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Creator: Chari, V. V.; Kehoe, Patrick J.; and McGrattan, Ellen R. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 619a Description: Technical appendix for Working Paper 619, https://doi.org/10.21034/wp.619
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Creator: Phelan, Christopher and Stacchetti, Ennio Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 258a Abstract: This paper presents a full characterization of the equilibrium value set of a Ramsey tax model. More generally, it develops a dynamic programming method for a class of policy games between the government and a continuum of consumers. By selectively incorporating Euler conditions into a strategic dynamic programming framework, we wed two technologies that are usually considered competing alternatives, resulting in a dramatic simplification of the problem.
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Creator: Chari, V. V.; Kehoe, Patrick J.; and McGrattan, Ellen R. Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 277a Description: This technical appendix supports Staff Report 223 and Staff Report 277.
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Creator: Kehoe, Timothy Jerome, 1953- and Prescott, Edward C. Description: The worldwide Great Depression of the 1930s was a watershed for both economic thought and economic policymaking. It led to the belief that market economies are inherently unstable and to the revolutionary work of John Maynard Keynes. Its impact on popular economic wisdom is still apparent today.
This book, which uses a common framework to study sixteen depressions, from the interwar period in Europe and America as well as from more recent times in Japan and Latin America, challenges the Keynesian theory of depressions. It develops and uses a methodology for studying depressions that relies on growth accounting and the general equilibrium growth model.
Each chapter of the book is accompanied by a data file that contains all of the data used in the analysis. These files can be found in the Great Depressions of the Twentieth Century: Supporting Data and Code collection.
Table of Contents
Great Depressions of the Twentieth Century by Timothy J. Kehoe and Edward C. Prescott
A Second Look at the U.S. Great Depression from a Neoclassical Perspective by Harold L. Cole and Lee E. Ohanian
The Great U.K. Depression: A Puzzle and Possible Resolution by Harold L. Cole and Lee E. Ohanian
The Great Depression in Canada and the United States: A Neoclassical Perspective by Pedro Amaral and James C. MacGee
The French Depression in the 1930s by Paul Beaudry and Franck Portier
The Role of Real Wages, Productivity, and Fiscal Policy in Germany's Great Depression, 1928-37 by Jonas D. M. Fisher and Andreas Hornstein
The Great Depression in Italy: Trade Restrictions and Real Wage Rigidities by Fabrizio Perri and Vincenzo Quadrini
Argentina's Lost Decade and the Subsequent Recover Puzzle by Finn E. Kydland and Carlos E. J. M. Zarazaga
A Decade Lost and Found: Mexico and Chile in the 1980s by Raphael Bergoeing, Patrick J. Kehoe, Timothy J. Kehoe, and Raimundo Soto
The 1990s in Japan: A Lost Decade by Fumio Hayashi and Edward C. Prescott
The Brazilian Depression in the 1980s and 1990s by Mirta S. Bugarin, Roberto Ellery Jr., Victor Gomes, and Arilton Teixeira
Tariffs and the Great Depression Revisited by Mario J. Crucini and James A. Kahn
Recent Great Depressions: Aggregate Growth in New Zealand and Switzerland by Timothy J. Kehoe and Kim J. Ruhl
What Can We Learn from the 1998-2002 Depression in Argentina? by Timothy J. Kehoe
Prosperity and Depression by Edward C. Prescott
Modeling Great Depressions: The Depression in Finland in the 1990s by Juan Carlos Conesa, Timothy J. Kehoe, and Kim J. Ruhl
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Creator: Beaudry, Paul and Portier, Franck Description: Chapter 5 of Great Depressions of the Twentieth Century, Timothy J. Kehoe and Edward C. Prescott, eds.
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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.
Keyword: Real business cycles, Household budget constraint, Real exchange rates, Total factor productivity, Stabilization policies, Stochastic growth models, International business cycles, Home production, Research and development, Markov processes, Competitive equilibrium, Labour-market search, Productivity shocks, Technology shocks, and Labour supply Subject (JEL): D40 - Market Structure, Pricing, and Design: General and D10 - Household Behavior: General -
Creator: Pahl, Cynthia Series: Community Affairs Report (Federal Reserve Bank of Minneapolis) Number: 002 Keyword: Regulation, Mortgage broker, Licensing, State level data , and Mortgage lending
