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Creator: Mehra, Rajnish. and Prescott, Edward C. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 389 Stichwort: Real interest rates, Debt, Equity, Equity premium puzzle, Rietz theory, Consumption, Risk aversion, and Fiat money Fach: H30 - Fiscal policies and behavior of economic agents - General, H63 - National budget, deficit, and debt - Debt ; Debt management, D81 - Information, knowledge, and uncertainty - Criteria for decision-making under risk and uncertainty, and E21 - Macroeconomics : Consumption, saving, production, employment, and investment - Consumption ; Saving ; Wealth -
Creator: Chari, V. V., Kehoe, Patrick J., and Prescott, Edward C. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 365 Stichwort: Choice, Monetary policy, Economic policy, Macroeconomics, and Decision making Fach: D99 - Intertemporal choice and growth - Other, E61 - Macroeconomic policy, macroeconomic aspects of public finance, and general outlook - Policy objectives ; Policy designs and consistency ; Policy coordination, and D81 - Information, knowledge, and uncertainty - Criteria for decision-making under risk and uncertainty -
Creator: Hopenhayn, Hugo Andres. and Prescott, Edward C. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 374 Abstract: The existence of fixed points for monotone maps on spaces of measures is established. The case of monotone Markov processes is analyzed and a uniqueness and global stability condition is developed. A comparative statics result is presented and the problem of approximation to the invariant distribution is discussed. The conditions of the theorems are verified for the cases of Optimal Stochastic Growth and Industry Equilibrium. Stichwort: Stochastic optimization, Monotone Markov process, and Invariant Markov process Fach: C61 - Mathematical methods and programming - Optimization techniques ; Programming models ; Dynamic analysis -
Creator: Hopenhayn, Hugo Andres. and Prescott, Edward C. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 299 Abstract: The existence of fixed points for monotone maps on spaces of measures is established. The case of monotone Markov processes is analyzed and a uniqueness and global stability condition is developed. A comparative statics result is presented and the problem of approximation to the invariant distribution is discussed. The conditions of the theorems are verified for the cases of Optimal Stochastic Growth and Industry Equilibrium. Stichwort: Stochastic optimization, Monotone Markov process, and Invariant Markov process Fach: C61 - Mathematical methods and programming - Optimization techniques ; Programming models ; Dynamic analysis -
Creator: Chari, V. V., Hopenhayn, Hugo Andres., and Prescott, Edward C. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 289 Stichwort: Employees, Unemployment, Workers, Information, and Labor Fach: E24 - Macroeconomics : Consumption, saving, production, employment, and investment - Employment ; Unemployment ; Wages ; Intergenerational income distribution ; Aggregate human capital and J24 - Demand and supply of labor - Human capital ; Skills ; Occupational choice ; Labor productivity -
Creator: Kydland, Finn E. and Prescott, Edward C. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 267 Abstract: The neoclassical growth model studied in Kydland and Prescott [1982] is modified to permit the capital utilization rate to vary. The effect of this modification is to increase the amplitude of the aggregate fluctuations predicted by theory as the equilibrium response to technological shocks. If following Solow [1957], the changes in output not accounted for by changes in the labor and tangible capital inputs are interpreted as being the technology shocks, the statistical properties of the fluctuations in the post-war United States economy are close in magintude and nature to those predicted by theory. Stichwort: Production, Business cycle , Work week, and Labor Fach: D50 - General equilibrium and disequilibrium - General and E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles -
Creator: Kydland, Finn E. and Prescott, Edward C. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 267 Abstract: The neoclassical growth model studied in Kydland and Prescott [1982] is modified to permit the capital utilization rate to vary. The effect of this modification is to increase the amplitude of the aggregate fluctuations predicted by theory as the equilibrium response to technological shocks. If following Solow [1957], the changes in output not accounted for by changes in the labor and tangible capital inputs are interpreted as being the technology shocks, the statistical properties of the fluctuations in the post-war United States economy are close in magintude and nature to those predicted by theory. Stichwort: Production, Work week, Labor, and Business cycle Fach: D50 - General equilibrium and disequilibrium - General and E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles -
Creator: Boyd, John H., Prescott, Edward C., and Smith, Bruce D., d. 2002. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 257 Stichwort: Information structure, Rothschild-Stiglitz insurance environment, Symmetric equilibria, Two stage game, Cooperative equilibrium, and Nash equilibrium Fach: D82 - Information, knowledge, and uncertainty - Asymmetric and private information and D50 - General equilibrium and disequilibrium - General -
Creator: Boyd, John H. and Prescott, Edward C. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 272 Beschreibung: "Financial intermediary-coalitions" (WP 272) replaces "Financial intermediaries" (WP 231) and "Father of financial intermediary-coalitions" (WP 250).
