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作者：Bomfim, AN
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Motivated by issues raised in both the finance and economics literatures, I construct a dynamic general equilibrium model where agents use differing degrees of sophistication when forecasting future economic conditions. All agents solve standard dynamic optimization problems and face strategic complementarity in production, but some solve their inference problems based on simple forecasting rules of thumb. Assuming a hierarchical information structure similar to the one in Townsend's (J. Polit...
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作者：Caballero, RJ; Krishnamurthy, A
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Northwestern University
摘要：We build a model of emerging markets crises which features two types of collateral constraints. Finns in a domestic economy have limited borrowing capacity from international investors. They also have limited borrowing capacity with respect to each other. We study how the presence and changes in these collateral constraints affect financial and real variables. A binding international constraint in the aggregate leads to a sharp rise in interest rates and fire sales of domestic assets, while li...
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作者：Alvarez, F; Veracierto, M
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of Chicago; Universidad Torcuato Di Tella; National Bureau of Economic Research
摘要：We construct a general equilibrium model to evaluate the quantitative effects of severance payments in the presence of contractual and reallocational frictions. Key elements of the model are establishment level dynamics, imperfect insurance markets, and variable search decisions. In contrast to previous studies that analyzed severance payments in frictionless environments, we find that severance payments can have large positive effects on employment and welfare. This result is a consequence of...
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作者：Kim, S
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：This paper documents data-oriented, detailed evidence on the international transmission of U.S. monetary policy shocks for the flexible exchange rate period using VAR models. First, U.S. expansionary monetary policy shocks lead to booms in the non-U.S., G-6 countries. In this transmission, changes in trade balance seem to play a minor role while a decrease in the world real interest rate seems important. Second, U.S. expansionary monetary policy shocks worsen the U.S. trade balance in about a ...
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作者：Amato, JD; Swanson, NR
作者单位：Bank for International Settlements (BIS); Texas A&M University System; Texas A&M University College Station
摘要：Data on monetary aggregates are subject to periodic redefinitions, presumably in part to improve their link to measures of output. Money data are also revised on a regular basis. Taking these data imperfections into account, we reassess the evidence on the marginal predictive content of MI and M2 for real and nominal output. In particular, first by using the latest version of the data that is available, and then using sequences of historical time series that would have been available to foreca...
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作者：Kwok, C
作者单位：City University of Hong Kong
摘要：This paper considers an environment in which entrepreneurs cannot commit their human capitals to investment projects and the amount of external funds that they can raise is constrained by the salvage values of the physical capital goods. In order to raise sufficient external funds, entrepreneurs might have to use capital goods that are less project specific. In a two-period lived overlapping generations model with aggregate shocks, this paper shows that the presence of the agency problem can p...
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作者：Kahn, CM; Roberds, W
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Using a neoclassical monetary model, we investigate the welfare cost of a payment system that operates as a real-time gross settlement (RTGS) system. We illustrate how the cost of such systems ultimately derives from the credit constraints imposed by RTGS. The effects of these constraints can be undone if the central bank makes intraday credit freely available. If intraday credit is only available on a collateralized basis, however, RTGS will always impose a liquidity cost. (C) 2001 Published ...
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作者：Restuccia, D; Urrutia, C
作者单位：University of Toronto; Universidad Carlos III de Madrid
摘要：We construct a panel for the price of aggregate investment over consumption and report the following observations. (1) Relative price differences across countries are large over the entire sample period, and this conclusion is not affected by excluding nontradable consumption goods. (2) Relative price dispersion has decreased during the sample period. (3) Relative price changes are not persistent across periods, while average price levels are. Moreover, the persistence in relative price levels...
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作者：Schreft, SL; Smith, BD
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City; University of Texas System; University of Texas Austin
摘要：This paper considers the implications for monetary policy of a decreasing demand for outside money. It finds that even perpetual declines in the demand for base money pose no threat to the traditional methods employed for conducting monetary policy. The effects of such reductions in the demand for central bank liabilities, however, do depend on how monetary policy is conducted. Four monetary policy regimes are analyzed. With a policy of nominal-interest-rate targeting, a secular decline in the...
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作者：Schumacher, L
作者单位：International Monetary Fund
摘要：This paper tests the random-withdrawals vs, informed-based theories of bank runs in the context of the bank panic that took place in Argentina as a consequence of the Mexican devaluation of December 20, 1994. This evidence is unique in several ways: it is the case of a contemporary banking system with virtually no explicit safety net (a currency board with no deposit insurance scheme) and a case in which the bank net a currency by a currency run. The findings of the paper provide support to th...
