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作者：Wu, YR; Zhang, JX
作者单位：Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; University of Hong Kong
摘要：This payer introduces monopolistic competition and increasing returns to scale into a monetary real business cycle (RBC) model to re-estimate the welfare costs of inflation. We first calibrate the model and show that it is capable of generating the observed aggregate fluctuations even when there are no shocks to the fundamentals. In particular, we demonstrate that this model matches the stylized U.S. business cycles facts as well as two more standard models. Then, we find that in this model th...
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作者：Horvath, M
作者单位：Stanford University
摘要：This paper presents a multisector dynamic general equilibrium model of business cycles with a distinctive feature: aggregate fluctuations are driven by independent sectoral shocks. The model hypothesizes that trade among sectors provides a strong synchronization mechanism for these shocks due to the limited, but locally intense, interaction that is characteristic of such input trade flows. Limited interaction, characterized by a sparse intermediate input-use matrix, reduces substitution possib...
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作者：Murray, CJ; Nelson, CR
作者单位：University of Washington; University of Washington Seattle; University of Houston System; University of Houston
摘要：Several recent papers conclude that GDP is trend stationary, implying that all shocks are transitory. We re-examine the evidence in light of test size distortion due to data-based lag selection and departures from the maintained hypothesis of temporal homogeneity, and find both effects trigger false rejections of the unit root hypothesis when it is true and signal the presence of permanent shifts in trend that did not occur. Trend stationarity is not supported by the more homogeneous post-war ...
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作者：Dupor, B
作者单位：University of Pennsylvania
摘要：This paper addresses exchange rate determination under a nominal interest peg in a two-country cash-in-advance model. Under two types of cash-in-advance constraints, if both governments peg the nominal interest rate on domestic bonds, there is a continuum of equilibria, each consistent with different nominal exchange rates and real resource allocations. The well-known finding of equilibrium uniqueness under a nominal interest rate peg in a closed economy does not survive in a multi-country, mu...
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作者：Rangazas, P
作者单位：Indiana University System; Indiana University Indianapolis
摘要：Education is added to the standard Neoclassical growth model by calibrating a human capital technology to the empirical evidence on schooling. Simulation experiments patterned after King and Rebelo (1993. American Economic Review 83, 905-931) are conducted. When agents act as if they are infinitely lived, interest rates are too high and the rise in school spending is too weak over the transitional growth path. When schooling is inefficiently low due to binding intergenerational credit constrai...
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作者：Sarte, PDG
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：This paper explores the links among growth, the informal economy, and rent-seeking bureaucracies. The presence of congestion associated with the enforcement of property rights implies that informality can be useful. Whether bureaucratic rent-seeking is detrimental to growth then depends on how good a substitute informality is to production in the formal sector. In order to create profits which can be appropriated, rent-seeking bureaucrats limit entry into the formal economy. As a result, firms...
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作者：Curtis, ES; Waller, CJ
作者单位：Drexel University; University of Kentucky
摘要：Using a search-theoretic model of money, we explore the conditions under which two currencies, domestic and foreign, will co-exist despite legal restrictions on the use of foreign currency for internal trade. We study how changes in government policy (i.e., its enforcement of currency laws through fines ol the rate of enforcement) affects the acceptability of illegal currency, the equilibrium value of both currencies and the implicit exchange rate. First we construct a model with indivisible g...
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作者：Viard, AD
作者单位：Federal Reserve System - USA
摘要：Many analyses of capital gains taxation assume that realization-based taxes are economically similar to accrual-based taxes. In equilibrium, however, the distinctive implications of realization taxes for asset trading through the lock-in effect are associated with distinctive dynamic asset pricing effects. Asset prices are increased by the current realization tax, to partly offset the sale disincentive that the tax would otherwise impose. The resulting division of the tax burden between buyers...
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作者：Iscan, TB
作者单位：Dalhousie University
摘要：This paper extends the analytical framework provided by Glick and Rogoff (1995. Journal of Monetary Economics 35, 159-192) to an economy with traded and nontraded goods, and it analyzes the impact of country-specific and global productivity shocks on the current account and investment. Each of these disturbances have different implications for the current account and investment that are largely consistent with the empirical results. First, the current account responds more than investment to c...
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作者：Tornell, A; Velasco, A
作者单位：Harvard University; National Bureau of Economic Research; New York University
摘要：Conventional wisdom holds that fixed rates provide more fiscal discipline than do flexible rates. In this paper we show that this wisdom need not hold in a standard model in which fiscal policy is endogenously determined by a maximizing fiscal authority. The claim that fixed rates induce more discipline stresses that sustained adoption of lax fiscal policies must eventually lead to an exhaustion of reserves and thus to a politically costly collapse of the peg. Hence, under fixed rates bad beha...
