Creator: Stutzer, Michael J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 223 Stichwort: Optimal planning problems, Plan, Optimality, and Optimizing Fach: C61 - Optimization Techniques; Programming Models; Dynamic Analysis
Creator: Prescott, Edward C. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 336 Stichwort: Payment methods, Payment processing fees, and Agents Fach: G20 - Financial Institutions and Services: General
Creator: Rolnick, Arthur J., 1944- Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 034 Stichwort: Monetary policy, Reform, and Central banking Fach: G28 - Financial Institutions and Services: Government Policy and Regulation and E52 - Monetary Policy
Creator: Levine, David K. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 386 Abstract:
In a monetary model, it is shown that if there is a unique Pareto inefficient barter equilibrium, then a monetary equilibrium exists when traders are sufficiently patient.
Stichwort: Money, Monetary equilbria, Inflation, Barter equilibria, and Consumers Fach: E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems and D51 - Exchange and Production Economies
Creator: Bartelsman, Eric J. and Beaulieu, J. Joseph. Series: Joint committee on business and financial analysis Abstract:
This paper is the first of a series of explorations in the relative performance and sources of productivity growth of U.S. businesses across industries and legal structure. In order to assemble the disparate data from various sources to develop a coherent productivity database, we developed a general system to manage data. The paper describes this system and then applies it by building such a database. The paper presents updated estimates of gross output, intermediate input use and value added using the BEA=s GPO data set. It supplements these data with estimates of missing data on intermediate input use and prices for the 1977-1986 period, and it concords these data, which are organized on a 1972 SIC basis, to the 1987 SIC in order to have consistent time series covering the last twenty-four years. It further refines these data by disaggregating them by legal form of organization. The paper also presents estimates of labor hours, investment, capital services and, consequently, multifactor productivity disaggregated by industry and legal form of organization, and it analyzes the contribution of various industries and business organizations to aggregate productivity. The paper also reconsiders these estimates in light of the surge in spending in advance of the century-date change.
Stichwort: Industrial productivity, Database design, Labor productivity, and Legal form of organization Fach: D24 - Production and organizations - Production ; Cost ; Capital and total factor productivity ; Capacity and E23 - Macroeconomics : Consumption, saving, production, employment, and investment - Production
Creator: Miller, Preston J. and Todd, Richard M. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 494 Abstract:
This paper investigates the macroeconomic and welfare effects of a particular public finance decision. That decision was to use debt rather than current taxation to finance deposit insurance payments related to the savings and loan debacle. We find that this decision could have significantly raised real interest rates and affected welfare. The analysis is conducted in a dynamic, open-economy, monetary general equilibrium model in which parameters are set based on empirical observations.
Stichwort: Savings and loan, Welfare, Real interest rates, Deposit insurance, Government debt, Public finance, Taxation, and S & L Fach: H63 - National Debt; Debt Management; Sovereign Debt and G21 - Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Creator: Ryan, Mary Ellen, 1928- Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 000 Beschreibung:
This paper was published with no issue number.
Stichwort: Middle class, Delinquency, and Debt Fach: D13 - Household Production and Intrahousehold Allocation and D12 - Consumer Economics: Empirical Analysis
Creator: Backus, David and Kehoe, Patrick J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 359 Abstract:
We show that some classes of sterilized interventions have no effect on equilibrium prices or quantities. The proof does not depend on complete markets, infinitely-lived agents, Ricardian equivalence, monetary neutrality, or the law of one price. Moreover, regressions of exchange rates or interest differentials on variables measuring the currency composition of the debt may contain no information, in our theoretical economy, about the effectiveness of such interventions. Another class of interventions requires simultaneous changes in monetary and fiscal policy; their effects depend, generally, on the influence of tax distortions, government spending, and money supplies on economic behavior. We suggest that in applying the portfolio balance approach to the study of intervention, lack 01 explicit modeling of these features is a serious flaw.
Stichwort: Debts, external and Foreign exchange law and legislation Fach: F31 - Foreign Exchange, H30 - Fiscal Policies and Behavior of Economic Agents: General, and F41 - Open Economy Macroeconomics