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作者：Coleman, WJ
作者单位：Duke University
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作者：Laitner, J; Stolyarov, D
作者单位：University of Michigan System; University of Michigan
摘要：We develop a new general equilibrium growth accounting framework that features increasing returns to scale, imperfect competition and incorporates technological revolutions into the description of technical progress. We propose a way to tell apart revolutionary changes in technology and incremental innovations using stock market data. We use our framework to jointly estimate the overall embodied TFP change during 1953-1995 and the aggregate output elasticity. We find that the IT revolution rai...
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作者：Wang, N
作者单位：Columbia University
摘要：I propose an intertemporal precautionary saving model in which the agents labor income is subject to (possibly correlated) shocks with different degrees of persistence and volatility. However, lie only observes his total income, not individual components. I show that partial observability of individual components of income gives rise to additional precautionary saving due to estimation risk, the error associated with estimating individual components of income. This additional precautionary sav...
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作者：Akyol, A
作者单位：York University - Canada
摘要：This study investigates an incomplete markets economy in which the saving behavior of a continuum of infinitely lived agents is influenced by precautionary saving motives and borrowing constraints. Agents can use two types of assets (interest bearing IOUS and money) to smooth consumption. Money is valued because of a timing friction in the bond market. In particular, the bond market closes before agents observe their idiosyncratic productivity shock. I find that the Friedman rule is not optima...
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作者：Rampini, AA
作者单位：Northwestern University
摘要：This paper analyzes a model in which the risk associated with entrepreneurial activity implies that the amount Of Such activity is procyclical and results in amplification and intertemporal propagation of productivity shocks. In the model risk averse agents choose between a riskless project and a risky project with higher expected Output ('the entrepreneurial activity'). Agents who become entrepreneurs need to bear part of the project-specific risk for incentive reasons. More agents become ent...
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作者：Araujo, L
作者单位：Michigan State University
摘要：In an economy where there is no double coincidence of wants and without public record-keeping of past transactions, money is usually seen as the only mechanism that can support exchange. In this paper we show that, as long as the population is finite and agents are sufficiently patient, a social norm establishing gift-exchange can substitute for money. However, for a given discount factor, population growth eventually leads to the breakdown of the social norm. Additionally, increases in the de...
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作者：Young, ER
作者单位：State University System of Florida; Florida State University
摘要：In this paper, I examine a model economy with production, search. and unemployment insurance. The introduction or capital into the economy of Wang and Williamson (J. Monetary Econorn. 49(7)(2001)1337) generates the result that optimal replacement ratios are always zero. The result arises from the decline in aggregate activity caused by unemployment insurance: both capital and labor inputs to production fall when benefits rise. Unlike most of the literature. I compute explicitly the cost of the...
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作者：Darné, O; Diebolt, C
作者单位：Institut Agro; Montpellier SupAgro; Centre National de la Recherche Scientifique (CNRS); Universite de Montpellier; Humboldt University of Berlin
摘要：The nature and magnitude of the economic shocks that have affected the per capita GDP of 16 OECD countries are analyzed over a long period using the outlier method. Strong proof of infrequent large permanent and transitory shocks were found, essentially resulting from the two major wars in the twentieth century, the recession in the 1920s, the Great Depression, among others. We also examine the nature of the output trend by combining different tests of non-stationarity on different GDP series ...
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作者：Gruber, JW
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Forecasts derived from standard intertemporal current account (ICA) models generally fail to match the volatility of actual current accounts. This paper offers a solution to the excess volatility problem of standard ICA models by incorporating consumption habits into the standard model. The model, as developed in the paper, shows that significant habit formation implies increased current account volatility, as sluggishness is introduced into the consumption adjustment process that follows inco...
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作者：Martin, A
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City
摘要：This paper presents a general equilibrium model where intraday liquidity is needed because the timing of payments is uncertain. A necessary and sufficient condition for an equilibrium to be efficient is that the nominal intraday interest rate be zero, even when the overnight rate is strictly positive. Because a market for liquidity may not achieve efficiency, this creates a role for the central bank. I allow for the possibility of moral hazard and study policies commonly used by central banks ...
