Index Catalog // Research Database

Label: Prescott, Edward C. and Townsend, Robert M., 1948-
Label: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
Label: 203
Label: 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.
Label: Pure exchange, Lotteries, and Competitive equilibria
Label: D82 - Information, knowledge, and uncertainty - Asymmetric and private information and D51 - General equilibrium and disequilibrium - Exchange and production economies

Label: Boyd, John H. and Prescott, Edward C.
Label: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
Label: 231
Label: "Financial intermediary-coalitions" (WP 272) replaces "Financial intermediaries" (WP 231) and "Father of financial intermediary-coalitions" (WP 250).
Label: 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

Label: Hansen, Gary D. (Gary Duane) and Prescott, Edward C.
Label: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
Label: 507
Label: Presented at the ASSA meetings in Anaheim, CA.
Label: 1990, Productivity, Recession, 1991, Technological shocks, Labor, Technology shock, and Knowledge
Label: O33 - Technological change ; Research and development - Technological change : Choices and consequences ; Diffusion processes and G14 - General financial markets - Information and market efficiency ; Event studies

Label: Cooley, Thomas F., Hansen, Gary D. (Gary Duane), and Prescott, Edward C.
Label: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
Label: 535
Label: Equilibrium and Business cycle
Label: E13 - General aggregative models - Neoclassical and E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles

Label: Prescott, Edward C. and Ríos-Rull, José-Víctor.
Label: Advances in dynamic economics
Label: 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.
Label: Equilibrium, Rational behavior, and Overlapping generations
Label: D51 - General equilibrium and disequilibrium - Exchange and production economies and E13 - General aggregative models - Neoclassical

Label: Cavalcanti, Ricardo de Oliveira., Erosa, Andres., and Prescott, Edward C.
Label: Finance, fluctuations, and development
Label: Financial markets, Financial intermediation, Investment, Economic development, and Growth
Label: 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

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