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作者：EASTERLY, W
摘要：This paper presents a simple endogenous growth model with two types of capital which can display sizeable long-run growth effects of distortionary policies. The model applies to many different types of distortions of relative prices common in developing countries, such as differential taxes and tariffs, black market exchange rates, and price controls. The model shows that a subsidy to one type of capital financed by a tax on another capital good lowers growth. A measure of the variance of rela...
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作者：GUIDOTTI, PE; VEGH, CA
作者单位：International Monetary Fund
摘要：It has been argued that, if money acts as an intermediate good, the optimal inflation tax is zero. This paper reexamines such a claim in the context of a model in which money reduces transactions costs. It is shown that modeling money as an intermediate good does not necessarily imply that the optimal inflation tax is zero. The optimality of a zero inflation tax depends on the properties of the transactions costs technology. In particular, if the transactions costs technology does not exhibit ...
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作者：KING, I; FERGUSON, D
摘要：We show that in competitive endogenous growth models without externalities, balanced growth equilibria are dynamically efficient. With learning-by-doing externalities, dynamic inefficiency may exist, but due to the mix of capital rather than its scale. These results are obtained independent of whether or not lifetimes are finite or generations overlap. In OLG models with externalities we show that Ponzi games may be feasible even though equilibria are characterized by undersaving.
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作者：GILLMAN, M
摘要：The paper presents a modification of the Lucas-Stokey (1983) cash-in-advance economy in which the representative consumer decides, based on relative prices, which goods to buy with cash and which with costly credit, An explicit Baumol (1952) condition emerges that guides this consumer choice. Deriving and estimating a closed-form welfare cost function in an example economy, the paper shows that the welfare cost of inflation depends on the margins of substitution. The consumer avoids inflation ...
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作者：DUTKOWSKY, DH
摘要：This paper investigates dynamic implicit cost in aggregate Discount Window borrowing, We utilize Goodfriend's formulation, with nonprice rationing based upon the bank's current request and its past borrowing record. Estimation by Generalized-Method-of-Moments reveals a positive, systematic implicit cost structure which dampens over time. Significance extends back to nine biweekly reserve maintenance intervals. We also specify implicit cost as a geometrically declining distributed lag of past b...
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作者：DELONG, JB; SUMMERS, LH
作者单位：United States Department of the Treasury; University of California System; University of California Berkeley
摘要：We extend and improve the database used in De Long and Summers (1991) and, focusing on developing economies, find that there is a very strong growth-equipment investment association even when rich industrialized economies are not considered. Rapid growth is found where equipment investment is low. If there is a region where the post-WWII growth-equipment nexus is weak, it is the well-integrated and very rich region of western Europe - not the developing world.
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作者：DEGREGORIO, J
摘要：This paper investigates the relationship between inflation and growth in an endogenous growth framework. Two models that illustrate different channels through which inflation affects growth are presented. They emphasize the effect of inflation on the rate of investment and on the productivity of investment, respectively. Then, inflation is considered to be part of a public finance problem, where high rates of inflation are the result of inefficiencies in the tax system. The negative relationsh...
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作者：EDISON, HJ; PAULS, BD
摘要：This paper uses cointegration techniques and error-correction models to re-examine the link between real exchange rates and real interest rate differentials. The results show that real exchange rates and real interest rates are nonstationary; however, they are not cointegrated with each other. On the other hand, the dynamic models indicate that there might be a long-run relationship between these variables, but this cannot be verified. The final conclusion is that there is little empirical evi...
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作者：DONALDSON, RG
摘要：A model of strategic asset pricing is used to investigate the increase in interest rates and the formation of cash syndicates that can occur during privately financed banking crises. Results produced help to explain the Federal Reserve System's creation following the panic of 1907 and to clarify the Fed's role in financing contemporary banking crises.
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作者：WALSH, CE
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
