-
作者：GLICK, R; ROGOFF, K
作者单位：Princeton University
摘要：This paper develops an analytically tractable empirical model of investment and the current account, and applies it to data from the G-7 countries. The distinction between global and country-specific shocks turns out to be quite important for explaining current account behavior; overall the model performs surprisingly well. One apparent puzzle, however, is that the current account responds by much less than investment to country-specific shocks, despite the near unit root behavior of these sho...
-
作者：BASU, S; FERNALD, JG
作者单位：Federal Reserve System - USA; University of Michigan System; University of Michigan
摘要：Using data on gross output for two-digit manufacturing industries, we find that an increase in the output of one manufacturing sector has little or no significant effect on the productivity of other sectors. Using value-added data, however, we confirm the results of previous studies which find that output spillovers instead appear large. We provide an explanation for these differences, showing why, with imperfect competition, the use of value-added data leads to a spurious finding of large app...
-
作者：NORRBIN, SC; REFFETT, KL
作者单位：Arizona State University; Arizona State University-Tempe
摘要：This paper examines the importance of financial and technological stochastic trends in the context of a stochastic, dynamic, general equilibrium monetary economy with multiple means of payment. In contrast to earlier empirical work, we find support for both a long-run substitution condition between money, trade credit, and interest rates as well as a long-run transactions demand for alternative payments media consistent with real business cycle frameworks.
-
作者：Tallman, EW; Wang, P
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We investigate dynamic interactions between relative price movements and money demand behaviors during hyperinflations, viewing relative price changes as resulting primarily from real disturbances. We develop a general equilibrium model with heterogeneous consumption and capital goods to illustrate how monetary shocks may produce real effects through the relative price channel. This motivates the design of long-run restrictions to identify a structural vector autoregression, employing data fro...
-
作者：Merz, M
摘要：Existing models of the business cycle have been incapable of explaining many of the stylized facts that characterize the US labor market. The standard real business cycle model is modified by introducing two-sided search in the labor market as an economic mechanism that propagates technology shocks. This new analytical environment can explain many phenomena of the business cycle that the standard model either has resolved in an unsatisfactory manner or has not been able to address at all.
-
作者：Kim, MJ; Yoo, JS
作者单位：University of Alabama System; University of Alabama Tuscaloosa
摘要：This paper extends the univariate Markov switching unobserved component model to the multivariate Markov switching factor model of coincident economic indicators. An approximate ML method is developed to estimate the model. The extracted Markov switching factor may be interpreted as the coincident index and is comparable to the Stock-Watson index which differs only by the Markov switching component. Using four constituent series of the DOC coincident index for the period January 1960 to June 1...
-
作者：STRONGIN, S
摘要：This paper examines recent work on the identification of monetary policy disturbances. Its main finding is that the empirical anomalies found in the literature reflect a failure to properly address the Federal Reserve's policy of accommodating reserve demand shocks. A new method of identifying monetary policy using nonborrowed reserves is proposed. Using this specification - policy has a strong persistent liquidity effect regardless of subsample - policy Granger-causes output even in the prese...
-
作者：SALYER, KD
-
作者：HONKAPOHJA, S
摘要：This essay provides a discussion of the recent literature on learning behavior and macroeconomics while reviewing the recent important book Bounded Rationality in Macroeconomics by Thomas J. Sargent (Clarendon Press, Oxford, 1993).
-
作者：Li, YT
摘要：Private information is introduced into the Kiyotaki-Wright model of commodity money in terms of qualitative uncertainty concerning the good which would be the unique medium of exchange under complete information. Producers are allowed to produce high- or low-quality versions of that good, and people may not always recognize its quality. It is shown that commodities that suffer from qualitative uncertainty may still be used as the medium of exchange when the private information problem is not t...
