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Label Kehoe, Patrick J. Label Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Label 367 Label Dynamic economy, Stochastic comparative statistics, Risk, Shocks, Equilibrium, and Stockman Label E13  General aggregative models  Neoclassical and C19  Econometric and statistical methods : General  Other 
Label Kehoe, Timothy Jerome, 1953, Levine, David K., and Romer, Paul Michael, 1955 Label Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Label 400 Label We consider a production economy with a finite number of heterogeneous, infinitely lived consumers. We show that, if the economy is smooth enough, equilibria are locally unique for almost all endowments. We do so by converting the infinite dimensional fixed point problem stated in terms of prices and commodities into a finite dimensional Negishi problem involving individual weights in a social value function. By adding a set of artificial fixed factors to utility and production functions, we can write the equilibrium conditions equating spending and income for each consumer entirely in terms of time zero factor endowments and derivatives of the social value function. Label Equilibrium, Consumer, and Dynamic model Label C62  Mathematical methods and programming  Existence and stability conditions of equilibrium 
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 Anderson, Paul A. Label Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Label 102 Label Rational expectations, Hogs, Equilibrium, and Forecasting Label E30  Prices, business fluctuations, and cycles  General and Q11  Agriculture  Aggregate supply and demand analysis ; Prices 
Label Alvarez, Fernando, 1964 and Jermann, Urban J. Label Endogenous incompleteness Label We study the asset pricing implications of a multiagent endowment economy where agents can default on debt. We build on the environment studied by Kocherlakota (1995) and Kehoe and Levine (1993). We present an equilibrium concept for an economy with complete markets and with endogenous solvency constraints. These solvency constraints prevent default, but at the cost of reduced risk sharing. We show that versions of the classical welfare theorems hold for this equilibrium definition. We characterize the pricing kernel, and compare it to the one for economies without participation constraints: interest rates are lower and risk premia depend on the covariance of the idiosyncratic and aggregate shocks. Label Equilibrium, Default, Solvency constraints, Risk, Shocks, and Assets Label G12  General financial markets  Asset pricing ; Trading volume ; Bond interest rates and D50  General equilibrium and disequilibrium  General 
Label Prescott, Edward C. and RíosRull, JoséVíctor. 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 Smith, Bruce D., d. 2002. Label Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Label 258 Label Recent developments in the theory of economies with private information permit a reexamination of the issues raised in the "real billsquantity theory" debate. A model is developed here in which there are banks, in which fiat money is present, and in which agents possess private information. Two regulatory regimes are then considered. In the first, banks are essentially unregulated. In the second, banks face 100 percent reserve requirements. Issues related to existence and optimality of equilibrium are addressed, and problems with existence are given an interpretation in terms of the "stability" of the banking system. Existence (stability) problems which arise under laissezfaire banking can be rectified by a 100 percent reserve requirement. However, unless there is private information regarding access to investment opportunities, there are typically better ways to accomplish this. Finally, it is shown that even in the presence of 100 percent reserve requirements banks are not simply "money warehouses." Bank deposits and money bear different (real) return streams, even under 100 percent reserves. Label Financial intermediaries, Equilibrium, Real billsquantity theory, Bank, Regulation, and Fiat money Label D82  Information, knowledge, and uncertainty  Asymmetric and private information and G21  Financial institutions and services  Banks ; Other depository institutions ; Micro finance institutions ; Mortgages 
Label Azariadis, Costas. and Smith, Bruce D., d. 2002. Label Finance, fluctuations, and development Label We study a variant of the onesector neoclassical growth model of Diamond in which capital investment must be credit financed, and an adverse selection problem appears in loan markets. The result is that the unfettered operation of credit markets leads to a onedimensional indeterminacy of equilibrium. Many equilibria display economic fluctuations which do not vanish asymptotically; such equilibria are characterized by transitions between a Walrasian regime in which the adverse selection problem does not matter, and a regime of credit rationing in which it does. Moreover, for some configurations of parameters, all equilibria display such transitions for two reasons. One, the banking system imposes ceilings on credit when the economy expands and floors when it contracts because the quality of public information about the applicant pool of potential borrowers is negatively correlated with the demand for credit. Two, depositors believe that returns on bank deposits will be low (or high): these beliefs lead them to transfer savings out of (into) the banking system and into less (more) productive uses. The associated disintermediation (or its opposite) causes banks to contract (expand) credit. The result is a set of equilibrium interest rates on loans that validate depositors' original beliefs. We investigate the existence of perfect foresight equilibria displaying periodic (possibly asymmetric) cycles that consist of m periods of expansion followed by n periods of contraction, and propose an algorithm that detects all such cycles. Label Equilibrium, Business cycles, Credit markets, and Interest rates Label O41  One, Two, and Multisector Growth Models, E44  Money and interest rates  Financial markets and the macroeconomy, E51  Monetary policy, central banking, and the supply of money and credit  Money supply ; Credit ; Money multipliers, and E32  Prices, business fluctuations, and cycles  Business fluctuations ; Cycles 
Label Coleman, Wilbur John. Label Nonlinear rational expectations modeling group Label A cashinadvance constraint on consumption is incorporated into a standard model of consumption and capital accumulation. Monetary policy consists of lumpsum cash transfers. Methods are developed for establishing the existence and uniqueness of an equilibrium. and for explicitly constructing this equilibrium. The model economy's dependence on monetary policy is explored. Label Also published in the International Finance Discussion Paper series, number 323.
Label Equilibrium, Planned Growth economy, and Monetary Growth economy Label E31  Prices, business fluctuations, and cycles  Price level ; Inflation ; Deflation, O41  One, Two, and Multisector Growth Models, O42  Economic growth and aggregate productivity  Monetary growth models, and E52  Monetary policy, central banking, and the supply of money and credit  Monetary policy 
Label Bental, Benjamin. Label Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Label 103 Label Fixed point theorem, Schauder's theorem, Overlapping generations, and Equilibrium Label D58  General equilibrium and disequilibrium  Computable and other applied general equilibrium models and C68  Mathematical methods and programming  Computable general equilibrium models