Stichwort: Thrift institutions, Asset transformers, Financial intermediation, Commercial banks, Consumer finance companies, Private information, Core equilibrium, and Loan companies Fach: D82 - Information, knowledge, and uncertainty - Asymmetric and private information, G21 - Financial institutions and services - Banks ; Other depository institutions ; Micro finance institutions ; Mortgages, and D50 - General equilibrium and disequilibrium - General -
Creator: Boyd, John H. and Prescott, Edward C. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 250 Beschreibung: "Financial intermediary-coalitions" (WP 272) replaces "Financial intermediaries" (WP 231) and "Father of financial intermediary-coalitions" (WP 250).
Stichwort: Thrift institutions, Asset transformers, Financial intermediation, Commercial banks, Consumer finance companies, Private information, Core equilibrium, and Loan companies Fach: D82 - Information, knowledge, and uncertainty - Asymmetric and private information, G21 - Financial institutions and services - Banks ; Other depository institutions ; Micro finance institutions ; Mortgages, and D50 - General equilibrium and disequilibrium - General -
Creator: Cole, Harold Linh, 1957- and Prescott, Edward C. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 524 Stichwort: Consumption and General equilibrium Fach: D50 - General equilibrium and disequilibrium - General -
Creator: Prescott, Edward C. and Townsend, Robert M., 1948- Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 203 Abstract: General competitive analysis is extended to cover a dynamic, pure-exchange economy with privately observed shocks to preferences. In the linear, infinite-dimensional space containing lotteries we establish the existence of optima, the existence of competitive equilibria, and that every competitive equilibrium is an optimum. An example illustrates that rationing and securities with contrived risk have an equilibrium interpretation. Stichwort: Pure exchange, Lotteries, and Competitive equilibria Fach: D82 - Information, knowledge, and uncertainty - Asymmetric and private information and D51 - General equilibrium and disequilibrium - Exchange and production economies -
Creator: Boyd, John H. and Prescott, Edward C. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 231 Beschreibung: "Financial intermediary-coalitions" (WP 272) replaces "Financial intermediaries" (WP 231) and "Father of financial intermediary-coalitions" (WP 250).
Fach: D82 - Information, knowledge, and uncertainty - Asymmetric and private information, G21 - Financial institutions and services - Banks ; Other depository institutions ; Micro finance institutions ; Mortgages, and D50 - General equilibrium and disequilibrium - General -
Creator: Hansen, Gary D. (Gary Duane) and Prescott, Edward C. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 507 Beschreibung: Presented at the ASSA meetings in Anaheim, CA.
Stichwort: 1990, Productivity, Recession, 1991, Technological shocks, Labor, Technology shock, and Knowledge Fach: O33 - Technological change ; Research and development - Technological change : Choices and consequences ; Diffusion processes and G14 - General financial markets - Information and market efficiency ; Event studies -
Creator: Cooley, Thomas F., Hansen, Gary D. (Gary Duane), and Prescott, Edward C. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 535 Stichwort: Equilibrium and Business cycle Fach: E13 - General aggregative models - Neoclassical and E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles -
Creator: Boyd, John H., Prescott, Edward C., and Smith, Bruce D., d. 2002. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 385 Stichwort: Noncooperative game, Signalling environment, Adverse selection, and Rothschild-Stiglitz Fach: D82 - Information, knowledge, and uncertainty - Asymmetric and private information, C68 - Mathematical methods and programming - Computable general equilibrium models, D40 - Market structure and pricing - General, and C72 - Game theory and bargaining theory - Noncooperative games -
Creator: Azariadis, Costas., Cooley, Thomas F., Prescott, Edward C., and Schmitz, James Andrew. Series: Productivity and the industrial revolution Stichwort: Call for papers -
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Creator: Prescott, Edward C. and Ríos-Rull, José-Víctor. Series: Advances in dynamic economics Abstract: A necessary feature for equilibrium is that beliefs about the behavior of other agents are rational. We argue that in stationary OLG environments this implies that any future generation in the same situation as the initial generation must do as well as the initial generation did in that situation. We conclude that the existing equilibrium concepts in the literature do not satisfy this condition. We then propose an alternative equilibrium concept, organizational equilibrium, that satisfies this condition. We show that equilibrium exists, it is unique, and it improves over autarky without achieving optimality. Moreover, the equilibrium can be readily found by solving a maximization program. Stichwort: Equilibrium, Rational behavior, and Overlapping generations Fach: D51 - General equilibrium and disequilibrium - Exchange and production economies and E13 - General aggregative models - Neoclassical -
Creator: Cavalcanti, Ricardo de Oliveira., Erosa, Andres., and Prescott, Edward C. Series: Finance, fluctuations, and development Stichwort: Financial markets, Financial intermediation, Investment, Economic development, and Growth Fach: O16 - Economic development - Financial markets ; Saving and capital investment ; Corporate finance and governance and E22 - Macroeconomics : Consumption, saving, production, employment, and investment - Capital ; Investment ; Capacity