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作者：Cooper, RW; Johri, A
作者单位：McMaster University
摘要：This paper considers the importance of dynamic complementarities as an endogenous source of propagation in a dynamic stochastic economy. Dynamic complementarities link the stocks of human and organizational capital, which are influenced by past levels of economic activity, to current levels of productivity. We supplement an otherwise standard dynamic business cycle model with both contemporaneous and dynamic complementarities. The model is calibrated using estimates of these effects from both ...
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作者：Jonsson, G
摘要：This paper develops a positive model of monetary policy that allows for persistent unemployment and electoral uncertainty. The common credibility problem associated with low-inflation monetary policy results in both a more severe inflation bias and a stabilization bias. However, a simple state contingent performance contract eliminates both biases. Monetary policy is also subject to two different strategic political considerations: It is used to influence future policy decisions as well as to ...
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作者：Daniel, BC
摘要：This paper identifies two structural trends responsible for growth in per capita industrial production in the US, the UK and Japan, First, using Johansen's multivariate cointegration approach, the number of common trends in the three industrial production series and the real price of oil is estimated to be two. Next, long-run restrictions are used to separate structural errors with temporary effects from those with permanent effects. Finally, it is assumed that the oil price is affected by onl...
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作者：Temzelides, T
摘要：I study equilibrium selection by an evolutionary process in an environment with multiple equilibria, one of which involves a banking panic. The analysis is built on a repeated version of the Diamond-Dybvig (1983) model. The optimal equilibrium is uniquely selected if it is also 'risk dominant'. When there are multiple banks, the probability of observing a panic increases as the size of the banks decreases. Local interaction generates contagion effects that allow a bank run to spread first amon...
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作者：Balduzzi, P; Bertola, G; Foresi, S
作者单位：Centre for Economic Policy Research - UK; University of Turin; National Bureau of Economic Research
摘要：We investigate the effects of short-term rate targeting by the Federal Reserve on the term structure of interest rates, and make contributions at two levels. Using a new series of interest rate targets made available by the Federal Reserve Bank of New York, we develop a family of models that highlight the implications of discrete changes in interest rate targets for the term structure of interest rates. We show that spreads between short-term rates and the overnight federal reserve funds rate ...
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作者：King, M
摘要：In October 1992, following sterling's departure from the Exchange Rate Mechanism, Britain adopted a new framework for monetary policy. That comprised two components: first, an explicit target for inflation, and, second, institutional changes designed to give greater influence to the Bank of England by increasing the transparency and openness of the process by which interest rates are set. This paper analyses those changes from the perspective of the debate on rules versus discretion, and argue...
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作者：Klenow, PJ; Rodriguez-Clare, A
作者单位：University of Chicago
摘要：The last decade has seen an explosion of research on economic growth. Based on a selective review of this literature and the recent book on Economic Growth by Robert Barro and Xavier Sala-i-Martin, we see four main challenges for future research. First, to more tightly link theory and evidence. We think a good way of achieving this would be to follow the methodology common in the business cycle literature of simulating models to compare their predictions to the data. Second, to develop new way...
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作者：Lacker, JM
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：This paper develops a general equilibrium model of the clearing and settlement of private payment instruments. Spatial separation, heterogeneous preference shocks and limited communication provide a role for private credit as a means of payment. Although this method could be applied to various settlement arrangements, the use of central bank deposit liabilities in settlement is studied here. Various tools of payment system policy, such as intraday overdraft limits and fees, collateral requirem...
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作者：[Anonymous]
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作者：Berger, AN; Leusner, JH; Mingo, JJ
作者单位：University of Pennsylvania; University of Chicago
摘要：An understanding of bank branch efficiency may help resolve a number of conceptual, measurement, and policy questions about efficiency at the bank level. We measure the efficiency of over 760 branches of a large U.S. commercial bank. We find that there are about twice as many branches as would minimize costs, but this may be optimal from a profitability standpoint because 'overbranching' raises revenues from providing extra customer convenience. X-inefficiencies are quite large, over 20% of op...
