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作者：BERNANKE, BS
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作者：BERTOCCHI, G; SPAGAT, M
作者单位：Brown University
摘要：We present a model of monetary policy where the policymaker faces uncertainty about which he is learning in a Bayesian fashion. A fixed money supply rule is not optimal since the learning leads to adjustments in the monetary action. We present cases in which it is optimal to bear some cost in terms of current output performance in order to gain information that can be used in the formulation of future monetary policy: experimentation therefore pays. We also show that even passive learning with...
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作者：BEASON, R
摘要：Using monthly physical quantity data on production, sales, and inventories for 29 selected Japanese industries, it is found that the usual variance decompositions are generally consistent with the production smoothing model at both seasonal and nonseasonal frequencies. However, the estimated seasonal coefficients in production and sales are highly correlated, which should not be the case if firms smooth production in the face of anticipated seasonal movements in sales. A further test of the mo...
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作者：EASTERLY, W; REBELO, S
作者单位：University of Rochester; The World Bank
摘要：This paper describes the empirical regularities relating fiscal policy variables, the level of development, and the rate of growth. We employ historical data, recent cross-section data, and newly constructed public investment series. Our main findings are: (i) there is a strong association between the development level and the fiscal structure: poor countries rely heavily on international trade taxes, while income taxes are only important in developed economies; (ii) fiscal policy is influence...
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作者：OCONNELL, SA; ZELDES, SP
作者单位：University of Pennsylvania; National Bureau of Economic Research; Swarthmore College
摘要：In the standard analysis of overlapping generations economies with gifts from children to parents, each generation takes the actions of other generations as given. The resulting equilibrium is dynamically inefficient. In reality, however, parents realize that children will respond to higher parental saving by reducing gifts. For a broad class of gift economies, this implicit tax on saving pushes the equilibrium to dynamic efficiency. This result reestablishes the potential relevance of the gif...
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作者：GROSSMAN, GM; YANAGAWA, N
作者单位：University of Tokyo
摘要：We study the interaction between productive and nonproductive savings in economies with endogenous long-run growth. As in the neoclassical growth setting with overlapping generations, asset bubbles can exist in an economy with endogenous growth provided that they are not too large and that the growth rate in the equilibrium without bubbles exceeds the interest rate. Here, the existence conditions for bubbles reflect parameters of tastes and technology. We find that bubbles. when they exist, re...
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作者：BARRO, RJ; LEE, JW
作者单位：Korea University
摘要：Many theories of economic growth stress the role of human capital in the form of education, but empirical studies have been hampered by inadequate data. We describe a data set on educational attainment for 129 countries over five-year periods from 1960 to 1985. Census/survey figures fill over 40% of the cells, and the remainder are estimated from school-enrollment data by a perpetual-inventory method. The data refer to male and female attainment of the adult population at four levels: no schoo...
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作者：HORNSTEIN, A
摘要：The neoclassical growth model is extended to incorporate monopolistic competition and increasing returns to scale. Implications for the measurement of productivity change through the Solow residual are studied. It is found that for this extension productivity fluctuations continue to account for a substantial fraction of output volatility. The model cannot account for volatility of employment.
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作者：FUKUDA, S
摘要：This paper analyzes the dynamic properties of the monetary economy when money held during the period induces some utility. It is shown that the price level and real money balances may have chaotic dynamic paths even if the utility function is separable in real money balances and consumption. A crucial point is that a constraint on the utility of money yields the wealth effect that inflation will reduce the real value of assets. Hence, as in the overlapping generations model, the conflict betwe...
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作者：HO, WM
摘要：This paper presents a two-country, two-good, two-currency model to study the role of liquidity effects in exchange rate determination and the international transmission of economic fluctuations. The model provides an exchange rate equation which is different from the simple purchasing-power-parity law of exchange rate determination. Both monetary injections and real disturbances can lead to exchange rate fluctuations and comovements of interest rates, prices, and output of the two economies. W...
