-
作者：Rupert, P; Schindler, M; Wright, R
作者单位：University of Pennsylvania; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：Virtually all simple search models of money assume agents with money cannot produce, and so everyone has either 0 or 1 units of money in steady state. We alternatively assume agents can always produce, and simply restrict money inventories to 0 or 1. This seems better for many issues; for example, in the standard model it is difficult to interpret increases in the money supply, because increasing the fraction of agents holding money decreases the economy's productive capacity. Our model avoids...
-
作者：McCallum, BT
作者单位：Carnegie Mellon University; National Bureau of Economic Research
摘要：The recently developed fiscal theory of price level determination contends that then is an important class of policy rules in which there exists a unique rational expectations solution that shows: the price level to be dependent upon fiscal policy and independent of monetary variables. The present paper argues, however, that there is an alternative solution to these models: that has entirely traditional (or 'monetarist') properties. This latter solution is arguably more plausible since it is t...
-
作者：Daniel, BC
作者单位：State University of New York (SUNY) System; University at Albany, SUNY
摘要：Recent work (Loyo, E., Going international with the fiscal theory of the price level. Manuscript, John F. Kennedy School of Government, Harvard University, 1998; Dupor, B., Exchange rates and the fiscal theory of the price level. Journal of Monetary Economics 45, 613-630) has shown that extension of the fiscal theory of the price level to an open economy yields indeterminate prices and exchange rates, calling into question the usefulness of the theory. This paper shows that by carefully tailor...
-
作者：Letendre, MA; Smith, GW
作者单位：Queens University - Canada; McMaster University
摘要：There is much research on consumption-savings problems with risky labor income and a constant interest rate and also on portfolio allocation with risky returns but nonstochastic labor income. Less is known quantitatively about the interaction between the two forms of risk. Under CRRA utility, undiversiflable income risk should be reflected in both savings rates and portfolio allocations. To quantify these effects in a model of consumption and portfolio choice, we adopt a semi-parametric projec...
-
作者：Huggett, M; Ospina, S
作者单位：Georgetown University
摘要：A number of theoretical models of technology adoption have been proposed that imply that measured productivity growth may initially fall and then later rise after the adoption of a new technology. This paper investigates whether or not this implication is a feature of plant-level data from the Colombian manufacturing sector. We focus on technology adoption embodied in new equipment. We find evidence that the effect of a large equipment purchase is initially to reduce plant-level total factor p...
-
作者：Schmitz, JA Jr
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：In this paper, I estimate the impact on aggregate labor productivity of having government, rather than private industry, produce investment goods. This policy was pursued to varying degrees by Egypt, India, and Turkey, among others. The policy has a large impact because there is both a direct effect (it lowers productivity in the investment sector) and a secondary effect (it lowers the economy-wide capital stock. per worker), I estimate that this policy alone reduced Egypt's aggregate producti...
-
作者：Wheelock, DC; Wilson, PW
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of Texas System; University of Texas Austin
摘要：This paper presents new estimates of scale and product mix economies for U.S. commercial banks. We compare estimates derived from fitting a translog function to bank costs with estimates derived from nonparametric methods. We refine measures of scale and product mix economies introduced by Berger et al. (J. Monet. Econ. 20 (1987) 501) to accommodate nonparametric estimation, and estimate confidence intervals to assess the statistical significance of returns to scale. Broadly, we find evidence ...
-
作者：Bénassy, JP
作者单位：Centre National de la Recherche Scientifique (CNRS)
摘要：I investigate whether a government should lead an activist policy in a rigorous utility maximizing framework under rational expectations. The economy is one with preset wages, and is subject to both demand and supply shocks. It is assumed that the government can never act on the basis of information superior to that of the private sector. Moreover wages are set after government policy has been carried out. We find that the optimal policy is nevertheless an activist countercyclical one. In has ...
-
作者：Lloyd-Ellis, H; Zhu, X
作者单位：Queens University - Canada; University of Toronto
摘要：We use the returns on a set of international financial securities to identify exogenous shocks to the Canadian federal surplus. We find that a large portion of the variation in the surplus can be replicated by a linear combination of these returns and that the recent rise in debt resulted from adverse shocks and a delayed response by the government. We develop a framework to evaluate the gains from a risk management strategy, using these securities to hedge against shocks. We find that hedging...
-
作者：Carlson, JA; Valev, NT
作者单位：University System of Georgia; Georgia State University; Purdue University System; Purdue University
摘要：Low credibility, reflected in persistent expectations of high inflation, is the usual suspect in costly disinflation efforts. A currency board is a monetary regime that attempts to establish credibility by reducing uncertainty regarding the inflation preferences of the policymaker and the environment in which the policymaker operates. This paper uses unique survey data from Bulgaria and finds that expected inflation is indeed lowered by the prospect of a currency board but to a different degre...
