Staff ReportPub Date : 1900-01-01DOI: 10.21034/sr.362
V. Chari, P. Kehoe, Ellen R. McGrattan
{"title":"Appendices: Business cycle accounting","authors":"V. Chari, P. Kehoe, Ellen R. McGrattan","doi":"10.21034/sr.362","DOIUrl":"https://doi.org/10.21034/sr.362","url":null,"abstract":"","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131351421","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Staff ReportPub Date : 1900-01-01DOI: 10.21034/sr.7
D. S. Dahl
{"title":"Fiscal deadlock in Minnesota","authors":"D. S. Dahl","doi":"10.21034/sr.7","DOIUrl":"https://doi.org/10.21034/sr.7","url":null,"abstract":"","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"37 5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125732126","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Staff ReportPub Date : 1900-01-01DOI: 10.21034/sr.60
L. Hansen, T. Sargent
{"title":"Rational expectations models and the aliasing phenomenon","authors":"L. Hansen, T. Sargent","doi":"10.21034/sr.60","DOIUrl":"https://doi.org/10.21034/sr.60","url":null,"abstract":"This paper shows how the cross-equation restrictions delivered by the hypothesis of rational expectations can serve to solve the aliasing identification problem. It is shown how the rational expectations restrictions uniquely identify the parameters of a continuous time model from statistics of discrete time models.","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"33 5","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114106304","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Staff ReportPub Date : 1900-01-01DOI: 10.21034/sr.105
W. Roberds
{"title":"Solution of linear-quadratic- Gaussian dynamic games using variational methods","authors":"W. Roberds","doi":"10.21034/sr.105","DOIUrl":"https://doi.org/10.21034/sr.105","url":null,"abstract":"Methods are presented for solving a certain class of rational expectations models, principally those that arise from dynamic games. The methods allow for numerical solution using spectral factorization algorithms and for estimation of these models using maximum likelihood techniques.","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122445428","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Staff ReportPub Date : 1900-01-01DOI: 10.21034/sr.348
Ellen R. McGrattan
{"title":"Comment on Mendoza and Tesar's \"Why hasn't tax competition triggered a race to the bottom? Some quantitative lessons from the EU\"","authors":"Ellen R. McGrattan","doi":"10.21034/sr.348","DOIUrl":"https://doi.org/10.21034/sr.348","url":null,"abstract":"With a monetary union in place, many European countries are now debating if and how to coordinate their tax policies. Of particular interest to EU ministers is taxation of mobile factors like capital. Mendoza and Tesar (MT) use a game-theoretic approach to address the question, What is the outcome of tax competition and tax coordination when countries choose the tax on capital income and adjust other tax rates to keep revenues constant? MT predict very large welfare gains (losses) to tax competition for European countries that had high (low) tax rates prior to financial integration. In particular they predict a large gain for the United Kingdom and a large loss for countries in continental Europe. A second finding is that the welfare gains of tax coordination relative to that of tax competition are small. I discuss these findings in light of current policy debates and possible future extensions of this work.","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"150 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134418645","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Staff ReportPub Date : 1900-01-01DOI: 10.21034/sr.447
Ellen R. McGrattan
{"title":"Comment on Christian’s “Human Capital Accounting in the United States: 1994–2006”","authors":"Ellen R. McGrattan","doi":"10.21034/sr.447","DOIUrl":"https://doi.org/10.21034/sr.447","url":null,"abstract":"Michael Christian's paper presents a human capital account for the United States for the period 1994 to 2006. The main findings are twofold. First, the total human capital stock is about three-quarters of a quadrillion dollars in 2006. This estimate is roughly 55 times gross domestic product (GDP) and 16 times the net stock of fixed assets plus consumer durables. His second finding is that the measures of gross investment in human capital are sensitive to alternative assumptions about enrollment patterns. In my comments, I emphasize the need for greater interaction between human capital accountants and applied economists. To date, there remains a disconnect between those measuring human wealth and those investigating its economic impact.","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114345729","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Staff ReportPub Date : 1900-01-01DOI: 10.21034/sr.235
Luis M. Cubeddu, José-Víctor Ríos-Rull
{"title":"Marital risk and capital accumulation","authors":"Luis M. Cubeddu, José-Víctor Ríos-Rull","doi":"10.21034/sr.235","DOIUrl":"https://doi.org/10.21034/sr.235","url":null,"abstract":"Between the sixties and the late eighties the percentages of low-saving single-parent households and people living alone have grown dramatically at the expense of high-saving married households, while the household saving rate has declined equally dramatically. A preliminary analysis of population composition and savings by household type seems to indicate that about half of the decline in savings is due to demographic change. We construct a model with agents changing marital status, but where the saving behavior of the households can adjust to the properties of the demographic process. We find that the demographic changes that reduce the number of married households (mainly higher divorce and higher illegitimacy) induce all household types to save more and that the effect on the aggregate saving rate is minuscule. We conclude that the drop in savings since the sixties is not due to changes in household composition.","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114776891","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Staff ReportPub Date : 1900-01-01DOI: 10.21034/sr.71
L. Hansen, T. Sargent
{"title":"Exact linear rational expectations models: specification and estimation","authors":"L. Hansen, T. Sargent","doi":"10.21034/sr.71","DOIUrl":"https://doi.org/10.21034/sr.71","url":null,"abstract":"This paper describes how to specify and estimate rational expectations models in which there are exact linear relationships among variables and expectations of variables that the econometrician observes.","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117110333","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Staff ReportPub Date : 1900-01-01DOI: 10.21034/sr.250
Ellen R. McGrattan, James A. Schmitz
{"title":"Explaining cross-country income differences","authors":"Ellen R. McGrattan, James A. Schmitz","doi":"10.21034/sr.250","DOIUrl":"https://doi.org/10.21034/sr.250","url":null,"abstract":"This chapter reviews the literature that tries to explain the disparity and variation of GDP per worker and GDP per capita across countries and across time. There are many potential explanations for the different patterns of development across countries, including differences in luck, raw materials, geography, preferences, and economic policies. We focus on differences in economic policies and ask to what extent can differences in policies across countries account for the observed variability in income levels and their growth rates. We review estimates for a wide range of policy variables. In many cases, the magnitude of the estimates is under debate. Estimates found by running cross-sectional growth regressions are sensitive to which variables are included as explanatory variables. Estimates found using quantitative theory depend in critical ways on values of parameters and measures of factor inputs for which there is little consensus. In this chapter, we review the ongoing debates of the literature and the progress that has been made thus far.","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116166026","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}