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作者：GOMME, P
摘要：Conventional wisdom is that if public policy can affect the growth rate of the economy, the welfare implications of alternative policies will be large. In this paper, a stochastic, dynamic general equilibrium model with endogenous growth and money is examined. In this setting, inflation lowers growth through its effect on the return to work. However, the welfare costs of higher inflation are modest. The endogenous labor supply is important in producing this result.
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作者：EASTERLY, W; KREMER, M; PRITCHETT, L; SUMMERS, LH
作者单位：Massachusetts Institute of Technology (MIT); United States Department of the Treasury
摘要：Much of the new growth literature stresses country characteristics, such as education levels or political stability, as the dominant determinant of growth. However, growth rates are highly unstable over time, with a correlation across decades of 0.1 to 0.3, while country characteristics are stable, with cross-decade correlations of 0.6 to 0.9. Shocks, especially those to terms of trade, play a large role in explaining variance in growth. These findings suggest either that shocks are important ...
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作者：FERRIER, GD; GROSSKOPF, S; HAYES, KJ; YAISAWARNG, S
作者单位：Southern Methodist University; University of Arkansas System; University of Arkansas Fayetteville; Southern Illinois University System; Southern Illinois University; Union College
摘要：This paper defines a new measure, economies of diversification, to examine the cost effect of product line expansion. This measure is a special case of expansion path subadditivity and contains economies of scope as a special case. A nonparametric frontier technique which isolates the effects of inefficiency and scale is used to measure economies of diversification. Applied to a set of 468 U.S. depository institutions operating in 1984, we find slight diseconomies of diversification. Diseconom...
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作者：CARLINO, GA; MILLS, LO
作者单位：Federal National Mortgage Association (Fannie Mae)
摘要：The time series properties of per-capita income in U.S. regions are tested for consistency with the neoclassical growth model's prediction of per-capita income convergence. Two conditions are required for convergence. Shocks to relative regional per-capita incomes should be temporary (stochastic convergence), and initially poor regions should catch up to rich regions (beta-convergence). We find evidence for stochastic convergence across U.S. regions during the 1929-90 period after allowing for...
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作者：FISCHER, AM; NICOLETTI, G
作者单位：Organisation for Economic Co-operation & Development (OECD)
摘要：The absence of testing for weak exogeneity in money demand has often led to stark conditioning claims regarding the validity of price equations. This paper uses the Johansen procedure to explore the conditioning properties of money demand systems for nonborrowed reserves, M1, and M2. Our results show that irrespective of the specification of the cointegrating relation, a feedback mechanism enters the equation for money. The opposite, however, is not true for the price equations. The results al...
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作者：EVANS, M; WACHTEL, P
作者单位：New York University
摘要：This paper reassesses whether the large swings in prices during the 1930's were anticipated. We argue that uncertainty about monetary, fiscal, and exchange rate Policies induced systematic differences between the rate of price change expected by economic agents at the time and the time series forecasts of inflation. Our analysis of nominal interest rates and ex post inflation strongly supports this view. In fact, our results suggest that the deflation of the early Depression years and the infl...
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作者：BOYD, JH; RUNKLE, DE
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：In recent years, two important literatures on the theory of banking firms have developed. One examines the economic functions of banks in environments in which agents are asymmetrically informed. Another considers the incentive effects (moral hazard) resulting from deposit insurance. Both theories make predictions about the relation between banking firm size and performance. An empirical analysis of large bank holding companies investigates measures of market valuation and risk of failure. Lim...
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作者：STARRMCCLUER, M
摘要：To investigate how sectoral demand shifts affect cyclical unemployment, studies by Murphy-Topel and Loungani-Rogerson examine whether labor mobility rises in recession. Results are contradictory, depending on a priori assumptions about unfinished unemployment spells. This note uses monthly data from the early 1980s and a competing risks hazard approach to overcome this problem. Results confirm the Loungani-Rogerson finding of higher respecialization in recession; however, the countercyclicalit...
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作者：GUPTA, A; LECOMPTE, RLB; MISRA, L
作者单位：Wichita State University; University of Texas System; University of Texas at San Antonio
摘要：This paper examines whether FSLIC-assisted failed thrift mergers in the 1980s resulted in wealth transfers from the insurance fund to acquiring firm stockholders. We find that winning bidders earned positive abnormal returns upon the announcement of such mergers. More importantly, the abnormal returns are larger in cases where the FSLIC provided direct financial assistance, and bidder abnormal returns are positively related to the size of FSLIC assistance. These results suggest that the proces...
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作者：PATINKIN, D
作者单位：Hebrew University of Jerusalem
摘要：This paper provides further evidence in refutation of the major aspect of Allan Meltzer's recent 'different interpretation' of the General Theory. It also provides further evidence in refutation of his interpretation of Keynes' policy views.
