-
作者：Schwartz, AJ
作者单位：National Bureau of Economic Research
-
作者：Duarte, M
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：Empirical studies comparing fixed and flexible exchange rate regimes document that countries moving from pegged to floating systems experience a systematic and dramatic rise in the variability of the real exchange rate. However, there is very little evidence that the behavior of other macroeconomic variables varies systematically with the exchange rate regime. This paper seeks to resolve this puzzle: We examine the effects of the exchange rate regime in a dynamic general equilibrium model with...
-
作者：Orphanides, A
作者单位：Federal Reserve System - USA
摘要：This study investigates the implications of noisy information regarding the measurement of economic activity for the evaluation of monetary policy. Using a simple model of the U.S. economy, I show that failing to account for the actual level of information noise in the historical data provides a seriously distorted picture of feasible macroeconomic outcomes and produces inefficient policy rules. Naive adoption of policies identified as efficient when this difficulty is ignored results in macro...
-
作者：Khan, A; Thomas, JK
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：Recent empirical analysis has found nonlinearities to be important in understanding aggregated investment. Using an equilibrium business cycle model, we search for aggregate nonlinearities arising from the introduction of nonconvex capital adjustment costs. We find that, while such costs lead to nontrivial nonlinearities in aggregate investment demand, equilibrium investment is effectively unchanged. Our finding, based on a model in which aggregate fluctuations arise through exogenous changes ...
-
作者：Fernández, R
作者单位：New York University
-
作者：Pritchett, L
作者单位：Harvard University
-
作者：Stockman, AC
作者单位：University of Rochester
-
作者：Smets, F
作者单位：Centre for Economic Policy Research - UK; Ghent University
摘要：Using a small estimated forward looking model of the euro area economy, this paper analyses the determinants of the optimal monetary policy horizon for maintaining price stability. First, the optimal policy horizon for a price level objective is generally longer than that for an inflation objective. Second, the policy horizon becomes longer, the greater the weight on other objectives like minimising output gap and interest rate variability. Third, the optimal policy horizon is shorter, the hig...
-
作者：Dollar, D; Kraay, A
作者单位：The World Bank
摘要：Countries with better institutions and countries that trade more grow faster. Countries with better institutions also tend to trade more. These three stylized facts have been documented extensively. Here we investigate the partial effects of institutions and trade on growth. We argue that cross-country regressions of the log-level of per capita GDP on instrumented measures of trade and institutional quality are uninformative about the relative importance of trade and institutions in the long r...
-
作者：Glaeser, E; Scheinkman, J; Shleifer, A
作者单位：Harvard University; Princeton University
摘要：In many countries, the operation of legal, political and regulatory institutions is subverted by the wealthy and the politically powerful for their own benefit. This subversion takes the form of corruption, intimidation, and other forms of influence. We present a model of such institutional subversion-focusing specifically on courts-and of the effects of inequality in economic and political resources on the magnitude of subversion. We then use the model to analyze the consequences of instituti...
