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作者：Hall, GJ
作者单位：Yale University
摘要：I study detailed data from eleven automobile assembly plants. These data display considerable cross-plant heterogeneity in production scheduling. To explain the observed heterogeneity, I solve a dynamic programming model. When desired production is below the plant's minimum efficient scale, non-convexities induce production bunching; the plant uses less than full capital utilization on average and production is more volatile than sales. When desired production is above the plant's minimum effi...
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作者：Michelacci, C; Zaffaroni, P
作者单位：European Central Bank; Bank of Italy
摘要：Unit roots in output, an exponential 2% rate of convergence and no change in the underlying dynamics of output seem to be three stylized facts that cannot go together. This paper extends the Solow-Swan growth model allowing for cross-sectional heterogeneity. In this framework, aggregate shocks might vanish at a hyperbolic rather than at an exponential rate. This implies that the level of output can exhibit long memory and that standard tests fail to reject the null of a unit root despite mean ...
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作者：Liu, Z
作者单位：Clark University
摘要：This paper presents a dynamic general equilibrium model that is consistent with both seasonal and business cycle facts in the U.S. economy. The model features consumption durability and a transaction technology, both crucial in accounting for seasonal patterns of nominal variables. A calibrated version of the model is used to quantitatively evaluate welfare consequences of three alternative monetary policy rules: (1) the Fed's historical policy that smooths nominal interest rates at the season...
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作者：Fatás, A
作者单位：INSEAD Business School
摘要：This paper shows that in a cross section of countries there exists a strong positive correlation between long-term growth rates and the persistence of output fluctuations. We argue that the traditional explanation of persistence, an RBC model with exogenous productivity shocks, cannot account for this correlation. What it; required is a model where the stochastic nature of the trend is endogenous and growth dynamics is an important component of the transmission of business cycles. We present a...
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作者：Schmitt-Grohé, S; Uribe, M
作者单位：University of Pennsylvania; Rutgers University System; Rutgers University New Brunswick
摘要：This paper analyzes the implications of a balanced-budget fiscal policy rule for price-level determination in a cash-in-advance economy under three alternative monetary policy regimes. It shows that the price level is indeterminate under a nominal interest rate peg and determinate under a money growth rate peg. Under a feedback rule that sets the nominal interest rate as a non-negative and non-decreasing function of the inflation rate, the price level is indeterminate for both low and high val...
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作者：Athanasoulis, SG; van Wincoop, E
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Yale University
摘要：We propose a new methodology to evaluate the gains from global risksharing that is closely connected to the empirical growth literature. We obtain estimates of diversifiable growth uncertainty at various horizons from regressions of country-specific deviations from world growth on a wide set of variables in the information set. This is used to obtain a measure of the welfare gain from risksharing for a representative country. We find large benefits from risksharing. The gain for a 35-year hori...
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作者：Sack, B
作者单位：Federal Reserve System - USA
摘要：The tendency for changes in the federal funds rate to be implemented gradually has been considered evidence of an interest-rate smoothing objective for the Federal Reserve. This paper investigates whether gradual funds rate movements can be explained by the dynamic structure of the economy and the uncertainty surrounding that structure, without recourse to including an ad hoc interest-rate smoothing argument in the Fed's objective function. In the absence of parameter uncertainty, the optimal ...
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作者：Turnovsky, SJ
作者单位：University of Washington; University of Washington Seattle
摘要：Endogenizing labor supply leads to fundamental changes in the equilibrium structure of the AK growth model. The balanced growth equilibrium can be described in terms of two tradeoff loci relating the equilibrium growth rate to the fraction of time devoted to leisure. The implications of endogenous labor supply for fiscal policy are analyzed. Three issues are addressed. First, the effects of various distortionary tax changes and government expenditure changes on the equilibrium growth-leisure (...
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作者：Chang, YS
作者单位：University of Pennsylvania
摘要：Two investment anomalies in aggregate home-production models are investigated: excess volatility and comovement. Adjustment cost in capital accumulation reduces both volatility and the negative correlation in investments on capital goods in the market and at home. Investments comove to the extent that durable goods and time are good substitutes in consumption activities. Consumers substitute durable goods for time at home when the opportunity cost of time is high during booms. Based on the Con...
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作者：Gradstein, M
作者单位：Ben-Gurion University of the Negev; University of Pennsylvania
摘要：This paper offers an explanation for the widespread phenomenon of uniform public schooling, which is viewed here as a way for the government to precommit itself to restraints on future income redistribution. Such precommitment is likely to enhance accumulation of human capital, to bolster economic growth, and, under certain circumstances, to constitute a preferred choice for a majority of voters. (C) 2000 Published by Elsevier Science B.V. All rights reserved.
