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E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles
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Creator: Greenwood, Jeremy, 1953- and Williamson, Stephen D. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 363 Abstract: A two country overlapping generations model is constructed, in which financial intermediation arises endogenously as an incentive compatible means of economizing on monitoring costs. Because of the existence of transaction costs, money markets in the two countries are segmented and investors have differential access to international credit markets. The model is used to generate predictions concerning the role of international intermediation in economic development, and to examine the nature of business cycle phenomena across alternative exchange rate regimes. Disturbances are propagated by a credit allocation mechanism, which also lends a novel flavor to the model's long run properties. Palavra-chave: Economic models, Generations, Financial policy , Business cycles, and Exchange rate Sujeito: F41 - Macroeconomic aspects of international trade and finance - Open economy macroeconomics and E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles -
Creator: Kydland, Finn E. and Prescott, Edward C. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 267 Abstract: The neoclassical growth model studied in Kydland and Prescott [1982] is modified to permit the capital utilization rate to vary. The effect of this modification is to increase the amplitude of the aggregate fluctuations predicted by theory as the equilibrium response to technological shocks. If following Solow [1957], the changes in output not accounted for by changes in the labor and tangible capital inputs are interpreted as being the technology shocks, the statistical properties of the fluctuations in the post-war United States economy are close in magintude and nature to those predicted by theory. Palavra-chave: Production, Business cycle , Work week, and Labor Sujeito: D50 - General equilibrium and disequilibrium - General and E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles -
Creator: Kydland, Finn E. and Prescott, Edward C. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 267 Abstract: The neoclassical growth model studied in Kydland and Prescott [1982] is modified to permit the capital utilization rate to vary. The effect of this modification is to increase the amplitude of the aggregate fluctuations predicted by theory as the equilibrium response to technological shocks. If following Solow [1957], the changes in output not accounted for by changes in the labor and tangible capital inputs are interpreted as being the technology shocks, the statistical properties of the fluctuations in the post-war United States economy are close in magintude and nature to those predicted by theory. Palavra-chave: Production, Work week, Labor, and Business cycle Sujeito: D50 - General equilibrium and disequilibrium - General and E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles -
Creator: Smith, Bruce D., d. 2002. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 230 Abstract: An overlapping generations model is developed that contains labor markets in which adverse selection problems arise. As a response to these problems, quantity rationing of labor occurs. In addition, the model is capable of generating (a) random employment and prices despite the absence of underlying uncertainty in equilibrium; (b) a statistical (nondegenerate) Phillips curve; (c) procyclical movements in productivity; (d) correlations between aggregate demand and unemployment (and output); (e) an absence of correlation between unemployment (employment) and real wages. In addition, the Phillips curve obtained typically has the "correct" slope. Finally, the model reconciles the theoretical importance and observed unimportance of intertemporal substitution effects, and explains why price level stability may be a poor policy objective. Palavra-chave: Unemployment, Productivity, Prices, Philips curve, Money, and Labor Sujeito: E24 - Macroeconomics : Consumption, saving, production, employment, and investment - Employment ; Unemployment ; Wages ; Intergenerational income distribution ; Aggregate human capital, E12 - General aggregative models - Keynes ; Keynesian ; Post-Keynesian, and E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles -
Creator: Sargent, Thomas J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 93 Palavra-chave: Rational expectations theory, Demand for labor, and Employment Sujeito: D84 - Information, knowledge, and uncertainty - Expectations ; Speculations, E24 - Macroeconomics : Consumption, saving, production, employment, and investment - Employment ; Unemployment ; Wages ; Intergenerational income distribution ; Aggregate human capital, J23 - Demand and supply of labor - Labor demand, and E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles -
Creator: Backus, David. and Kehoe, Patrick J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 348 Abstract: We derive the empirical implications of a popular class of international macroeconomic models. The real economy is a stochastic exchange model with complete markets. A standard result is that cross-country risk sharing implies perfect correlation between consumption paths across countries. With mild restrictions on the endowment process ii also implies a positive correlation between net exports and output in every country. We introduce money using cash-in-advance constraints and show that the implications for real variables carry over into the monetary economy. These dichotomy and neutrality propositions generalize those in the literature to stochastic environments with heterogeneous agents, and do not require the cash-in-advance constraint to bind in every state. They imply that any correlation between the nominal exchange rate and the balance of trade can be made consistent with the theory. Palavra-chave: Government finance, Exchange rates, Cash-in-advance, Monetary policy, and Risk-sharing Sujeito: E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles, F30 - International finance - General, and D46 - Market structure and pricing - Value theory -
Creator: Christiano, Lawrence J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 339 Palavra-chave: Investment, Inventory, Fluctuations, and Inventory investments Sujeito: E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles and G31 - Corporate finance and governance - Capital budgeting ; Fixed investment and inventory studies -
Creator: Smith, Bruce D., d. 2002. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 232 Abstract: A model of a "real" business cycle is produced in which labor market participants possess private information. A class of economies is considered in which interesting cycles cannot arise without private information. A methodology adapted from Kydland and Prescott (1982) is then employed to show that models based on private information can empirically confront salient features of postwar U.S. business cycles. Moreover, this can be done in a way which is consistent with existing microeconomic evidence on wages and labor supply. Finally, it is shown that the important features of the model related to private information are fairly general. Palavra-chave: Unemployment, Labor markets, Assymetric information, and Labor contracts Sujeito: D82 - Information, knowledge, and uncertainty - Asymmetric and private information and E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles -
Creator: Backus, David. and Kehoe, Patrick J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 348 Abstract: We derive the empirical implications of a popular class of international macroeconomic models. The real economy is a stochastic exchange model with complete markets. A standard result is that cross-country risk sharing implies perfect correlation between consumption paths across countries. With mild restrictions on the endowment process ii also implies a positive correlation between net exports and output in every country. We introduce money using cash-in-advance constraints and show that the implications for real variables carry over into the monetary economy. These dichotomy and neutrality propositions generalize those in the literature to stochastic environments with heterogeneous agents, and do not require the cash-in-advance constraint to bind in every state. They imply that any correlation between the nominal exchange rate and the balance of trade can be made consistent with the theory. Palavra-chave: Government finance, Exchange rates, Risk-sharing, Monetary policy, and Cash-in-advance Sujeito: E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles, F30 - International finance - General, and D46 - Market structure and pricing - Value theory -
Creator: Christiano, Lawrence J. and Eichenbaum, Martin S. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 478 Palavra-chave: Appendix, Computations, Mathematical computations, MATLAB, Monetary policy, Business cycles, and Liquidity Sujeito: E52 - Monetary policy, central banking, and the supply of money and credit - Monetary policy, Y10 - Data : Tables and charts, and E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles