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    <title>EconStor Collection: Working Papers, Department of Economics, The Johns Hopkins University</title>
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  <item rdf:about="http://hdl.handle.net/10419/72048">
    <title>Innovators, imitators, and the evolving architecture of social networks</title>
    <link>http://hdl.handle.net/10419/72048</link>
    <description>Title: Innovators, imitators, and the evolving architecture of social networks
&lt;br/&gt;
&lt;br/&gt;Authors: Chang, Myong-Hun; Harrington, Joseph E.
&lt;br/&gt;
&lt;br/&gt;Abstract: Scientific progress is driven by innovation ?which serves to produce a diversity of ideas ?and imitation through a social network ?which serves to diffuse these ideas. In this paper, we develop an agent-based computational model of this process, in which the agents in the population are heterogeneous in their abilities to innovate and imitate. The model incorporates three primary forces ?the discovery of new ideas by those with superior abilities to innovate, the observation and adoption of these ideas by those with superior abilities to communicate and imitate, and the endogenous development of social networks among heterogeneous agents. The objective is to explore the evolving architecture of social networks and the critical roles that the innovators and imitators play in the process. A central finding is that the emergent social network takes a chainstructure with the innovators as the main source of ideas and the imitators as the connectors between the innovators and the masses. The impact of agent heterogeneity and environmental volatility on the network architecture is also characterized.</description>
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  <item rdf:about="http://hdl.handle.net/10419/72047">
    <title>Estimating Taylor rules in a real time setting</title>
    <link>http://hdl.handle.net/10419/72047</link>
    <description>Title: Estimating Taylor rules in a real time setting
&lt;br/&gt;
&lt;br/&gt;Authors: Tchaidze, Robert R.
&lt;br/&gt;
&lt;br/&gt;Abstract: This paper demonstrates how the use of revised data distorts our understanding of past monetary policy decisions Three problems are addressed - the use of (i) contemporaneous rather than lagged data (ii) revised rather than unrevised data; and (iii) leads of data unavailable at the time of policy setting for estimating potential output In order to evaluate each of these distortions separately I have estimated Taylor rules using different sets of estimates of output gap and inflation for three sub-samples corresponding to chairmanship terms of Arthur Burns Paul Volcker and Alan Greenspan Three series of estimates are constructed</description>
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  <item rdf:about="http://hdl.handle.net/10419/72046">
    <title>Industrial structure and monetary policy in a small open economy</title>
    <link>http://hdl.handle.net/10419/72046</link>
    <description>Title: Industrial structure and monetary policy in a small open economy
&lt;br/&gt;
&lt;br/&gt;Authors: Lubik, Thomas A.
&lt;br/&gt;
&lt;br/&gt;Abstract: In standard New Keynesian models, the size of the output expansion generated by aggregate demand shocks depends crucially on the elasticity of labor supply which is empirically quite small. In principle, this link can be broken in a multisectoral economy with differing degrees of price stickiness, so that the required increase in labor supply can come from other sectors. This paper reinterprets this line of reasoning in a small open economy with a traded and a non-traded sector. The latter is characterized by monopolistic competition and nominal price stickiness. The main findings of the paper are twofold. It is shown that, in fact, the size of the labor supply elasticity has no significant effect on the output response to a monetary policy shock. Yet, in this open economy framework the puzzle of the output response remains since they occur only for unrealistically high intertemporal substitution elasticities. Furthermore, it is shown that the current account response to an expansionary monetary shock crucially depends on the industrial structure of the money and not, as previously claimed, on consumption preferences alone. For reasonable model specifications the current acount moves into deficit.</description>
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  <item rdf:about="http://hdl.handle.net/10419/72045">
    <title>Testing for indeterminacy: An application to US monetary policy</title>
    <link>http://hdl.handle.net/10419/72045</link>
    <description>Title: Testing for indeterminacy: An application to US monetary policy
&lt;br/&gt;
&lt;br/&gt;Authors: Lubik, Thomas A.; Schorfheide, Frank
&lt;br/&gt;
&lt;br/&gt;Abstract: This paper considers a prototypical monetary business cycle model for the U.S. economy, in which the equilibrium is undetermined if monetary policy is ‘inactive? In previous multivariate studies it has been common practice to restrict parameter estimates to values for which the equilibrium is unique. We show how the likelihood-based estimation of dynamic stochastic general equilibrium models can be extended to allow for indeterminacies and sunspot fluctuations. We propose a posterior odds test for the hypothesis that the data are best explained by parameters that imply determinacy. Our empirical results show that the Volcker-Greenspan policy regime is consistent with determinacy, whereas the pre-Volcker regime is not. We find that before 1979 non-fundamental sunspot shocks may have contributed significantly to inflation and interest rate volatility, but essentially did not affect output fluctuations.</description>
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