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作者：Taylor, JB
作者单位：Stanford University
摘要：This paper examines the implications of recent research on monetary policy rules for practical monetary policy making, with special emphasis on strategies for setting interest rates by the European Central Bank (ECB). The paper draws on recent research and new simulations of a large open economy model to assess the efficiency of a simple benchmark rule in comparison with other proposed rules. Further: it stresses new results on the robustness of monetary policy rules in which each rule that is...
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作者：Bullard, J; Russell, S
作者单位：Purdue University System; Purdue University; Purdue University in Indianapolis; Federal Reserve System - USA
摘要：We study the properties of an overlapping generations model with many-period-lived agents, neoclassical production and capital accumulation, labor-leisure decisions, population growth, and technological progress. We demonstrate that a plausibly calibrated version of this model has 'monetary steady states' - Samuelson-case steady states with large real stocks of unbacked government debt. These steady states can duplicate a number of important features of US post-war data, including three phenom...
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作者：Berg, C; Jonung, L
作者单位：Sveriges Riksbank; Stockholm School of Economics
摘要：In September 1931, Sweden became the first country to make the stabilization of the domestic price level the official goal of its monetary policy, actually the only country that so far has adopted such an explicit price level target. Starting from the issues and concepts familiar from research and policy experience of inflation targeting - as contrasted to price level targeting - this paper examines the evolution of the Swedish price level targeting in the 1930s, We bring out a number of simil...
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作者：Dupor, B
作者单位：University of Pennsylvania
摘要：This paper studies the ability of input-output relationships to generate fluctuations in aggregate output in several multi-sector models, including that of Long and Plosser (1983). In these models, the manufacture of each sector's output depends on other sectors for materials. These interconnections provide a mechanism for transmission of shocks across sectors and over time. We ask how aggregates from these multi-sector models behave relative to single-sector models. We provide conditions unde...
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作者：Clark, PB; Goodhart, CAE; Huang, HZ
作者单位：International Monetary Fund; University of London; London School Economics & Political Science; International Monetary Fund
摘要：Using a rational expectations model based on a Phillips curve with persistence in inflation, we derive optimal monetary policy rules under both commitment and discretion. We assume that the central bank targets the natural rate of output, so there is no incentive generating an average inflation bias. With commitment, inflation has less persistence but more conditional variability, whereas output has more persistence and less conditional variability than with discretion. As the commitment strat...
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作者：Faig, M; Shum, P
作者单位：York University - Canada; University of Toronto
摘要：We evaluate the effects of corporate taxation on firms' investment and financing choices. We focus on how the asymmetry of the corporate tax, imperfect loss carry-overs, endogenous financing with credit constraints, and different degrees of investment irreversibility affect both incremental investment and entry decisions. We fmd that, as long as capital can be financed with debt at the margin, the tax distortions on the marginal investment decision are small. This is particularly so if the tec...
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作者：Cooley, TF; Quadrini, V
作者单位：University of Rochester; University of Rochester; Duke University; Duke University
摘要：This paper integrates the modern theory of unemployment with a limited participation model of money and asks whether such a framework can produce correlations like those associated with the Phillips curve as well as realistic labor market dynamics. The model incorporates both monetary and real shocks. The response of the economy to monetary policy shocks is consistent with recent evidence about the impact of these shocks on the economy. (C) 1999 Elsevier Science B.V. All rights reserved.
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作者：Shi, SY; Wen, Q
作者单位：Queens University - Canada; University of Windsor
摘要：This paper integrates the search model of unemployment into an intertemporal framework and examines the dynamic effects of a labor income tax, a capital income tax, an unemployment subsidy, a vacancy subsidy, and an investment tax credit. We also compute the marginal deadweight losses associated with these policies. The presence of unemployment reduces the relative welfare cost of capital income taxation to labor income taxation. With realistic parameter values, labor income taxation can even ...
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作者：Haldane, A; Quah, D
作者单位：University of London; London School Economics & Political Science; Bank of England
摘要：This paper documents some stylized facts on evolving UK Phillips curves, and shows how these differ from their US versions. We interpret UK Phillips curve dynamics in a positive theory of monetary policy - how policymaker attitudes on the Phillips curve have evolved since the 1950s - rather than, more traditionally, as interaction between exogenous demand and supply disturbances. Combining this framework with reasoned conjectures on how policymakers' beliefs have changed helps explain some fea...
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作者：Koustas, Z; Serletis, A
作者单位：University of Calgary; Brock University
摘要：We use post-war quarterly data for Belgium, Canada, Denmark, France, Germany, Greece, Ireland, Japan, the Netherlands, the United Kingdom and the United States to examine the Fisherian link between inflation and short-term nominal interest rates. In doing so, we apply the King and Watson (1997) methodology, paying particular attention to the integration and cointegration properties of the variables, since meaningful Fisher effect tests critically depend on such properties. We conclude that the...
