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Long Run Effects of Money on Real Consumption and Investment in the U.S.
Shelley, Gary L.; Wallace, Frederick H. - EconWPA - 2004
consumption and investment expenditures, as well as their broadly defined components, are examined. We also test for effects of … money on long run reallocations of consumption expenditures among durables, nondurables, and services. The time series …This paper tests for long run effects of money on real expenditures in the U.S. over the 1959-2002 period. Real …
Persistent link: https://www.econbiz.de/10005412854
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Estimating and testing intertemporal preferences: A unified framework for consumption, work and savings
Chin, William - EconWPA - 2004
are found not to equal zero and this in turns affects all estimates of consumption, labor supply and saving elasticities … profit function rationalizing consumption, labor supply and savings is specified, estimated and used to test commonly … maintained separability hypotheses. Both consumption- labor and time separability are rejected. Cross-price Frisch elasticities …
Persistent link: https://www.econbiz.de/10005125687
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Estimating and testing preferences for consumption, work hours and savings using the PSID, the profit function and the true dynamic budget constraint
Chin, William - EconWPA - 2003
are found not to equal zero and this in turns affects all estimates of consumption, labor supply and saving elasticities. … profit function rationalizing consumption, labor supply and savings is specified, estimated and used to test commonly … maintained separability hypotheses. Both consumption- labor and time separability are rejected. Cross-price Frisch elasticities …
Persistent link: https://www.econbiz.de/10005561778
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The U.K.'s rocky road to stability
Batini, Nicoletta (contributor); Nelson, Edward (contributor) - 2005
"This paper provides an overview, using extensive documentary material, of developments in U.K. macroeconomic policy in the last half-century. Rather than focusing on well-known recent changes in policy arrangements (such as the introduction of inflation targeting in 1992 or central bank...
Persistent link: https://www.econbiz.de/10003053139
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Monetary and fiscal theories of the price level: the irreconcilable differences
McCallum, Bennett T.; Nelson, Edward - Federal Reserve Bank of St. Louis - 2006
bonds and differ drastically from those of money supplies. We argue that the FTPL attained prominence precisely because it …
Persistent link: https://www.econbiz.de/10005360634
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CLAVES DE LA INFLACION DE 2005
Marongiu, Federico - EconWPA - 2005
El tema de la inflación ha sido uno de los más debatidos en los últimos meses. Los incrementos de precios registrados en el primer trimestre de 2005 han avivado la discusión. Este trabajo muestra que el problema está lejos de estar fuera de control y que determinadas medidas de política...
Persistent link: https://www.econbiz.de/10005076625
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Government debt, output, and asymmetric information
Haslag, Joseph H.; Betts, D.C. - Federal Reserve Bank of St. Louis - 1987
Recent explanation of monetary policy and its effect have centered upon a non-cooperative game involving the monetary authority and the private sector. Notably absent from the discussion of asymmetric information and its impact on decision making is fiscal policy. This note examines a simple...
Persistent link: https://www.econbiz.de/10005352761
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Do productivity growth, budget deficits, and monetary policy actions affect real interest rates? evidence from macroeconomic announcement data
Kliesen, Kevin L.; Schmid, Frank A. - Federal Reserve Bank of St. Louis - 2004
responds positively to surprises in labor productivity growth. However, we do not reject the hypothesis that the real long …
Persistent link: https://www.econbiz.de/10005352806
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Optimal monetary and fiscal policies in a search theoretic model of monetary exchange
Gomis-Porqueras, Pere; Peralta-Alva, Adrian - Federal Reserve Bank of St. Louis - 2008
show that subsidies in decentralized markets can be implemented to alleviate underproduction, while money is still …% of lifetime consumption. When lump sum monetary transfers are not available, a positive production subsidy may be …
Persistent link: https://www.econbiz.de/10005353004
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Death of a theory
Bullard, James - Federal Reserve Bank of St. Louis - 2012
"Death of a Theory," presented in St. Louis. January 13, 2012.
Persistent link: https://www.econbiz.de/10010727311