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作者：Gurkaynak, Refet S.; Swanson, Eric; Levin, Andrew
作者单位：Ihsan Dogramaci Bilkent University; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：We investigate the extent to which inflation expectations have been more firmly anchored in the United Kingdom-a country with an explicit inflation target-than in the United States-a country with no such target-using the difference between far-ahead forward rates on nominal and inflation-indexed bonds as a measure of compensation for expected inflation and inflation risk at long horizons. We show that far-ahead forward inflation compensation in the U. S. exhibits substantial volatility, especi...
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作者：Disney, Richard; Gathergood, John; Henley, Andrew
作者单位：University of Nottingham; Swansea University
摘要：We examine the impact of unanticipated housing capital gains on consumption behavior using data from the British Household Panel Survey and county-level house price data. We condition the models on household financial expectations and on household real financial capital gains imputed from the Family Resources Survey. We find a marginal propensity to consume out of unanticipated shocks to housing wealth of 0.01. Omitting the measure of financial expectations biases the results upward. We find l...
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作者：Cozzi, Guido; Impullitti, Giammario
作者单位：Durham University
摘要：In this paper we argue that government spending played a significant role in stimulating the wave of innovation that hit the U. S. economy in the late 1970s and in the 1980s, as well as the simultaneous increase in inequality and in education attainments. Since the late 1970s U. S. policymakers began targeting commercial innovations more directly and explicitly. We focus on the shift in the composition of public demand toward high-tech goods, which, by increasing the market-size of innovative ...
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作者：Reinikka, Ritva; Svensson, Jakob
作者单位：The World Bank; Stockholm University
摘要：What motivates religious nonprofit health care providers? This paper uses a change in financing of nonprofit health care providers in Uganda to test two theories of organizational behavior. We show that financial aid leads to more laboratory testing, lower user charges, and increased utilization. These findings are consistent with the view that religious nonprofit providers are intrinsically motivated to serve (poor) people and that these preferences matter quantitatively. (JEL: L31, I11, O15)
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作者：Brand, Claus; Turunen, Jarkko; Buncic, Daniel
作者单位：European Central Bank; University of St Gallen
摘要：We use intraday changes in money market rates to construct indicators of news about monetary policy stemming separately from policy decisions and from official communication of the European Central Bank, and study their impact on the yield curve. We show that communication may lead to substantial revisions in expectations of monetary policy and, at the same time, exert a significant impact on interest rates at longer maturities. Thereby, the maturity response pattern to communication is hump-s...
