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作者：Boldrin, M; Levine, DK
作者单位：University of California System; University of California Los Angeles; University of Minnesota System; University of Minnesota Twin Cities
摘要：Innovations and their adoption are the keys to growth and development. Innovations are less socially useful, but more profitable for the innovator, when they are adopted slowly and the innovator remains a monopolist. For this reason, rent-seeking, both public and private, plays an important role in determining the social usefulness of innovations. This paper examines the political economy of intellectual property, analyzing the trade-off between private and public rent-seeking. While it is tru...
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作者：Mitchell, MF
作者单位：University of Iowa
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作者：Normandin, M; Phaneuf, L
作者单位：Universite de Montreal; HEC Montreal; Universite de Montreal; HEC Montreal; University of Quebec; University of Quebec Montreal; University of Quebec; University of Quebec Montreal
摘要：We propose an empirical procedure, which exploits the conditional heteroscedasticity of fundamental disturbances, to test the targeting and orthogonality restrictions imposed in the recent VAR literature to identify monetary policy shocks. Based on U.S. monthly data for the post-1982 period, we reject the non-borrowed-reserve and interest-rate targeting procedures. In contrast, we present evidence supporting targeting procedures implying more than one policy variable. We also always reject the...
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作者：Craig, B; Waller, CJ
作者单位：University of Notre Dame; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：We use a dual currency money search model to study dollarization. Agents hold portfolios consisting of two currencies, one of which is risky. We use numerical methods to solve for the steady-state distributions of currency portfolios, transaction patterns, and value functions. As risk increases, agents increasingly use the safe currency as a medium of exchange-dollarization occurs. Furthermore, the safe currency trades for multiple units of the risky currency. This type of currency exchange, a...
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作者：Sigouin, C
作者单位：Concordia University - Canada; Universite de Montreal
摘要：This paper incorporates risk-sharing employment contracts into an economy in which matching frictions characterize the tabour market and in which agents cannot commit. In equilibrium, the terms of ongoing contracts are affected by those being negotiated in the job market because contracts must be self-enforcing. In this context, risk-sharing implies that hours worked and wages are negatively related, while enforcement considerations imply the converse. Overall, the sign of this relationship is...
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作者：Comin, D; Hobijn, B
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; New York University
摘要：We examine the diffusion of more than 20 technologies across 23 of the world's leading industrial economies. Our evidence covers major technology classes such as textile production, steel manufacture, communications, information technology, transportation, and electricity for the period 1788-2001. We document the common patterns observed in the diffusion of this broad range of technologies. Our results suggest a pattern of trickle-down diffusion that is remarkably robust across technologies. M...
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作者：Loayza, N
作者单位：The World Bank
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作者：Sarte, PDG
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
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作者：Leduc, S; Sill, K
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：Are the recessionary consequences of oil-price shocks due to oil-price shocks themselves or to the monetary policy that responds to them? We investigate this question in a calibrated general equilibrium model in which oil use is tied to capital utilization. The response to an oil-price shock is examined under a variety of monetary policy specifications. Under our benchmark calibration, which approximates the Federal Reserve's behavior since 1979, monetary policy contributes about 40 percent to...
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作者：Seshadri, A; Yuki, K
作者单位：University of Wisconsin System; University of Wisconsin Madison; Kyoto University
摘要：How do various forms of redistribution affect the distributions of earnings and consumption and their intergenerational mobility? Do redistributive policies enhance efficiency by mitigating market imperfections? Or do they create a trade-off between equity and efficiency? To address these issues, a dynamic general equilibrium model is constructed and solved numerically. The effects of the degrees of targeting of money transfers and educational transfers and the relative performance of the two ...
