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作者：Alvarez, F; Atkeson, A
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Chicago; Universidad Torcuato Di Tella; National Bureau of Economic Research
摘要：We analyze the impact of monetary policy on inflation, interest rates and exchange rates in a model with segmented asset markets developed by Grossman and Weiss (1983) and Rotemberg (1984, 1985). We find parameters for which real and nominal exchange rates in this model are (1) much more volatile than interest rates, inflation rates, and money growth rates, (2) highly correlated with each other, and (?) highly persistent, While this model fails to match the data in other important respects, it...
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作者：Ingram, BF; Kocherlakota, NR; Savin, NE
作者单位：University of Iowa; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：A significant amount of economic activity takes place within the home. Unfortunately, it is difficult to assess the cyclical properties of home production because the available data are too sporadic. Using a real business cycle (RBC) model, we construct quarterly data on three variables that are unobservable at a quarterly frequency: hours worked in the home sector, hours spent in leisure, and the consumption of home-produced goods. Three results emerge: leisure is countercyclical while nonmar...
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作者：Cushman, DO; Zha, T
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; University of Saskatchewan
摘要：Previous empirical study on the effects of monetary policy shocks in small open economies has generated puzzling dynamic responses in various macroeconomic variables. This paper argues that these puzzles derive from an identification of monetary policy that is inappropriate for such economies. To remedy this, it is proposed that a structural model be estimated to explicitly account for the features of the small open economy. Such a model is applied to Canada with tightly estimated results over...
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作者：Koelln, K; Rush, M; Waldo, D
作者单位：State University System of Florida; University of Florida; University of North Texas System; University of North Texas Denton
摘要：We use cross-country data to examine the effects of inflation on government spending and monetary policy multipliers. In contrast to earlier work by Ball, Mankiw, and Romer (1988) and Defina (1991), we allow for differential impacts of both the monetary base and government spending, and this difference turns out to be empirically quite important. We find little evidence in favor of a New Keynesian, sticky price model.
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作者：Chopin, MC; Cole, CS; Ellis, MA
作者单位：University of North Texas System; University of North Texas Denton; University System of Ohio; Kent State University; Kent State University Salem; Kent State University Kent
摘要：One of the few works that Ends strong evidence of congressional influence on U.S. monetary policy is Grier (1991), which finds a direct relationship between the liberalism of the Senate oversight committee leadership and monetary base growth. We extend this analysis by considering a longer sample period and by considering the preferences of House oversight committee leaders, in addition to Senators. Grier's evidence is not robust to these extensions. Where we do find correlation between congre...
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作者：Chopin, MC; Cole, CS; Ellis, MA
作者单位：University of North Texas System; University of North Texas Denton; University System of Ohio; Kent State University; Kent State University Salem; Kent State University Kent
摘要：This paper shows that the evidence of congressional impotence in influencing U.S. monetary policy presented in Chopin et al. (1996) is robust to inclusion of a dummy variable for the tenure of House Banking Committee Chairman Wright Patman. This result is in contrast to the assertion of Grier (1996). Further, we show that specification problems of models of congressional influence over a sample period that extends beyond the mid-1980s can be the result of omitted variable bias. When macroecono...
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作者：Dotsey, M; Ireland, P
摘要：This paper presents a general equilibrium monetary model in which inflation distorts a variety of marginal decisions. Although individually none of the distortions is very large, they combine to yield substantial welfare cost estimates. A sustained 4 percent inflation like that experienced in the US since 1983 costs the economy the equivalent of 0.41 percent of output per year when currency is identified as the relevant definition of money and over 1 percent of output per year when M1 is defin...
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作者：Faust, J
摘要：The Federal Reserve has been called a bizarre policymaking structure. This paper documents and formalizes a historical argument that the Fed's structure was a response to public conflict over inflation's redistributive powers. The paper shows that, in the face of conflict over redistributive inflation, policy by majority can lead to policy that is worse, even for the majority, than obvious alternatives. In balancing the interests for and against surprise inflation, the Fed's structure can lead...
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作者：Oppers, SE
摘要：This paper analyzes the causes and consequences of the universal switch from bimetallism to the gold standard in the early 1870s. It shows that the sole cause for the fall in silver prices after 1871 was the German demonetization of silver, and that the subsequent restriction of free silver coinage in Belgium and France was unnecessary: continued free silver coinage in the Latin Union would have reduced the share of gold in the Union's monetary system only marginally. Their continued adherence...
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作者：Huggett, M
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：This paper compares the age-wealth distribution produced in life-cycle economies to the corresponding distribution in the US economy. The idea is to calibrate the model economies to match features of the US earnings distribution and then examine the wealth distribution implications of the model economies. The findings are that the calibrated model economies with earnings and lifetime uncertainty can replicate measures of both aggregate wealth and transfer wealth in the US. Furthermore, the mod...
