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作者：Ahmed, S; Rogers, JH
作者单位：Federal Reserve System - USA
摘要：Using over 100 years of U.S. data, we find that the long-run effects of inflation on consumption, investment, and output are positive. Also, great ratios like the consumption and investment rates are not independent of inflation, which we interpret in terms of the Fisher effect. However, the variability of the stochastic inflation trend is small relative to the variability of the productivity and fiscal trends. Thus, models generating long-term negative effects of inflation on output and consu...
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作者：Bernasconi, M; Kirchkamp, O
作者单位：University of Mannheim; University of Naples Federico II
摘要：The following is an examination of experiments using an overlapping generations model, where inflation is determined by the monetary policy and by the amount of average saving within each period. A new experimental setup is used that allows us to observe more details in the process of expectation forming and to separate this process from the actual saving process. In contrast to experimental findings by Lim, Prescott, Sunder; Marimon, Spear, Sunder; and Marimon, Sunder we have found that (1) a...
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作者：Guthrie, G; Wright, J
作者单位：University of Auckland; Victoria University Wellington
摘要：This paper explains how central bank statements, rather than open market operations, can be used to implement monetary policy. In the extreme, policy instruments can be held constant. and yet interest rates will evolve along the path desired by the central bank. We show how the recent implementation of monetary policy in New Zealand works in this way. Using announcement data from New Zealand, we find that open mouth operations lead to large changes in interest rates across all maturities, and ...
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作者：Kim, S; Roubini, N
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; New York University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：Past empirical research on the effects of monetary policy in closed and open economies found evidence of several anomalies, such as the 'liquidity', 'price','exchange rate' and 'forward discount bias' puzzles. In this paper, we develop an approach that provides a solution to these empirical anomalies in an open economy setup. We use a 'structural VAR' approach with non-recursive contemporaneous restrictions and we identify monetary policy shocks by modeling the reaction function of the monetar...
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作者：Erceg, CJ; Henderson, DW; Levin, AT
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We formulate an optimizing-agent model in which both labor and product markets exhibit monopolistic competition and staggered nominal contracts. The unconditional expectation of average household utility can be expressed in terms of the unconditional variances of the output Sap, price inflation, and wage inflation. Monetary policy cannot achieve the Pareto-optimal equilibrium that would occur under completely flexible wages and prices: that is, the model exhibits a tradeoff in stabilizing the ...
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作者：Muscatelli, VA; Spinelli, F
作者单位：University of Glasgow; University of Brescia
摘要：This payer examines the stability of the demand for money in Italy using a newly extended data set for the period 1861-1996. We examine how the evolution of the financial system in Italy and policy shifts have affected the behavior of the long-run demand for money, and present tests of structural stability. We find the demand for broad money to be remarkably stable, despite periods of considerable economic turbulence. In addition, we present evidence on the monetary transmission mechanism. Our...
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作者：Hess, GD; Shin, K
作者单位：University System of Ohio; Oberlin College; Korea University
摘要：Cochrane (1991, Journal of Political Economy 99, 957-976) and Mace (1991, Journal of Political Economy 99, 928-956) test if risk sharing across households is complete in the sense that household consumption moves one-for-one with aggregate consumption. In their studies the source of income risk is idiosyncratic, and agents can share risk across the entire economy. Using a sample of households from the Panel Study on Income Dynamics (PSID), we explore whether households share the risk associate...
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作者：Bergin, PR
作者单位：University of California System; University of California Davis
摘要：This paper applies the fiscal theory of price level determination to the case of a monetary union. A fiscal perspective suggests, first, that the focus of past studies on seigniorage, per se, may be misplaced. Second, a rise in the level of debt by one member government can raise the common price level throughout the union, suggesting a role for fiscal rules. Third, conditions are discussed under which fiscal solvency is not necessary for each member government in a monetary union. (C) 2000 El...
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作者：Balke, NS; Wynne, MA
作者单位：Southern Methodist University; Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：Inflation is positively correlated with the variability of relative prices as measured by the standard deviation of the cross-section distribution of prices, and also with the third moment (skewness) of the cross-section distribution of prices. The conventional interpretation of these relationships is that they reflect sluggishness in the adjustment of individual prices in response to shocks. In this paper we question this interpretation. First, we show that similar correlations among the mome...
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作者：Rupert, P; Rogerson, R; Wright, R
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; University of Pennsylvania
摘要：We argue that estimates of intertemporal substitution elasticities obtained from standard life cycle models are subject to a downward bias because they neglect changes in work done at home over the life cycle. We extend the standard life cycle model to include home production and estimate it using data from three time use surveys. We find that the downward bias is large. (C) 2000 Published by Elsevier Science B.V. All rights reserved. JEL classification: D1; J2.
