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Optimal monetary policy in a model of money and credit

Gomis-Porqueras, Pedro; Sanches, Daniel R. - Federal Reserve Bank of Philadelphia - 2011

. Specifically, they characterize the optimal return on money in the presence of credit arrangements. There is a dual role for credit …: It allows buyers to trade without fiat money and also permits them to borrow against future income. However, not all … traders have access to credit. As a result, there is a social role for fiat money because it allows agents to self …

Persistent link: https://www.econbiz.de/10009216231

Interest rates and prices in an inventory model of money with credit

Dotsey, Michael; Guerron-Quintana, Pablo - Federal Reserve Bank of Philadelphia - 2012

substantially changes the dynamics in the model, allowing agents to significantly smooth consumption and reduce the movements in …

Persistent link: https://www.econbiz.de/10010628487

Real-time macroeconomic monitoring: real activity, inflation, and interactions

Aruoba, S. Boragan; Diebold, Francis X. - Federal Reserve Bank of Philadelphia - 2010

The authors sketch a framework for monitoring macroeconomic activity in real-time and push it in new directions. In particular, they focus not only on real activity, which has received most attention to date, but also on inflation and its interaction with real activity. As for the recent...

Persistent link: https://www.econbiz.de/10008627185

Macro fiscal policy in economic unions: states as agents

Carlino, Gerald A.; Inman, Robert P. - Federal Reserve Bank of Philadelphia - 2014

An important component of the American Recovery and Reinvestment Act’s (ARRA’s) $796 billion proposed stimulus budget was $318 billion in fiscal assistance to state and local governments, yet the authors have no precise estimates of the impact of such assistance on the macroeconomy. In...

Persistent link: https://www.econbiz.de/10010812647

Macroeconomic volatility and the equity premium

Sill, Keith - Federal Reserve Bank of Philadelphia - 2006

Recent empirical work documents a decline in the U.S. equity premium and a decline in the standard deviation of real output growth. We investigate the link between aggregate risk and the asset returns in a dynamic production based asset-pricing model. When calibrated to match asset return...

Persistent link: https://www.econbiz.de/10005512275

Seeing inside the black box: Using diffusion index methodology to construct factor proxies in large scale macroeconomic time series environments

Armah, Nii Ayi; Swanson, Norman R. - Federal Reserve Bank of Philadelphia - 2008

In economics, common factors are often assumed to underlie the co-movements of a set of macroeconomic variables. For this reason, many authors have used estimated factors in the construction of prediction models. In this paper, we begin by surveying the extant literature on diffusion indexes. We...

Persistent link: https://www.econbiz.de/10005387454

Sources of macroeconomic fluctuations in small open economies

Ahmed, Shaghil; Park, Jae Ha - Federal Reserve Bank of Philadelphia - 1992

Persistent link: https://www.econbiz.de/10005387463

Competitive theories for economies with general transactions technology

Chatterjee, Satyajit; Corbae, Dean - Federal Reserve Bank of Philadelphia - 1999

In this paper, the authors describe and compare two approaches to analyzing transactions costs in a general equilibrium setting. In the first approach, which the authors label the transactions costs approach, the commodity space is the same as that used in models without transactions costs. In...

Persistent link: https://www.econbiz.de/10005387494

Is macroeconomic research robust to alternative data sets?

Croushore, Dean; Stark, Tom - Federal Reserve Bank of Philadelphia - 2002

This paper uses a real-time data set to analyze data revisions and to test the robustness of published econometric results. The data set consists of vintages, or snapshots, of the major macroeconomic data available at quarterly intervals in real time. The paper illustrates why such data may...

Persistent link: https://www.econbiz.de/10005389555

Bayesian analysis of DSGE models

An, Sungbae; Schorfheide, Frank - Federal Reserve Bank of Philadelphia - 2006

This paper reviews Bayesian methods that have been developed in recent years to estimate and evaluate dynamic stochastic general equilibrium (DSGE) models. We consider the estimation of linearized DSGE models, the evaluation of models based on Bayesian model checking, posterior odds comparisons,...

Persistent link: https://www.econbiz.de/10005389645