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Creator: Kehoe, Timothy J. and Prescott, Edward C. Series: Staff Report (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 418 Abstract: Three of the arguments made by Temin (2008) in his review of Great Depressions of the Twentieth Century are demonstrably wrong: that the treatment of the data in the volume is cursory; that the definition of great depressions is too general and, in particular, groups slow growth experiences in Latin America in the 1980s with far more severe great depressions in Europe in the 1930s; and that the book is an advertisement for the real business cycle methodology. Without these three arguments — which are the results of obvious conceptual and arithmetical errors, including copying the wrong column of data from a source — his review says little more than that he does not think it appropriate to apply our dynamic general equilibrium methodology to the study of great depressions, and he does not like the conclusion that we draw: that a successful model of a great depression needs to be able to account for the effects of government policy on productivity.
Descripción: In 2008, Peter Temin wrote a review of the book that appeared in the Journal of Economic Literature. This staff report and accompanying data file are in response to the review.
Citation for review: Temin, Peter. 2008. "Real Business Cycle Views of the Great Depression and Recent Events: A Review of Timothy J. Kehoe and Edward C. Prescott's Great Depressions of the Twentieth Century." Journal of Economic Literature, 46 (3): 66984. DOI: https://doi.org/10.1257/jel.46.3.669

Creator: King, Robert G. (Robert Graham), Wallace, Neil., and Weber, Warren E. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 307 Abstract: This paper shows that there can be equilibria in which exchange rates display randomness unrelated to fundamentals. This is demonstrated in the context of a two currency, one good model, with three agent types and cashinadvance constraints. A crucial feature is that the type i agents, for i=l, 2, must satisfy a cash—inadvance constraint by holding currency i, while type 3 agents can satisfy it by holding either currency. It is shown that real allocations vary across the multiple equilibria if markets for hedging exchange risk do not exist and that the randomness is innocuous if complete markets exist.
Palabra clave: Foreign exchange rates, Macroeconomics, and Currencies Tema: E00  Macroeconomics and monetary economics  General  General and F31  International finance  Foreign exchange 
Working Papers Archive
CollectionDescripción: The Working Papers collection houses the working papers written by Minneapolis Fed Research Department economists and affiliated scholars between 1963 and 2008, with the bulk of the material dating between 1970 and 1994. More recent working papers can be found at the Minneapolis Fed website.

Creator: Uhlig, Harald, 1961 Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 342 Abstract: [Please note that the following Greek lettering is improperly transcribed.] If [0,1] is a measure space of agents and X a collection of pairwise uncorrelated random variables with common finite mean U and variance a , one would like to establish a law of large numbers () Xdl = U. In this paper we propose to interpret () as a Pettis integral. Using the corresponding Riemanntype version of this integral, we establish (*) and interpret it as an L2law of large numbers. Intuitively, the main idea is to integrate before drawing an W, thus avoiding wellknow measurability problems. We discuss distributional properties of i.i.d. random shocks across the population. We given examples for the economic interpretability of our definition. Finally, we establish a vectorvalued version of the law of large numbers for economies.
Palabra clave: L2 law of large numbers, Pettis integral, Khinchines law of large numbers, Large numbers, Riemann integral, and Random variable Tema: C10  Econometric and Statistical Methods and Methodology: General 


Creator: Todd, Richard M. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 207 Palabra clave: Convergence theorem, Timevarying system, and Timeinvariant system Tema: C10  Econometric and Statistical Methods and Methodology: General 
Creator: Bryant, John B. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 168 Abstract: A simple model of backed money without a store of value function is presented, discussed, and defended. The function of money in the model is to replace complex contingent contracts traded on a centralized exchange with simple trades in decentralized markets.
Palabra clave: Commodity money, Contracts, and Fiat money Tema: E40  Money and Interest Rates: General and C10  Econometric and Statistical Methods and Methodology: General 
Creator: Uhlig, Harald, 1961 Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 342 Abstract: [Please note that the following Greek lettering is improperly transcribed.] If [0,1] is a measure space of agents and X a collection of pairwise uncorrelated random variables with common finite mean U and variance a , one would like to establish a law of large numbers () Xdl = U. In this paper we propose to interpret () as a Pettis integral. Using the corresponding Riemanntype version of this integral, we establish (*) and interpret it as an L2law of large numbers. Intuitively, the main idea is to integrate before drawing an W, thus avoiding wellknow measurability problems. We discuss distributional properties of i.i.d. random shocks across the population. We given examples for the economic interpretability of our definition. Finally, we establish a vectorvalued version of the law of large numbers for economies.
Palabra clave: L2 law of large numbers, Pettis integral, Khinchines law of large numbers, Large numbers, Riemann integral, and Random variable Tema: C10  Econometric and Statistical Methods and Methodology: General 
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