints can lead to stock market bubbles. This paper argues that firms, unlike investors, can exploit such bubbles by issuing new shares at inflated prices. This lowers the cost of capital and increases real investment. Perhaps surprisingly, large bubbles are not eliminated in equilibrium nor do large bubbles necessarily imply large distortions. Using the variance of analysts' earnings forecasts to proxy for the dispersion of investor belief...
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作者：Batini, N; Jackson, B; Nickell, S
作者单位：International Monetary Fund; Federal Reserve System - USA; Federal Reserve Bank - New York; University of London; London School Economics & Political Science; Bank of England
摘要：We estimate a pricing equation or new Keynesian Phillips curve (NKPC) obtained from a structural dynamic model of price setting based on Rotemberg [1982. Sticky prices in the United States. Journal of Political Economy 90(6), 1187-1211] and extended to capture employment adjustment costs and the openness of the United Kingdom. This model nests the baseline Gali and Gertler [1999. Inflation dynamics: a structural econometric analysis. Quarterly Journal of Economics 110, 127-159] and Sbordone [2...
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作者：Goodfriend, M; King, RG
作者单位：Boston University; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：The reduction in inflation that occurred in the early 1980s, when the Federal Reserve was headed by Paul Volcker, is arguably the most widely discussed and visible macroeconomic event of the last 50 years of U.S. history. Inflation had been dramatically rising, but under Volcker, the Fed first contained and then reversed this process. Using a simple modern macroeconomic model, we argue that the real effects of the Volcker disinflation were mainly due to its imperfect credibility. In our view, ...
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作者：Acemoglu, D
作者单位：Massachusetts Institute of Technology (MIT)
摘要：While much research in political economy points out the benefits of limited government, political scientists have long emphasized the problems created in many less-developed nations by weak states, which lack the power to tax and regulate the economy and to withstand the political and social challenges from non-state actors. I construct a model in which the state apparatus is controlled by a self-interested ruler, who tries to divert resources for his own consumption, but who can also invest i...
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作者：Rudd, J; Whelan, K
作者单位：European Central Bank; Central Bank of Ireland
摘要：Lagged dependent variables typically play an important role in empirical models of inflation. Do these lags reflect backward-looking inflation expectations, or do they proxy for rational forward-looking expectations, as in the new-Keynesian Phillips curve? Gali and Gertler [1999. Inflation dynamics: a structural econometric analysis. Journal of Monetary Economics 44, 195-222] attempt to answer this question using GMM to estimate specifications incorporating both lagged and future inflation. Th...
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作者：Orphanides, A
作者单位：Federal Reserve System - USA
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作者：Dupor, B
作者单位：University System of Ohio; Ohio State University
摘要：Inflation, output and interest rate stabilization are all potential central bank objectives. We explore whether monetary policy should respond to asset price fluctuations when they are driven by irrational expectational shocks to the future returns to capital. In our model, an optimistic shock to future returns generates both an increase in equity prices and physical investment. The increased investment is inefficient and, thus, a central bank optimally responds to this expectations shocks. Th...
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作者：Easterly, W
作者单位：New York University
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作者：Francis, N; Ramey, VA
作者单位：University of California System; University of California San Diego; University of North Carolina; University of North Carolina Chapel Hill
摘要：This paper re-examines recent empirical evidence that positive technology shocks lead to short-run declines in hours. Building on Gali's [1999. Technology, employment, and the business cycle: do technology shocks explain aggregate fluctuations. American Economic Review 89, 249-271] work, which uses long-run restrictions to identify technology shocks, we analyze whether the identified shocks can be plausibly interpreted as technology shocks. We first examine the validity of the identification a...
