The Quarterly Journal of Economics
Опубликовано на портале: 19-10-2004Zvi Griliches, Franklin M. Fisher The Quarterly Journal of Economics. 1995. Vol. 110. No. 1. P. 229-244.
This paper examines the appropriate treatment in the cost-of-living index of the appearance of new varieties of old goods. Existing theory here applies to individual households. Thus, we first show in what sense Laspeyres and Paasche indices for groups of households can be considered approximations to theoretically desirable group indices and then go on to the case of new goods. We apply our results to the case of the introduction of generics in pharmaceuticals and show that proper treatment can make a considerable difference.
Measuring Monetary Policy [статья]
Опубликовано на портале: 17-07-2007Ben S. Bernanke, Ilian Mihov The Quarterly Journal of Economics. 1998.
Extending the approach of Bernanke and Blinder (1992), Strongin (1992), and Christiano, Eichenbaum, and Evans (1994a, 1994b), we develop and apply a VAR-based methodology for measuring the stance of monetary policy. More specifically, we develop a 'semi-structural' VAR approach, which extracts information about monetary policy from data on bank reserves and the federal funds rate but leaves the relationships among the macroeconomic variables in the system unrestricted. The methodology nests earlier VAR-based measures and can be used to compare and evaluate these indicators. It can also be used to construct measures of the stance of policy that optimally incorporate estimates of the Fed's operating procedure for any given period. Among existing approaches, we find that innovations to the federal funds rate (Bernanke-Blinder) are a good measure of policy innovations during the periods 1965-79 and 1988-94; for the period 1979-94 as a whole, innovations to the component of nonborrowed reserves that is orthogonal to total reserves (Strongin) seems to be the best choice. We develop a new measure of policy stance that conforms well to qualitative indicators of policy such as the Boschen- Mills (1991) index. Innovations to our measure lead to reasonable and precisely estimated dynamic responses by variables such as real GDP and the GDP deflator.
Опубликовано на портале: 13-03-2003Edward Hustings Chamberlin The Quarterly Journal of Economics. 1949. Vol. 63. No. 1. P. 137-143.
Критические замечания А.Н. Мак-Леода (A.N. McLeod) и Ф.Х. Хана (F.H. Hahn) на статью Чемберлина и ответы на них самого Чемберлина. Предмет дискуссии - взаимосвязь пропорциональности и делимости факторов производства и масштабов производства.