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Creator: Wallace, Neil Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 347 Descrizione:
The Harry G. Johnson Lecture, presented at the 1987 A.U.T.E. and the Royal Economic Society Conference, Aberyswyth, April 1-4.
Parola chiave: Monetary theory, Inside money, Assets, Outside money, Equilibrium model, and Currency Soggetto: E40 - Money and Interest Rates: General and G12 - Asset Pricing; Trading Volume; Bond Interest Rates
Creator: Bryant, John B. and Wallace, Neil Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 189 Parola chiave: Prohibition, Government debt, Rate of return dominance, and Private currency Soggetto: E40 - Money and Interest Rates: General and E52 - Monetary Policy
Creator: Muench, Thomas J., Rolnick, Arthur J., 1944-, Wallace, Neil, and Weiler, William Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 019 Abstract:
Prediction interval tests are applied to the reduced forms of two quarterly models of the U.S. (the "old" FRB-MIT model and the Michigan model). The results illustrate the range of tests one can perform on an estimated simultaneous equation model. In particular, the tests determine whether ex post forecast errors can be attributed to structural deficiencies of the models. The paper examines confidence regions and other aspects of forecast distributions-comparisons between mean forecasts and nonstochastic forecasts, comparisons between, forecast variances from multiperiod endogenous simulations and those from one period simulations, and comparisons between forecast variances and residual variances.
Parola chiave: Michigan quarterly model, FRB-MIT quarterly model, and Monte Carlo experiment Soggetto: C53 - Forecasting Models; Simulation Methods, C52 - Model Evaluation, Validation, and Selection, and C30 - Multiple or Simultaneous Equation Models; Multiple Variables: General
Creator: Sargent, Thomas J. and Wallace, Neil Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 211 Abstract:
In a general equilibrium setting, we study versions of the proposal to pay interest on reserves at the market rate. We argue that the proposal makes the demand for total reserves indeterminate whether interest is paid on total reserves or on required reserves only. One consequence is that tax financing of the proposal gives rise to a continuum of equilibria, equilibria which differ in real returns and consumption allocations. Another consequence is that an attempt to finance the proposal through earnings on the central bank’s portfolio either gives rise to an equilibrium with a zero nominal interest rate or fails to give rise to an equilibrium.
Parola chiave: Reserves, General equilibrium models, and Interest rates Soggetto: E43 - Interest Rates: Determination, Term Structure, and Effects and D58 - Computable and Other Applied General Equilibrium Models
Creator: Sargent, Thomas J. and Wallace, Neil Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 214 Parola chiave: Quantity theory of money, Seignorage, Commodities, Symmetallism, Private issue inside money, and Bimetallism Soggetto: E52 - Monetary Policy and E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems