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作者：DOW, JP
摘要：This paper examines the effect of a monetary shock in a stochastic growth model with a cash-in-advance constraint and a financial intermediary. It explores the differences between the results of restrictions on nominal price adjustment (the demand effect) and restrictions on savings behavior (the liquidity effect). It is found that the model that produces the appropriate response to a temporary monetary shock includes both demand and liquidity effects.
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作者：Gilchrist, S; Himmelberg, CP
作者单位：Columbia University; Boston University
摘要：Recent work in macroeconomics argues that imperfections in capital markets may lead to business cycle fluctuations by propagating relatively modest shocks. Evidence for such a mechanism (also known as the 'financial accelerator') consists largely of firm-level studies showing that cash flow is an important predictor of investment. But this evidence is often viewed with skepticism because cash flow is also a good indicator of investment opportunities. In this paper, we develop a framework for e...
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作者：DOTSEY, M
摘要：Existing macroeconomic theory predicts that cuts in the distortionary tax rate on capital financed by increases in government debt lead to increases in investment and output. These results are generally obtained under the unrealistic assumption that government debt is financed by nondistorting future fiscal policy. However, when current government deficits are financed by future distortionary taxation this paper shows that lower tax rates and higher deficits lead to reductions in investment an...
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作者：RIOSRULL, JV
摘要：This paper quantitatively compares allocations in calibrated large overlapping generations growth models that only differ in their market structures for insuring against aggregate risk. The findings are that the equilibrium behavior of aggregate variables is very similar across all market structures. There are only minor differences: the ratio of the volatility of aggregate consumption relative to that of investment is higher in complete market economies, due partly to the higher volatility of...
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作者：BERTOLA, G
摘要：This paper proposes a model of growth with diversifiable microeconomic uncertainty and uses it to study the efficiency costs and distributional effects of obstacles to labor mobility. Labor mobility costs reduce private and social returns to irreversible investment decisions, decrease the speed of capital accumulation, and lower a representative agent's welfare. They can however shift income distribution towards 'workers', or individuals who own no accumulated factors of production and have no...
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作者：MCGRATTAN, ER
作者单位：Duke University
摘要：Prescott (1986) estimates that technology shocks account for 75% of the fluctuations in the postwar U.S. economy. This paper reestimates the contribution of technological change for a standard business cycle model that includes a public sector and fiscal disturbances. I find that a significant fraction of the variance of aggregate consumption, investment, output, capital stock, and hours of work can be explained by disturbances in labor and capital tax rates and government consumption. I also ...
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作者：SIMKINS, SP
摘要：Previous research indicates that real business cycle models are capable of reproducing important features of U.S. business cycle behavior. Here I employ classical methods of business cycle analysis to determine how well the cyclical properties of simulated data from a representative real business cycle model match up with postwar U.S. business cycle characteristics. While the simulated model reproduces qualitative features consistent with observed business cycle experience, quantitative goodne...
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作者：CHADHA, B; PRASAD, E
作者单位：International Monetary Fund
摘要：This paper re-examines the cyclical behavior of prices using postwar quarterly data for the G-7. We confirm recent evidence that the price level is countercyclical. However, we find strong evidence that the inflation rate is procyclical in our sample. Our results show the importance of making a clear distinction between inflation and the cyclical component of the price level when reporting and interpreting stylized facts regarding business cycles.
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作者：BOHN, H
作者单位：Leibniz Association; Ifo Institut; University of Munich
摘要：Several recent papers on dynamically optimal taxation have derived indeterminacy results regarding state-contingent capital taxation in stochastic equilibrium models with state-contingent government debt. I show that these results rely crucially on the assumption that there is a single, aggregate decision about private capital investment. In a model with many technologies and many capital goods, the need to preserve individual investment incentives imposes as many constraints on government pol...
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作者：SVENSSON, LEO
作者单位：National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：The paper argues that the reason real world fixed exchange rate regimes usually have finite bands, instead of completely fixed exchange rates between realignments, is that exchange rate bands, counter to the textbook result, give central banks some monetary independence, even with free international capital mobility. The nature and amount of monetary independence is specified, informally and in a formal model, and quantified with Swedish krona data. Altogether the amount of monetary independen...
