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作者：Loewy, MB; Papell, DH
摘要：Regions of the United States represent a set of economies where the conditions often argued as underlying convergence in per-capita income are satisfied, Stochastic convergence among regions implies the rejections of a unit root in relative per-capita income, a hypothesis which is not supported by conventional tests. Carlino and Mills (1993) allow for an exogenous trend break, but can only reject the unit root hypothesis in three of the eight U.S. regions. We incorporate endogenously determine...
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作者：Freeman, S
摘要：The paper presents a model of banks as clearinghouses of private debt where money is used as the means of payment. Implications of the model include: i) the private provision of banknotes or a discount window may be needed to avoid the insufficient debt clearing that results from an inflexible currency stock; and ii) an uncontrolled total money stock may result in a multiplicity of equilibria including an inflationary banknote over-issue.
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作者：Grier, KB
摘要：Grier(1991) shows that monetary policy is influenced by Congress in that increases in the liberality of the Senate Banking Committee leadership are significantly positively correlated with monetary base growth. Chopin, Cole, and Ellis (1996) claim that the House leadership statistically dominates the Senate leadership for predicting money growth, but that the direction of the effect is perverse: a more liberal House leadership is associated with a lower rate of base growth. In this paper, I sh...
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作者：Bose, N; Cothren, R
作者单位：Virginia Polytechnic Institute & State University
摘要：This paper considers an endogenous growth model in which an informational asymmetry exists between capital producing borrowers and lenders as to the borrower's ability to successfully operate an investment project. In contrast to previous models of this genre, the lender can induce self-selection either by rationing a fraction of borrowers, or by using a costly screening technology, or by a mix of the two. The equilibrium contract's form and the growth rate of output are mutually dependent and...
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作者：Hamilton, JD
摘要：Many of the quarterly oil price increases observed since 1985 are corrections to even bigger oil price decreases the previous quarter. When one looks at the net increase in oil prices over the year, recent data are consistent with the historical correlation between oil shocks and recessions.
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作者：Lacker, JM; Schreft, SL
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：A stochastic economic environment is presented in which the mix of cash and resource-costly credit used as means of payment is endogenous. For reasonable values of the credit cost parameter, velocity can be quite variable and sensitive to the nominal interest rate. Those parameter values also generate larger welfare costs of inflation than have been found previously and a sizable impact of inflation on real interest rates.
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作者：Hong, KO
摘要：This paper examines the time series behavior of durables/nondurables and services consumption expenditure of six OECD countries, following Caballero's approach. In each country, durables expenditure exhibits greater reversion than nondurables and services, when lower frequencies of the series are examined. The results reject the frictionless PIH as a model for durable goods consumption. However, they strongly support Mankiw's hypothesis on the nature of durable goods consumption.
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作者：delaFuente, A; Marin, JM
作者单位：Pompeu Fabra University
摘要：We analyze the interaction between growth and financial development in a model of product innovation. Innovation is risky and can be monitored only imperfectly and at a cost. Financial intermediaries emerge endogenously to avoid the duplication of monitoring activities and negotiate contracts with innovators which induce optimal effort through a combination of incentives and monitoring. A positive correlation emerges between growth and financial development. The optimal degree of monitoring de...
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作者：Yun, T
摘要：This paper investigates the ability of nominal price rigidity to explain the co-movement of inflation with the cyclical component of output observed in the post-war U.S. data. A dynamic general equilibrium model is constructed with the introduction of monopolistic competition and nominal price rigidity in a standard real business cycle model, allowing for an endogenous money supply rule. It is then demonstrated that sticky price models can explain the observed associations between movements in...
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作者：Atkeson, A; Ogaki, M
作者单位：University System of Ohio; Ohio State University; University of Pennsylvania; National Bureau of Economic Research
摘要：This paper constructs and estimates a model of consumer preferences in which the intertemporal elasticity of substitution (IES) of consumption expenditure rises with the revel of wealth, The purpose of this paper is to measure the effect that systematic variation in the IES of poor and rich consumers has on the IES of aggregate consumption expenditure. We find economically significant differences in the IES of poor and rich consumers in Indian panel data on the consumption of individual househ...
