Journal of Money, Credit, and Banking
Опубликовано на портале: 11-11-2004Nouriel Roubini Journal of Money, Credit, and Banking. 1998. Vol. 30. No. 4. P. 721-744.
The effects of income and consumption taxation are examined in the context of models in which the growth process is driven by the accumulation of human and physical capital. The different channels through which these taxes affect economic growth are discussed, and it is shown that in general the taxation of factor incomes (human and physical capital) is growth-reducing. The effects of consumption taxation on growth depend crucially on the elasticity of labor supply, and therefore on the specification of the leisure activity. The paper also derives implications for the optimal intertemporal choice of tax instruments.
Internal Finance and Firm Investment [статья]
Опубликовано на портале: 05-10-2004Robert Glenn Hubbard, Anil K. Kashyap, Toni M. Whited Journal of Money, Credit, and Banking. 1995. Vol. 27. No. 3. P. 683-701 .
Paper examines the neoclassical model using a panel of U.S. manufacturing firms. The standard model with no financing constraints cannot be rejected for firms with high (pre-sample) dividend payouts. However, it is decisively rejected for firms with low (pre-sample) payouts (firms we expect to face financing constraints). Here, investment is sensitive to both firm cash flow and macroeconomic credit conditions, holding constant investment opportunities. Sample splits based on firm size or maturity do not produce such distinction. The letter comparison identifies firms where "free-cash-flow" problems might be expected to produce correlations between investment and cash flow.
Опубликовано на портале: 22-10-2007John Shea Journal of Money, Credit, and Banking. 1997. Vol. 27. No. 3. P. 798-805.
This note conducts a simple test for myopia and liquidity constraints in aggregate U.S. consumption. The test exploits the fact that, under myopia, consumption should be equally sensitive to predictable income declines and increases, while under liquidity constraints consumption should be more sensitive to predictable income increases than to declines. Using quarterly postwar data, the author shows that aggregate consumption is in fact more sensitive to predictable income declines than increases. This 'perverse asymmetry' is inconsistent with both myopia and liquidity constraints but is qualitatively consistent with recent theoretical work incorporating loss aversion into intertemporal preferences
Опубликовано на портале: 13-04-2004Robert J. Hodrick, Edward C. Prescott Journal of Money, Credit, and Banking. 1997. Vol. 29. No. 1. P. 1-16.
A study documents some features of aggregate economic fluctuations sometimes referred to as business cycles. The investigation uses quarterly data from the postwar US economy. The fluctuations studied are those that are too rapid to be accounted for by slowly changing demographic and technological factors and changes in the stocks of capital that produce secular growth in output per capita. The study proposes a procedure for representing a times series as the sum of a smoothly varying trend component and a cyclical component. The nature of the comovements of the cyclical components of a variety of macroeconomic time series is documented. It is found that these comovements are very different than the corresponding comovements of the slowly varying trend components.