Cummins, Hassett, and Hubbard argue that standard tests of neoclassical investment models (tax-adjusted q and the user cost of capital) have performed poorly mainly because of severe measurement error …
PublishedClassicBrookings Papers on Economic ActivityPublished Mar 2012
This 2012 Brookings Papers on Economic Activity paper by James Stock and Mark Watson asks whether the unusual severity of the 2007-09 recession and the weakness of the recovery that followed required …
PublishedClassicBrookings Papers on Economic ActivityPublished Sep 2008
Morris and Shin argue that financial regulation built around ensuring the solvency of each institution individually -- the traditional, risk-based-capital logic of the Basel accords -- cannot by …
PublishedClassicBrookings Papers on Economic ActivityPublished Jan 1998
Krugman argues that Japan's stagnation in the 1990s, with short-term interest rates pinned near zero and conventional monetary expansion seemingly powerless, is a genuine instance of the classical …
PublishedClassicBrookings Papers on Economic ActivityPublished Jan 2004
This 2004 Brookings Papers on Economic Activity paper by Ben Bernanke, Vincent Reinhart, and Brian Sack asks whether "nonstandard" monetary policies can still work once the short-term policy rate is …
PublishedClassicBrookings Papers on Economic ActivityPublished Jan 1998
This paper builds the first calibrated life-cycle simulation model of "hyperbolic" consumers -- whose discount rates decline with horizon, setting up a conflict between a patient long-run self and an …
PublishedClassicBrookings Papers on Economic ActivityPublished Sep 2011
This 2011 Brookings Papers on Economic Activity paper by Arvind Krishnamurthy and Annette Vissing-Jorgensen evaluates the effect of the Federal Reserve's large-scale purchases of long-term Treasuries …
PublishedClassicBrookings Papers on Economic ActivityPublished Jan 2003
This 2003 Brookings Papers on Economic Activity article by Gauti Eggertsson and Michael Woodford builds a fully dynamic New Keynesian general-equilibrium model — Calvo (1983) staggered pricing, money …
PublishedClassicBrookings Papers on Economic ActivityPublished Sep 1996
This 1996 Brookings Papers on Economic Activity paper by Eric Leeper, Christopher Sims, and Tao Zha asks what monetary policy actually does, and argues that the answer the identified-VAR literature …