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Author:Kasa, Kenneth 

Journal Article
Why attack a currency board?

FRBSF Economic Letter

Working Paper
Borrowing constraints and asset market dynamics: evidence from the Pacific Basin

This paper estimates a linearized, stochastic version of Kiyotaki and Moore's (1997) credit cycle model, using land price data from Hong Kong, Japan, and Korea. It is shown that the welfare costs of borrowing constraints are positively related to the persistence of (de-trended) land price fluctuations. When the residual demand curve for land is inelastic and the steady state share of land held by the constrained sector is less than 30 percent, welfare costs are less than 1 percent of GDP in all countries. However, the costs of borrowing constraints rise quickly as the constrained sector ...
Pacific Basin Working Paper Series , Paper 98-04

Working Paper
Optimal policy with limited commitment

This paper uses Whiteman's(1986) frequency-domain optimization methodology to parameterize the precommitment period in a standard rational expectations policy design model. This allows researchers to adopt an empirical approach to the time consistency issue. That is, the operative commitment horizon in a given policy setting can be estimated along with the other parameters characterizing the preferences and constraints of the agents in the model. It is shown that the commitment horizon can be estimated by running (restricted) regressions of the policymaker's instrument variable on past values ...
Working Papers in Applied Economic Theory , Paper 94-16

Journal Article
Time for a Tobin tax?

FRBSF Economic Letter

Journal Article
Borrowing constraints and asset market dynamics: evidence from the Pacific Basin

This paper estimates a linearized, stochastic version of Kiyotaki and Moore's (1997) credit cycle model, using land price data from Hong Kong, Japan, and Korea. It is shown that the welfare costs of borrowing constraints are positively related to the persistence of (detrended) land price fluctuations. When the residual demand curve for land is inelastic and the steady state share of land held by the constrained sector is less than 30 percent, welfare costs are less than 1 percent GDP in all countries. However, the strained sector becomes more important and as the elasticity of ...
Economic Review

Journal Article
International trade and U.S. labor market trends

FRBSF Economic Letter

Journal Article
Japanese trade deficits?

FRBSF Economic Letter

Journal Article
The composition of international capital flows

FRBSF Economic Letter

Journal Article
Does Singapore invest too much?

FRBSF Economic Letter

Journal Article
New measures of Japanese monetary policy

FRBSF Economic Letter

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Huh, Chan Guk 2 items

Popper, Helen 2 items

Spiegel, Mark M. 2 items

Cho, In-Koo 1 items

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