We use disaggregated data on the components of private fixed investment (PFI) to estimate industry-level responses of real investment and capital prices to unanticipated monetary policy. The response functions derive from a restricted large-scale VAR estimated over 1959-2007. Our results point...

This paper develops a general equilibrium monetary model with performance incentives to study the inflation-unemployment relationship. A long-run downward-sloping Phillips curve can exist with perfectly anticipated inflation because workers' incentive to exert effort depend on financial market...

In recent years, there has been increasing interest in understanding the determinants of income inequality across countries. There have also been concerns about the degree of concentration in the banking system on economic activity. Yet, there has not been any work which focuses on the level of...

In recent years, there has been increasing interest in understanding the determinants of income inequality across countries. There have also been concerns about the degree of concentration in the banking system on economic activity. Yet, there has not been any work which focuses on the level of...