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作者：Dexter, AS; Levi, MD; Nault, BR
作者单位：University of British Columbia; University of Calgary
摘要：This paper finds that approximately one-third of the items in the CPI are governed by price regulations that can slow and add noise to the response of prices to changes in cost or demand conditons. Consequently, regulation is a possible partial explanation of sticky prices in the overall rate of inflation, and delayed response to changes in the money supply. A survey is used to decompose the CPI into freely determined and regulated sub-components. Evidence is provided that prices in the regula...
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作者：Dirkmaat, J
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作者：Wurgler, J
作者单位：New York University
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作者：Duarte, M; Stockman, AC
作者单位：University of Rochester; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Richmond
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作者：Kollmann, R
作者单位：University of Bonn
摘要：This paper computes welfare maximizing Taylor-style interest rate rules, in a business cycle model of a small open economy. The model assumes staggered price setting and shocks to domestic productivity, to the world interest rate, to world inflation, and to the uncovered interest rate parity condition. Optimized policy rules have a pronounced anti-inflation stance and entail significant nominal and real exchange rate volatility. The country responds to an increase in external volatility by hol...
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作者：Athreya, KB
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：In recent years personal bankruptcy has become an important issue to consumers, creditors, and legislators alike. Over 40 billion dollars of unsecured debt were discharged in 1998 by 1.44 million households. These losses have led legislators to propose a variety of changes in bankruptcy law, the most important and recent of which is the Bankruptcy Reform Act of 1999 (BA99). I develop a dynamic, stochastic, general equilibrium model of personal bankruptcy to investigate the trade-off between th...
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作者：Berentsen, A; Rocheteau, G
作者单位：Australian National University; University of Basel
摘要：We use alternative assumptions about the divisibility of goods and money and the ability of agents to use lotteries on money to investigate to what extent the indivisibility of money is the cause for the typically inefficient production and consumption decisions in search-theoretic models of money. Our framework potentially generates three types of inefficiencies: the no-trade inefficiency, where no trade takes place even though it would be socially efficient to trade; and the too-much-trade a...
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作者：Kahn, M; Kandel, S; Sarig, O
作者单位：Reichman University; University of Pennsylvania; Tel Aviv University; Bank of Israel
摘要：We examine the impact of monetary policy using Israeli data on nominal and indexed bonds, which allow us to decompose nominal interest rates into inflation expectations and ex ante real interest rates. We find that a monetary policy shock, introduced by raising the overnight rate the Bank of Israel charges member banks, raises real interest rates but lowers inflation expectations. Long-term real interest rates are less impacted than short-term rates. Lastly, monetary shocks affect the exchange...
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作者：Otrok, C; Ravikumar, B; Whiteman, CH
作者单位：University of Iowa; University of Virginia
摘要：We explore how the introduction of habit preferences into the simple intertemporal consumption-based capital asset pricing model solves the equity premium and risk-free rate puzzles. While agents with time-separable preferences care only about the overall volatility of consumption, we show that agents with habit preferences care not only about overall volatility, but also about the temporal distribution of that volatility. Specifically, habit agents are much more averse to high-frequency fluct...
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作者：Harding, D; Pagan, A
作者单位：University of Melbourne; Australian National University; University of Oxford
摘要：Following Burns and Mitchell we define the cycle as a pattern in the level of aggregate economic activity. An algorithm to locate turning points is developed, as is a new measure of pro-cyclicality. A link between turning points and the moments of the series is established thereby providing the statistical foundation that Burns and Mitchell's work lacked. Using these tools we are able to dissect cycles in terms of the contributions made by trend growth, volatility, serial correlation and non-l...
