Detail Essays on models of the monetary transmission mechanism Bibliografi Author: Gust, Christopher James ; Christiano, Lawrence J. (Advisor) Topik: ECONOMICS; GENERAL|ECONOMICS; THEORY Bahasa: (EN )    ISBN: 0-599-56594-2     Penerbit: Northwestern University Press     Tahun Terbit: 1999     Jenis: Theses - Dissertation Fulltext: 9953289.pdf (0.0B; 0 download) Abstract This dissertation studies several aspects of the monetary transmission mechanism In chapter two, I respond to a criticism that general equilibrium models with staggered price contracts have difficulty generating persistence beyond the contract length. I resolve this problem by introducing limitations on the intersectoral mobility of capital and labor. With these modifications, the model exhibits substantial persistence beyond the contract length. I also evaluate the empirical performance of the model relative to the following stylized facts: nominal and real interest rates fall, real wages rise slightly, and the profitability of firms rises after a positive monetary shock. Even with the limitations on factor mobility, the model performs poorly in terms of its implications for real wages and profits. I then introduce non-state contingent wage contracts into the model that do not affect the real allocations of the model but remedy the model's shortcoming with respect to real wages and profits. In the third chapter, I investigate the ability of collateral constraints to amplify monetary shocks in a general equilibrium business cycle model with sticky prices. I find that such a constraint can exacerbate the decline in production after a contractionary monetary policy shock. However, the quantitative magnitude of this effect tends to be modest. I also test the model's implication that negative monetary shocks have a larger effect on production and employment than positive ones. I find that these differences are insignificant, supporting the contention that collateral constraints may play a small role in understanding cyclical fluctuations at the aggregate level. In the fourth chapter, Lawrence Christiano and I use the limited participation model of money to study the operating characteristics of Taylor rules for setting the rate of interest. We evaluate these rules according to their ability to protect the economy from bad outcomes such as the burst of inflation observed in the 1970's. Our analysis suggests that these poor outcomes can be avoided by a rule that raises the nominal interest rate more than one-for-one with a rise in inflation and does not change the interest rate in response to deviations of output from trend. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Lihat Sejarah Pengadaan  Konversi Metadata   Kembali

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