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作者：Chirinko, RS; Schaller, H
作者单位：Federal Reserve System - USA; Carleton University
摘要：Dramatic fluctuations in the stock market raise questions about whether actual asset prices correspond to the expected present value of future cash flow and whether deviations from this fundamental price can affect real investment spending. Even if there are deviations from fundamental price, they may not distort real behavior if firms ignore these deviations in making their investment decisions. On the other band, overvaluation of equities could provide firms with a relatively cheap source of...
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作者：Carlino, G; Mills, L
作者单位：Federal National Mortgage Association (Fannie Mae)
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作者：Correia, I; Teles, P
作者单位：Banco de Portugal; Universidade Catolica Portuguesa
摘要：In contrast to the recent literature on the optimal inflation tax, we show that, in models where money reduces transactions costs, it is optimal to set the inflation tax to zero when seigniorage is replaced by revenue from distortionary taxes. The main reasons for this result are that the variable costs of supplying real balances are negligible and the inflation tax is a unit tax. We also show that the intermediate good optimal taxation rules in the public finance literature cannot be directly...
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作者：Williamson, SD
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作者：Bental, B; Eden, B
作者单位：University of Haifa; Bank of Israel
摘要：We propose a model in which an unanticipated reduction in the money supply leads to a contemporaneous increase in inventories followed by periods with lower output. This persistent real effect does not require price rigidities or real shocks and confusion. It is obtained in a model of uncertain and sequential trade, in which markets are cleared and agents are price takers.
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作者：Burnside, C
摘要：A number of recent papers have used simple linear regressions in an attempt to identify market structure, the extent of returns to scale, and possible external effects in U.S. manufacturing industries. The results obtained from these regressions have important implications for several branches of modem macroeconomics. As a result, the macro literature frequently cites specific numerical evidence from Caballero and Lyons (1992) and Hall (1990), which suggests that there are quantitatively signi...
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作者：Fleissig, A; Swofford, JL
作者单位：University of South Alabama; Saint Louis University
摘要：We estimate a dynamic asymptotically ideal model of a system of money demand equations. This specification allows incomplete portfolio adjustment. We base our policy conclusions on Morishima elasticities, because as Blackorby and Russell (1989) show, the Allen-Uzawa elasticities can give misleading results. We find that cash assets, savings deposits, and small time deposits are all substitutes for each other. These results imply that monetary authorities should target a relatively broad moneta...
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作者：Jonsson, G; Klein, P
作者单位：International Monetary Fund; Stockholm University
摘要：In this paper we show that fluctuations in distortive taxes can account for some of the key features of the Swedish post-war business cycle. The empirical fit of a simple stochastic growth model is significantly improved when it is amended to include imperfectly predictable fluctuations in payroll taxes, consumption taxes, and government consumption. Indeed, using the simulated method of moments, SMM, we find that, for large sets of conventional moments, models with stochastic fiscal policy ca...
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作者：Benavie, A; Grinols, E; Turnovsky, SJ
作者单位：University of Washington; University of Washington Seattle; University of North Carolina; University of North Carolina Chapel Hill; University of Illinois System; University of Illinois Urbana-Champaign
摘要：This paper introduces costly investment into a stochastic equilibrium macro model. Investment is determined by an endogenously determined Tobin-q that depends upon the structural parameters of the economy. The model permits a sequence of economies, allowing for an increasing role of government, to be studied. The effects of both a structural change, taking the form of a higher variance of productivity shocks, and fiscal policy on the equilibrium is analyzed, paying particular attention to the ...
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作者：Krusell, P; Quadrini, V; RiosRull, JV
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Rochester; Centre for Economic Policy Research - UK; University of Pennsylvania; Pompeu Fabra University
摘要：We use political-equilibrium theory and the neoclassical growth model to compare consumption and income tax systems, If government outlays are used for redistribution through transfers, then steady-state equilibria in societies that use income taxes are not necessarily worse in welfare terms, and may even be better. Income taxes are attractive precisely because they are more distortionary, since this implies low equilibrium transfer levels, We also find that switching lax systems typically doe...
