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- Creator:
- Todd, Richard M.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 255
- Keyword:
- Gold coins, Durable assets, Currency, Fiat currency, Nonpar pricing scheme, and Automobiles
- Subject:
- E42 - Money and interest rates - Monetary systems ; Standards ; Regimes ; Government and the monetary system ; Payment systems and G12 - General financial markets - Asset pricing ; Trading volume ; Bond interest rates
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- 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.
- Keyword:
- Production, Business cycle , Work week, and Labor
- Subject:
- 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.
- Keyword:
- Production, Work week, Labor, and Business cycle
- Subject:
- D50 - General equilibrium and disequilibrium - General and E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles
-
- Creator:
- Rosine, John.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 38
- Keyword:
- Labor force, Discrimination, Minnesota, Female, Woman, and Employment
- Subject:
- J82 - Labor standards : National and international - Labor force composition and J71 - Labor discrimination - Discrimination
-
- Creator:
- Wallace, Neil.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 84
- Keyword:
- Federal Reserve System, Central banking, Fiat money, and Monetary policy
- Subject:
- E58 - Monetary policy, central banking, and the supply of money and credit - Central banks and their policies and E51 - Monetary policy, central banking, and the supply of money and credit - Money supply ; Credit ; Money multipliers
-
- Creator:
- Christiano, Lawrence J.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 339
- Keyword:
- Investment, Inventory, Fluctuations, and Inventory investments
- Subject:
- E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles and G31 - Corporate finance and governance - Capital budgeting ; Fixed investment and inventory studies
-
- Creator:
- Stutzer, Michael J.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 197
- Abstract:
- Antitrust regulators often attempt to prevent proposed corporate market-extension mergers or acquisitions by arguing that doing so will result in the proposer entering the market as an additional, smaller, independent competitor. In cases where this so-called doctrine of probable future competition is valid, regulators still need guidance in ranking the priority of cases to pursue. This paper modifies the approach of Dansby and Willig to compute measures of the gross benefits arising from valid regulation. Such measures relate the change in consumer plus producer surplus caused by regulation, to measures of market concentration, firm conduct assumptions, small firm profits, and market demand data.
- Keyword:
- Antitrust regulation, Acquisition, Market extension, and Merger
- Subject:
- K21 - Regulation and business law - Antitrust law, L40 - Antitrust issues and policies - General, and L13 - Market structure, firm strategy, and market performance - Oligopoly and other imperfect markets
-
- Creator:
- Danforth, John P.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 69
- Keyword:
- Wealth, Risk, Income distribution, and Employment
- Subject:
- J31 - Wages, compensation, and labor costs - Wage level and structure ; Wage differentials and J01 - Labor and demographic economics - General - Labor Economics : General
-
- Creator:
- Bryant, John B.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 155
- Abstract:
- A new approach to market behavior is suggested. This approach has a coherent game theoretic foundaton, addresses such anomalous economic behaviors as strikes, rigid wages and unemployment, regulation of financial markets, de-presssion, and nonmarket allocation, and, more generally, provides insights for Finance, Oligopoly Theory, Industrial Organization, and Macroeconomics. The central theme of the approach is that exchange technologies are a basic building block in a model, as are tastes, endowments, and production technologies. Moreover, the key feature of an institution of exchange is that it allows the making of a binding final offer.
- Keyword:
- Bargaining problem, Market behavior, and Competitive allocation
- Subject:
- D51 - General equilibrium and disequilibrium - Exchange and production economies and C72 - Game theory and bargaining theory - Noncooperative games
-
- Creator:
- Chari, V. V. and Hopenhayn, Hugo Andres.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 326
- Abstract:
- 'Structural unemployment' is said to occur in regions or 'sectors' of the economy as a consequence of technological changes. In this paper we present a model which provides an environment which gives rise to unemployment which could be labelled structural unemployment. There is exogenous technological change and vintage specific human capital. Unemployment arises as workers specialized in a particular technology within a vintage decide to search for a job within their vintage, so that their previously acquired special skills are used, instead of getting employed as unskilled workers in the newest vintage. As the rate of technological change increases, the incentives to reassign specialized workers to their same vintage, inccuring therefore in search costs, becomes less attractive, and in consequence the fraction of specialized workers doing search activities decreases. This provides some rationale for the negative correlation between rates of growth and unemployment observed in the data.
- Keyword:
- Unemployment, Vintage human capital, Technology, Structural unemployment, Skills, Growth, Labor market, and Human capital
- Subject:
- E24 - Macroeconomics : Consumption, saving, production, employment, and investment - Employment ; Unemployment ; Wages ; Intergenerational income distribution ; Aggregate human capital and J24 - Demand and supply of labor - Human capital ; Skills ; Occupational choice ; Labor productivity