Journal of Monetary Economics

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• Input and output inventories (vol 47, pg 347, 2001) AI翻译
  作者：Humphreys, BR; Maccini, LJ; Schuh, S
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Boston; University System of Maryland; University of Maryland Baltimore County
• Intertemporal non-separability and rule of thumb consumption AI翻译
  作者：Weber, CE
  作者单位：Seattle University
  摘要：This paper reexamines previous findings that some 50% of disposable income goes to households who consume their current incomes in violation. of the Permanent Income Hypothesis. In particular, I test whether such findings are robust to assumed intertemporal non-separability in the utility function. When the household utility function is permitted to be non-separable in consumption in adjacent time periods, the estimated fraction of disposable income which goes to such rule of thumb households ...
• Housing taxation and capital accumulation AI翻译
  作者：Gervais, M
  作者单位：Queens University - Canada; Federal Reserve System - USA; Federal Reserve Bank - Richmond
  摘要：This paper studies the impact of the preferential tax treatment of housing capital in a dynamic general equilibrium life-cycle economy populated by heterogeneous individuals. The model includes the main housing tax provisions currently in place in the U.S. and a minimum downpayment requirement upon purchasing non-divisible houses. The tax code makes the return on housing capital larger than that on business capital, which distorts the lifetime profile and composition of individuals' savings. T...
• Comment on: A simple framework for international monetary policy analysis AI翻译
  作者：Nelson, E
  作者单位：Bank of England
• The conventional treatment of seasonality in business cycle analysis: does it create distortions? AI翻译
  作者：Christiano, LJ; Todd, RM
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Federal Reserve System - USA; Federal Reserve Bank - Chicago; National Bureau of Economic Research; Northwestern University
  摘要：'No'. So says one model that is broadly consistent with postwar U.S. seasonal and business cycle data. (C) 2002 Elsevier Science B.V. All rights reserved.
• Staggered price-setting, staggered wage-setting, and business cycle persistence AI翻译
  作者：Huang, KXD; Liu, Z
  作者单位：Emory University; Utah System of Higher Education; Utah State University
  摘要：Staggered price-setting and staggered wage-setting are commonly viewed as similar mechanisms in generating persistent real effects of monetary shocks. In this paper, we distinguish the two mechanisms in a dynamic stochastic general equilibrium framework. We show that, although the dynamic price-setting and wage-setting equations are alike, a key parameter governing persistence is linked to the underlying preferences and technologies in different ways. With reasonable parameter values, the stag...
• On the dynamic effects of oil price shocks: a study using industry level data AI翻译
  作者：Lee, K; Ni, S
  作者单位：University of Missouri System; University of Missouri Columbia; Kyung Hee University
  摘要：This paper analyzes the effects of oil price shocks on demand and supply in various industries. The impulse responses of identified VAR models indicate that for industries that have a large cost share of oil, such as petroleum refinery and industrial chemicals, oil price shocks mainly reduce supply. In contrast, for many other industries, with the automobile industry being a particularly important example, oil price shocks mainly reduce demand. The paper suggests that oil price shocks influenc...
• Aggregate precautionary savings: when is the third derivative irrelevant? AI翻译
  作者：Huggett, M; Ospina, S
  作者单位：Georgetown University
  摘要：When are aggregate precautionary savings positive? We address this question in the context of a general equilibrium model where infinitely-lived agents receive idiosyncratic labor endowment shocks, hold a risk-free asset to smooth consumption and face a liquidity constraint, We prove that (1) the steady-state capital stock is always larger in any equilibrium with idiosyncratic shocks and a liquidity constraint than without idiosyncratic shocks (i.e. aggregate precautionary savings are positive...
• Common cycles and the importance of transitory shocks to macroeconomic aggregates AI翻译
  作者：Issler, JV; Vahid, F
  作者单位：Getulio Vargas Foundation; Monash University
  摘要：Although there has been substantial research using long-run co-movement (cointegration) restrictions in the empirical macroeconomics literature, little or no work has been done investigating the existence of short-run co-movement (common cycles) restrictions and discussing their implications. In this paper we first investigate the existence of common cycles in a aggregate data set comprising per-capita output, consumption, and investment. Later we discuss their usefulness in measuring the rela...
• Conflict of interest in universal banking: Bank lending, stock underwriting, and fund management AI翻译
  作者：Ber, H; Yafeh, Y; Yosha, O
  作者单位：Tel Aviv University; Bank of Israel; Hebrew University of Jerusalem
  摘要：Using a newly constructed data set on Israeli Initial Public Offering (IPO) firms in the 1990s, we study costs and benefits of universal banking. We find that a firm whose equity was underwritten by a bank affiliated underwriter, when the same bank was also a large creditor of the firm in the IPO year, exhibits significantly better than average post-issue accounting performance, but that its stock performance during the first year following the IPO is considerably lower than average. When an i...