Journal of Monetary Economics

最新文章

• Implications of state-dependent pricing for dynamic macroeconomic models AI翻译
  作者：Dotsey, M; King, RG
  作者单位：Boston University; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
  摘要：State-dependent pricing (SDP) models treat the timing of price changes as a profit-maximizing choice, symmetrically with other decisions of firms. Using quantitative general equilibrium models which incorporate a generalized (S,s) approach, we investigate the implications of SDP for topics in two major areas of macroeconomic research. the early 1990s SDP literature and more recent work on persistence mechanisms. First. we show that state-dependent pricing leads to unusual macroeconomic dynamic...
• Exchange rate regime durability and performance in developing versus advanced economies AI翻译
  作者：Husain, AM; Mody, A; Rogoff, KS
  作者单位：International Monetary Fund; Harvard University
  摘要：Drawing on new data and advances in exchange rate regimes' classification, we find that countries appear to benefit by having increasingly flexible exchange rate systems as they become richer and more financially developed. For developing countries with little exposure to international capital markets, pegs are notable for their durability and relatively low inflation. In contrast, for advanced economies, floats are distinctly more durable and also appear to be associated with higher growth. F...
• The dynamics of government AI翻译
  作者：Hassler, J; Krusell, P; Storesletten, K; Zilibotti, F
  作者单位：Stockholm University; Princeton University; Center for Economic & Policy Research (CEPR); University of Oslo
  摘要：We model income redistribution with dynamic distortions as determined by rational voting without commitment among individuals of different types and income realizations. We find that redistribution is too persistent relative to that chosen by a planner with commitment. The difference is larger, the lower is the political influence of young agents, the lower is the altruistic concern for future generations, and the lower is risk-aversion. Furthermore, there tends to be too much redistribution i...
• Quantifying the uncertainty about the fit of a new Keynesian pricing model AI翻译
  作者：Kurmann, A
  作者单位：University of Quebec; University of Quebec Montreal
  摘要：Recent studies by Gali and Gertler [1999. Inflation dynamics: a structural econometric analysis, Journal of Monetary Economics 44, 195 222] and Sbordone [2002. Prices and unit labor costs: testing models of pricing, Journal of Monetary Economics 49, 265-292] conclude that a theoretical inflation series implied by a forward-looking New Keynesian pricing equation fits post-1960 U.S. inflation closely. Their theoretical inflation series is conditional on (i) a reduced-form forecasting process for...
• Comment on: Why hasn't tax competition triggered a race to the bottom? Some quantitative lessons from the EU AI翻译
  作者：McGrattan, ER
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
• IMF programs: Who is chosen and what are the effects? AI翻译
  作者：Barro, RJ; Lee, JW
  作者单位：Harvard University; Korea University
  摘要：IMF loans react to economic conditions but are also sensitive to political-economy variables. Loans tend to be larger and more frequent when a country has a bigger quota and more professional staff at the IMF and when a country is more connected politically and economically to the United States and major European countries. These results are of considerable interest for their own sake. More importantly for present purposes, the results provide instrumental variables for estimating the effects ...
• The econometrics of the New Keynesian price equation AI翻译
  作者：King, RG; Plosser, CI
  作者单位：Boston University; University of Rochester
• Comment on: Exchange rate regime durability and performance in developing versus advanced economies AI翻译
  作者：Backus, DK
  作者单位：New York University; National Bureau of Economic Research
• Big elephants in small ponds: Do large traders make financial markets more aggressive? AI翻译
  作者：Bannier, CE
  作者单位：Goethe University Frankfurt; Universitat Kassel
  摘要：Market participants often suspect that large traders have a disproportionate effect on financial markets, increasing the aggressiveness of market responses. Prior studies have shown that the impact of a large trader on a currency crisis depends positively on his size and informational position. By contrast, this article highlights the role that market sentiment has on the impact of a large trader. If the market believes that fundamentals are weak, then the probability of a crisis depends posit...
• Risk preferences in multi-period consumption models, the equity premium puzzle, and habit formation utility AI翻译
  作者：Meyer, DJ; Meyer, J
  作者单位：Michigan State University; Western Michigan University
  摘要：The relationship between the relative risk aversion measure for the utility function for consumption and that for the value function for wealth is a derived relationship whose properties depend on how consumption and wealth are defined and measured. This fact together with information concerning estimates for these two relative risk aversion measures is used to give another perspective on the equity premium puzzle, and to explain why it is that the habit formation utility function is effective...