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作者：Williamson, SD
作者单位：University of Iowa
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作者：Rossi-Hansberg, E
作者单位：Stanford University
摘要：This paper studies the effect of terrorist attacks on the internal structure of cities. We develop an urban framework with capital structures suitable for the study of this question and analyze the long and short term implications of this type of events. In the long run, the analysis shows that a terrorist attack will affect urban structure only modestly, relative to the potentially large decrease in the level of economic activity in the city. Land rents will not decline at all locations. In t...
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作者：Siu, HE
作者单位：University of British Columbia
摘要：In this paper I consider the role of state-contingent inflation as a fiscal shock absorber in an economy with nominal rigidities. I study the Ramsey equilibrium in a monetary model with distortionary taxation, nominal non-state-contingent debt, and sticky prices. With sticky prices, the Ramsey planner must balance the shock absorbing benefits of state-contingent inflation against the associated resource misallocation costs. For government spending processes resembling post-war experience, intr...
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作者：Honkapohja, S; Mitra, K
作者单位：University of Cambridge; University of London; Royal Holloway University London
摘要：Recent models of monetary policy can have indeterminacy of equilibria. which is often viewed as a difficulty of these models. We consider the significance of indeterminacy using (he learning approach to expectations formation. We employ expeciational stability as a selection criterion for different equilibria and derive the expeciational stability and instability, conditions for forward-looking multivariate models. both without and with lags. The results are applied to several monetary policie...
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作者：Brown, JR; Cummins, JD; Lewis, CM; Wei, R
作者单位：University of Pennsylvania; University of Illinois System; University of Illinois Urbana-Champaign; National Bureau of Economic Research
摘要：This paper examines the role of the federal government in the market for terrorism reinsurance. We investigate the stock price response of affected industries to a sequence of 13 events culminating in the enactment of the Terrorism Risk Insurance Act (TRIA) of 2002. In the industries most likely to be affected by TRIA-banking, construction, insurance, real estate investment trusts, transportation, and public utilities-the stock price effect was primarily negative. The Act was at best value-neu...
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作者：Garfinkel, MR; Jeliazkov, I
作者单位：University of California System; University of California Irvine
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作者：Keen, BD
作者单位：Texas Tech University System; Texas Tech University
摘要：This paper examines the impact of a monetary policy shock in a dynamic stochastic general equilibrium model with sticky prices and financial market frictions. First, we examine the shortcomings of monetary models emphasizing these frictions individually. The model then is specified to limit the response of prices and savings to a current period monetary disturbance. Our results show that this model can account for the following key responses to an expansionary monetary policy shock: a fall in ...
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作者：Alexopoulos, M
作者单位：University of Toronto
摘要：This paper presents a dynamic general equilibrium model where labor effort is imperfectly observable and there is unemployment in equilibrium. In contrast to shirking models in the efficiency wage literature, detected shirkers are not dismissed. Instead, they face a monetary punishment because they forgo an increase in their compensation. Estimated versions of the model can generate the high variation in employment and low variation of real wages observed over the business cycle, and are consi...
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作者：Curtis, E; Wright, R
作者单位：University of Pennsylvania
摘要：We study models combining search, money. price posting. and preference shocks. We show how these features interact to influence the price level and price dispersion. First. price-posting equilibria exist with valued fiat currency. Second. although both are possible. price dispersion is more common than a single price. Third, we rove that generically there cannot be more than two prices. We provide intuiton for this law of two prices. show it also holds in some nonmonetary search models, and di...
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作者：Tavares, J
作者单位：Universidade Nova de Lisboa
摘要：This paper conducts a systematic investigation of the incidence and economic costs of terrorist attacks at the country level. We use newly assembled datasets on terrorist attacks, natural disasters and currency crises to answer three different questions: what are the determinants of terrorism; is there an output cost following a terrorist attack; and is that cost larger or smaller in the case of democracies. We find that rich countries are the most prone to suffer attacks while democracies are...
