Topics in Macroeconomics

9409009 Eichenbaum这个项目描述了应用商业周期分析的研究议程。要分析的主题可分为五大类。第一类涉及旨在从经验上描述货币政策冲击对总体经济活动和美国经济中不同部门的借贷活动的影响的工作。第二类涉及建立货币传导机制的结构模型，这些模型有可能解释项目第一阶段所记录的数据的特点。第三类研究主题涉及时变资本利用率和其他形式的要素持有作为经济周期传播机制的作用。第四类研究涉及计量经济学方法的发展，用于估计和评估结构性经济周期模型的实证合理性。这里的重点是分析广义矩法程序的小样本性质。最后，第五类研究使用在研究计划的前几个阶段开发的结构性货币模型来调查不同货币政策规则的操作特征和福利属性。将特别注意使名义利率平稳的规则。

9409009 Eichenbaum This project describes a research agenda in applied business cycle analysis. The topics to be analyzed fall into five broad categories. The first category concerns work aimed at empirically characterizing the effects of monetary policy shocks on aggregate economic activity and the borrowing and lending activities of different sectors in the US economy. The second category involves building structural models of the monetary transmission mechanism which have the potential to account for the features of the data documented in the first stage of the project. The third category of research topics concerns the role of time varying capital utilization rates and other forms of factor hording as propagation mechanisms in the business cycle. The fourth category of research concerns the development of econometric methods for estimating and assessing the empirical plausibility of structural business cycle models. The focus here will be on analyzing the small sample properties of Generalized Method of Moments procedures. Finally, the fifth category of research investigates the operating characteristics and welfare properties of different monetary policy rules using the class of structural monetary models developed in previous phases of the research program. Particular attention will be paid to rules which smooth nominal interest rates.