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作者：Asdrubali, P; Kim, S
作者单位：Korea University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We use a panel VAR model to improve upon the existing methodologies to analyze interregional risksharing and consumption smoothing channels. First, we endogenize the output process within a more general multi-equation framework, capturing the dynamic feedback between output and various smoothing channels. Second, in line with dynamic general equilibrium open economy models of risksharing, we exploit impulse response functions to trace the role of each smoothing channel over time, in the presen...
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作者：Filson, D; Gretz, RT
作者单位：Claremont Colleges; Claremont Graduate University
摘要：We introduce a racing model with multiple product generations, product innovation, spin-outs, and licensing. Industry conditions and innovation characteristics affect who wins the race and who markets the resulting product. Small firms market their innovations when they pioneer a new generation or improve quality in a young generation and license their innovations in mature generations. If old generation leaders ever market improvements in young generation goods, they do so early on. Leadershi...
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作者：Bassetto, M; Kocherlakota, N
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Stanford University; National Bureau of Economic Research
摘要：We consider a government that can only raise funds by levying distortionary taxes. We allow the government to collect taxes in a given period that are based on incomes earned in previous periods. We show that once we do so, given any debt path, the government can adjust its tax policy so as to attain that debt path without affecting equilibrium allocations or prices. (C) 2003 Elsevier B.V. All rights reserved.
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作者：Hogan, V
作者单位：Trinity College Dublin
摘要：We use panel data to examine the empirical determinants of the reservation wage- in particular the influence of previous wages- and consider what this implies for the evolution of the natural rate of unemployment. We find that previous wages have a significant but relatively small effect on reservation wages (an elasticity between 0.15 and 0.47). We also find considerable differences across genders with previous wages being more important for men and market wages being more important for women...
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作者：Chari, VV
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
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作者：Buera, F; Nicolini, JP
作者单位：Universidad Torcuato Di Tella; University of Chicago
摘要：This paper shows that state contingent debt can be synthetically constructed using non-contingent debt of different maturities. A main policy implication of this principle is that the Ramsey allocation with complete markets can be sustained with non-contingent debt only by properly managing its maturity structure. The numerical experiments, however, suggest that this policy implication ought to be taken with care. We find that the debt positions that sustain the Ramsey allocation are very high...
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作者：Zettelmeyer, J
作者单位：International Monetary Fund
摘要：This paper Studies the impact effect of monetary policy shocks on the exchange rate in Australia, Canada, and New Zealand during the 1990s. Shocks are identified by, the reaction of three month market interest rates to policy announcements that were not themselves endogenous to economic news on the same clay. The main result is that a 100 basis point contractionary shock will appreciate the exchange rate by 2-3 percent on impact. The association of interest rate hikes with depreciations that i...
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作者：Aghion, P; Bacchetta, P; Banerjee, A
作者单位：Study Center Gerzensee; Harvard University; University of Lausanne; Centre for Economic Policy Research - UK; Massachusetts Institute of Technology (MIT)
摘要：This paper introduces a framework for analyzing the role of financial factors as a source of instability in small open economies. Our basic model is a dynamic open economy model with a tradeable good produced with capital and a country-specific factor. We also assume that firms face credit constraints, with the constraint being tighter at a lower level of financial development. A basic implication of this model is that economies at an intermediate level of financial development are more unstab...
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作者：Beaudry, P; Portier, F
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; University of British Columbia; National Bureau of Economic Research; Institut Universitaire de France; Centre for Economic Policy Research - UK
摘要：This paper explores a theory of business cycles in which recessions and booms arise due to difficulties encountered by agents in properly forecasting the economy's future needs in terms of capital. The idea has a long history in the macroeconomic literature, as reflected by the work of Pigou (Industrial Fluctuation, MacMillan, London, 1926). The contribution of this paper is twofold. First, we illustrate the type of general equilibrium structure that can give rise to such phenomena. Second, we...
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作者：Giordani, P
作者单位：University of New South Wales Sydney
摘要：This paper proposes an explanation for the frequent appearance of a price puzzle in VARs designed for monetary policy analysis. It assumes that the data are generated by a model in which output and output gap are not equivalent, while an econometrician follows the common practice of including only output in the VAR. The omission of the output gap is shown to spuriously produce a price puzzle (and several other incorrect conclusions) in a class of commonly used models. This can happen even if t...
