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作者：Bordo, MD; MacDonald, R
作者单位：Rutgers University System; Rutgers University New Brunswick; National Bureau of Economic Research; University of Glasgow; Leibniz Association; Ifo Institut
摘要：This paper examines an hypothesis of Svensson (1994) (Journal of Monetary Economics 33, 157-199) that a credible target zone can confer on a country a degree of independence in the operation of its monetary policy, even when exchange rates are fixed. We test this hypothesis for the Classical gold standard using a newly created monthly data base for the period 1880-1913. Building on the recently noted finding that the Classical gold standard represented a credible, well-behaved, target zone sys...
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作者：Uhlig, H
作者单位：Humboldt University of Berlin; Tilburg University; Deutsche Bundesbank; Centre for Economic Policy Research - UK
摘要：This paper proposes to estimate the effects of monetary policy shocks by a new agnostic method, imposing sign restrictions on the impulse responses of prices, nonborrowed reserves and the federal funds rate in response to a monetary policy shock. No restrictions are imposed on the response of real GDP to answer the key question in the title. I find that contractionary monetary policy shocks have no clear effect on real GDP, even though prices move only gradually in response to a monetary polic...
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作者：Bover, O; Watson, N
作者单位：Banco de Espana
摘要：We estimate elasticities of scale in the demand for money by firms using firm level panel data from Spain, the UK, and the US. This elasticity is one for Spain and the UK but smaller for the US. We find that the errors in the money demand equations contain two terms that are correlated with sales. Firstly, a permanent firm effect that captures differences in technological sophistication. Secondly, a measurement error in sales, which becomes relevant when relying on changes in sales to account ...
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作者：Wen, Y
作者单位：Cornell University
摘要：Careful examination of aggregate data from the U.S. and other OECD countries reveals that production and inventory behavior exhibit paradoxical features: (1) Inventory investment is strongly countercyclical at very high frequencies (e.g., 2-3 quarters per cycle); it is procyclical only at relatively low-cyclical frequencies such as the business-cycle frequencies (e.g., 8-40 quarters per cycle). (2) Production is less volatile than sales around the high frequencies; it is more volatile than sal...
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作者：[Anonymous]
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作者：Galeotti, M; Maccini, LJ; Schiantarelli, F
作者单位：Johns Hopkins University; University of Milan; Boston College; IZA Institute Labor Economics
摘要：This paper develops a model that integrates inventory and labor decisions. We extend a model of inventory behavior to include a detailed specification of the role of labor input in the production process, distinguishing between employment, hours and effort per worker. We estimate jointly the Euler equations for inventories and employment, a labor compensation schedule, and an hours requirement function with the cross-equation restrictions imposed. The econometric results shed light on several ...
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作者：Mendoza, EG; Tesar, LL
作者单位：National Bureau of Economic Research; University of Michigan System; University of Michigan; University System of Maryland; University of Maryland College Park; National Bureau of Economic Research
摘要：The integration of European financial markets in the early 1980s created an environment of near-perfect capital mobility across countries that had harmonized indirect taxes but maintained large differences in factor taxes. The years that followed witnessed several rounds of competition in capital taxes with puzzling results. Instead of the dreaded race to the bottom in capital taxes, the UK lowered its capital tax to a rate closer to those of France. Germany and Italy, while capital taxes chan...
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作者：Giavazzi, F; Tabellini, G
作者单位：Bocconi University
摘要：This paper studies empirically the effects and the interactions of economic and political liberalizations. Economic liberalizations are measured as reforms that increase the scope of the market. Political liberalizations correspond to the event of becoming a democracy. Using difference-in-difference estimation, we study the effects on economic performance, macroeconomic policy and structural policies. Our main contribution is the analysis of the Joint effects of both liberalizations, and the f...
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作者：Andrés, J; López-Salido, JD; Nelson, E
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of Valencia; Centre for Economic Policy Research - UK
摘要：A major criticism of standard specifications of price adjustment in models for monetary policy analysis is that they violate the natural rate hypothesis by allowing output to differ from potential in steady state. In this paper we estimate a dynamic optimizing business cycle model whose price-setting behavior satisfies the natural rate hypothesis. The price-adjustment specifications we consider are the sticky-information specification of Mankiw and Reis (Sticky information versus sticky prices...
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作者：Ball, L; Mankiw, NG; Reis, R
作者单位：Princeton University; Princeton University; Johns Hopkins University; Harvard University
摘要：We offer a contribution to the analysis of optimal monetary policy. We begin with a critical assessment of the existing literature, arguing that most work is based on implausible models of inflation-output dynamics. We then suggest that this problem may be solved with some recent behavioral models, which assume that price setters are slow to incorporate macroeconomic information into the prices they set. A specific such model is developed and used to derive optimal policy. In response to shock...
