Resultados da Busca
Creator: Lagos, Ricardo Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 374 Abstract:
A distinction is drawn between outside money—money that is either of a fiat nature or backed by some asset that is not in zero net supply within the private sector—and inside money, which is an asset backed by any form of private credit that circulates as a medium of exchange.
Palavra-chave: Private credit, Inside and outside money, Open market operations, Finance theory, Fiat money, Commitment, Banking theory, and Bonds Sujeito: D40 - Market Structure, Pricing, and Design: General and D10 - Household Behavior: General
Creator: McGrattan, Ellen R. Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 370 Abstract:
Real business cycles are recurrent fluctuations in an economy’s incomes, products, and factor inputs—especially labor—that are due to nonmonetary sources. These sources include changes in technology, tax rates and government spending, tastes, government regulation, terms of trade, and energy prices. Most real business cycle (RBC) models are variants or extensions of a neoclassical growth model. One such prototype is introduced. It is then shown how RBC theorists, applying the methodology of Kydland and Prescott (Econometrica 1982), use theory to make predictions about actual time series. Extensions of the prototype model, current issues, and open questions are also discussed.
Palavra-chave: Real exchange rates, Real business cycles, Markov processes, Research and development, Productivity shocks, Stabilization policies, Household budget constraint, Technology shocks, Home production, Total factor productivity, Labour supply, International business cycles, Competitive equilibrium, Labour-market search, and Stochastic growth models Sujeito: D40 - Market Structure, Pricing, and Design: General and D10 - Household Behavior: General
Creator: Smith, Eric and Wright, Randall D. Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 139 Abstract:
We document and attempt to explain the observation that automobile insurance premiums vary dramatically across local markets. We argue high premiums can be attributed to the large numbers of uninsured motorists in some cities, while at the same time, the uninsured motorists can be attributed to high premiums. We construct a simple noncooperative equilibrium model, where limited liability can generate inefficient equilibria with uninsured drivers and high, yet actuarially fair, premiums. For certain parameterizations, an optimal full insurance equilibrium and inefficient high price equilibria with uninsured drivers exist simultaneously, consistent with the observed price variability across seemingly similar cities.
Sujeito: G22 - Insurance; Insurance Companies; Actuarial Studies, D40 - Market Structure, Pricing, and Design: General, and C72 - Noncooperative Games
Creator: Roberds, William Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 264 Abstract:
A popular method of investigating the market effects of multibank holding company (MBHC) affiliation involves regression of banks' local market share on a dummy variable for MBHC affiliation. The usefulness of this procedure is called into question by means of a theoretical counterexample.
Palavra-chave: Multibank holding companies, Bank holding company, Nonprice competition, and Bank merger Sujeito: D40 - Market Structure, Pricing, and Design: General and G21 - Banks; Depository Institutions; Micro Finance Institutions; Mortgages