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作者：Carlson, JB; Hoffman, DL; Keen, BD; Rasche, RH
作者单位：Arizona State University; Arizona State University-Tempe; Federal Reserve System - USA; Federal Reserve Bank - Cleveland; University of Virginia; Federal Reserve System - USA
摘要：We find strong evidence of a stable 'money demand' relationship for MZM and M2M through the 1990s, Though the M2 relation breaks down somewhere around 1990, evidence has been accumulating that the disturbance is well characterized as a permanent upward shift in M2 velocity, which began around 1990 and was largely over by 1994. Taken together, our results support the hypothesis that households permanently reallocated a portion of their wealth from time deposits to mutual funds. Although this re...
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作者：Oppers, SE
作者单位：International Monetary Fund
摘要：A longstanding puzzle in the bimetallic literature concerns the stability of the relative price of gold and silver in the absence of arbitrage possibilities in the major bimetallic countries in the 19th century. This paper offers a solution by developing a model of bimetallism that adds the 'disequilibrium' dynamics relevant when Gresham's law has driven out the 'good money'. The model demonstrates how the bimetallic mint ratios of major countries acted as sets of regulating barriers to stabil...
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作者：Dotsey, M; Sarte, PD
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：This paper analyzes the effects of inflation variability on economic growth in a model where money is introduced via a cash-in-advance constraint. In this setting, we find that inflation adversely affects long-run growth, even when the cash-in-advance constraint applies only to consumption. At the same time, we find that inflation and growth are positively related in the short run. Furthermore, variability increases average growth through a precautionary savings motive. Since inflation and inf...
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作者：Huggett, M; Ventura, G
作者单位：Western University (University of Western Ontario); Georgetown University; Instituto Tecnologico Autonomo de Mexico
摘要：We use a calibrated life-cycle model to evaluate why high income households save as a group a much higher fraction of income than do low income households in US cross-section data. We find that (1) age and relatively permanent earnings differences across households together with the structure of the US social security system are sufficient to replicate this fact, (2) without social security the model economies still produce large differences in saving rates across income groups and (3) purely ...
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作者：Bae, SK; Ratti, RA
作者单位：University of Missouri System; University of Missouri Columbia; Korea Institute for Industrial Economics & Trade (KIET)
摘要：Using long, low frequency data on money and output over 1884-1996 for Argentina and over 1912-1995 for Brazil, it is found that money is long-run neutral but not long-run superneutral with regard to real output. A rise in money growth is associated with a decline in output - the opposite of the Tobin effect. The introduction of dummy variables for 1930s or to capture recent periods of financial disruption associated with bank insolvencies does not restore long-run superneutrality for either co...
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作者：Ellison, M; Scott, A
作者单位：University of London; London Business School; European University Institute
摘要：We examine the effect of introducing a specific type of price stickiness into a stochastic growth model, subject to a cash in advance constraint. As in previous studies, we find the introduction of price rigidities provides a substantial source of monetary non-neutrality which contributes significantly to output volatility. We show that the introduction of this form of sticky prices improves the model's performance at explaining inflation but worsens it for output. The most dramatic failure of...
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作者：Wieland, V
作者单位：Federal Reserve System - USA
摘要：Since central banks have limited information concerning the transmission channel of monetary policy, they are faced with the difficult task of simultaneously controlling the policy target and estimating the impact of policy actions. A tradeoff between estimation and control arises because policy actions influence estimation and provide information which may improve future performance. I analyze this tradeoff in a simple model with parameter uncertainty and conduct dynamic simulations of the po...
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作者：Perez-Sebastian, F
作者单位：Universidad Publica de Navarra
摘要：Employing cross-country data, this paper evaluates the transitional dynamics predictions of a non-scale growth model of endogenous technology innovation and imitation. We show that, unlike the neoclassical growth framework, the transitional dynamics of the R&D-based growth model can account for growth 'miracles'. The additional convergence power provided by technology imitation allows the model to replicate rapid growth experiences for plausible real interest rates, and reasonable consumption ...
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作者：Phelan, C; Trejos, A
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Northwestern University
摘要：Can a one-time, permanent change in the fundamentals behind the sectoral composition of the economy prompt an aggregate downturn? Can this downturn be nonnegligible, even if one uses US data to determine the relative size of gross vs. net job flows, and the importance of job creation costs? Can one consider the military build-down of the 1990s as a plausible cause for the 1990-1991 recession? Do sectoral reallocations generate responses that are qualitatively similar to 'productivity shocks'? ...
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作者：Levine, R; Loayza, N; Beck, T
作者单位：University of Minnesota System; University of Minnesota Twin Cities; The World Bank; The World Bank
摘要：This paper evaluates (1) whether the exogenous component of financial intermediary development influences economic growth and (2) whether cross-country differences in legal and accounting systems (e.g., creditor rights, contract enforcement, and accounting standards) explain differences in the level of financial development. Using both traditional cross-section, instrumental variable procedures and recent dynamic panel techniques, we find that the exogenous components of financial intermediary...
