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作者：Chari, VV; Christiano, LJ; Kehoe, PJ
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Northwestern University; University of Pennsylvania
摘要：We find conditions for the Friedman rule to be optimal in three standard monetary models. Our main contribution is to shed light on two issues in the literature. First, the conventional view maintains that when money is a final good, its services should be taxed. Moreover, if money demand is interest-inelastic, its services should be taxed heavily. We show that this view is incorrect. Second, there is an ongoing controversy about whether the optimality of the Friedman rule is connected to the ...
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作者：Crucini, MJ; Kahn, J
作者单位：University of Rochester
摘要：We argue against the prevailing view that the macroeconomic role of tariffs during the Great Depression was small. To understand the economic channels through which tariffs could have large effects we build a multi-sector dynamic equilibrium trade model that captures key features of trade in the 1930s: A substantial share of trade was in material inputs, and the persistence of the tariff increases had the potential for significant effects on capital accumulation. Both of these features are imp...
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作者：Kaminsky, GL; Lewis, KK
作者单位：University of Pennsylvania; National Bureau of Economic Research; Federal Reserve System - USA
摘要：A frequently cited explanation for why foreign exchange interventions affect the exchange rate is that these interventions signal future monetary policy intentions. This explanation says that central banks signal a more contractionary monetary policy in the future by buying domestic currency today. Therefore, the expectations of future tighter monetary policy make the domestic currency appreciate, even though the current monetary effects of the intervention are typically offset by central bank...
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作者：Richards, AJ
摘要：This paper is a response to the literature that tests for cointegration between national stock market indices. It argues that apparent findings of cointegration in other studies may often be due to the use of asymptotic, rather than small-sample, critical values. In fact, economic theory suggests that cointegration is unlikely to be observed in efficient markets. However, this paper finds evidence for the predictability of relative returns and the existence of a 'winner-loser' effect across 16...
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作者：Bohn, H
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作者：BOSCHEN, JF; MILLS, LO
作者单位：Federal National Mortgage Association (Fannie Mae)
摘要：We present tests of long-run monetary neutrality using an empirical framework that allows for the effects of real shocks on the long-run behavior of both output and monetary aggregates. Our findings support long-run monetary neutrality as a feature of the post World War II U.S, economy. We further find that permanent innovations in labor supply, as measured by working-age population, are a principal factor in the long-run movements in U.S, output and monetary aggregates.
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作者：Ni, S
摘要：This paper estimates substitutability of government purchases for private consumption using an optimal consumption model. The utility function features several types of nonseparabilities. The paper finds that GMM estimates are affected by the specification of nonseparability between private consumption and government purchases, by the restriction of time-separability, and by the measurement of real interest rates.
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作者：Ball, L
摘要：This paper presents a model of dynamically consistent monetary policy that explains changes in inflation over time. In the model - as in the postwar United States - adverse supply shocks trigger increases in inflation. High inflation persists until a tough policy-maker causes a recession to disinflate. The paper also proposes an approach to selecting a unique equilibrium in infinite-horizon models of monetary policy.
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作者：BENASSY, JP
摘要：This article presents an explicitly computable business cycle model with optimizing agents in an economy with money and wage contracts. We start from the well-known Long-Plosser-McCallum real business cycle model and extend it in two directions: First, money is introduced, still maintaining the market clearing assumption. Secondly, this monetary model is studied under the assumption of predetermined wages. An explicit solution is given in both cases. It appears that the combination of money an...
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作者：Ravn, MO; Sola, M
作者单位：Aarhus University; University of London; Birkbeck University London; University of London; London Business School
摘要：We investigate empirically the stability of the correlation between output growth and inflation using a technique that allows for changes in regime. We look at recent quarterly data for the G4 and at historical data for the U.S. and U.K. We find evidence of changes both in means and variances in both sources of data. In the quarterly data we find that the covariance between output growth and inflation is typically negative. In the historical data we find, as suggested in previous studies, that...
