Creator: Miller, Preston J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 173 描述:
This paper reviews selected studies in the theory of macroeconomic stabilization policy and summarizes their key findings.
关键词: Macroeconomic stabilzation policy, Stabilization theory, and Uncertainty 学科: E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy and D80 - Information, Knowledge, and Uncertainty: General
Creator: Kahn, Charles M. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 266 Abstract:
In this article we use the techniques developed in examining optimal contracting with imperfect information to build a simple equilibrium model of a labor market with imperfect information. We then use the model to examine the effects that imperfect information imposes on labor markets, particularly when compared with full information and noncontractual base lines. We demonstrate that quits increase in periods of high output, without postulating exogenous price rigidity.
关键词: Spot markets, Job search, Information, Job change, Quitter, and Employment 学科: D80 - Information, Knowledge, and Uncertainty: General and J24 - Human Capital; Skills; Occupational Choice; Labor Productivity
Creator: Townsend, Robert M., 1948- Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 077 Abstract:
This thesis consists of a series of essays on the theory of exchange under uncertainty. The first essay examines the welfare implications of futures markets in the context of complete markets for contingent claims. It is shown that in a C-good, S-state world the equilibrium allocations resulting from the operation of pre-state noncontingent futures markets and post-state spot markets may be Pareto optimal. This proposition turns on the fact that a futures contract can be interpreted as a security whose state-specific return is the post-state spot price. If the matrix of spot prices has rank S, then, with futures and spot markets, agents can achieve the same allocations over states as with complete markets for contingent claims.
关键词: Uncertainty and Markets 学科: D80 - Information, Knowledge, and Uncertainty: General, Y40 - Dissertations (unclassified), and G10 - General Financial Markets: General (includes Measurement and Data)