Index Catalog // Research Database

Creator:: Sargent, Thomas J.
Series:: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
Number:: 60
Keyword:: Phillip Cagan, Rational expectations theory, Demand for money, and Hyperinflation
Subject:: E41 - Money and interest rates - Demand for money

Creator:: Kehoe, Patrick J.
Series:: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
Number:: 373
Abstract:: This paper presents a simple counterexample to the belief that policy cooperation among benevolent governments is desirable. It also explains circumstances under which such counterexamples are possible and relates them to the literature on time inconsistency.
Description:: Versions of this report were published under the titles “International Policy Cooperation May Be Undesirable” and “Policy Cooperation Among Benevolent Governments May Be Undesirable.”
Keyword:: Policy coordination, Cooperation, Macroeconomics, and Policy games
Subject:: F11 - Trade - Neoclassical models of trade, F33 - International finance - International monetary arrangements and institutions, and D46 - Market structure and pricing - Value theory

Creator:: Mehra, Rajnish. and Prescott, Edward C.
Series:: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
Number:: 389
Keyword:: Real interest rates, Debt, Equity, Equity premium puzzle, Rietz theory, Consumption, Risk aversion, and Fiat money
Subject:: H30 - Fiscal policies and behavior of economic agents - General, H63 - National budget, deficit, and debt - Debt ; Debt management, D81 - Information, knowledge, and uncertainty - Criteria for decision-making under risk and uncertainty, and E21 - Macroeconomics : Consumption, saving, production, employment, and investment - Consumption ; Saving ; Wealth

Creator:: Kehoe, Patrick J.
Series:: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
Number:: 373
Abstract:: This paper presents a simple counterexample to the belief that policy cooperation among benevolent governments is desirable. It also explains circumstances under which such counterexamples are possible and relates them to the literature on time inconsistency.
Description:: Versions of this report were published under the titles “International Policy Cooperation May Be Undesirable” and “Policy Cooperation Among Benevolent Governments May Be Undesirable.”
Keyword:: Policy coordination, Cooperation, Macroeconomics, and Policy games
Subject:: F11 - Trade - Neoclassical models of trade, F33 - International finance - International monetary arrangements and institutions, and D46 - Market structure and pricing - Value theory

Creator:: Boyd, John H. and Graham, Stanley L.
Series:: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
Number:: 378
Keyword:: Insurance, Nonbank activities, Risk, Bank holding companies, Securities , and Real estate
Subject:: C15 - Econometric and statistical methods : General - Simulation methods and G21 - Financial institutions and services - Banks ; Other depository institutions ; Micro finance institutions ; Mortgages

Creator:: Boyd, John H., Graham, Stanley L., and Hewitt, R. Shawn.
Series:: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
Number:: 431
Keyword:: Firm, Bank, and Merger
Subject:: G34 - Corporate finance and governance - Mergers ; Acquisitions ; Restructuring ; Corporate governance and G21 - Financial institutions and services - Banks ; Other depository institutions ; Micro finance institutions ; Mortgages

Creator:: Kehoe, Patrick J.
Series:: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
Number:: 392
Keyword:: Game theory, Aps example, Discounted repeated game, and Repeated game
Subject:: C73 - Game theory and bargaining theory - Stochastic and dynamic games ; Evolutionary games ; Repeated games

Creator:: Levine, David K.
Series:: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
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.
Keyword:: Barter equilibria, Consumers, Monetary equilbria, Money, and Inflation
Subject:: E42 - Money and interest rates - Monetary systems ; Standards ; Regimes ; Government and the monetary system ; Payment systems and D51 - General equilibrium and disequilibrium - Exchange and production economies

Creator:: Williamson, Stephen D.
Series:: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
Number:: 382
Abstract:: A model with private information is constructed that supports conventional arguments for a government monopoly in supplying circulating media of exchange. The model also yields predictions, including rate-of-return dominance of circulating media of exchange, that are consistent with observations from free banking regimes and fiat money regimes. In a laissez faire banking equilibrium, fiat money is not valued, and the resulting allocation is not Pareto optimal. However, if private agents are restricted from issuing circulating notes, there exists an equilibrium with valued fiat money that Pareto dominates the laissez faire equilibrium and is constrained Pareto optimal.
Keyword:: Assymetric information, Private information, Money, Currency, Monetary exchange, Laissez faire banking, Monetary economics, Fiat money, and Free banking
Subject:: D82 - Information, knowledge, and uncertainty - Asymmetric and private information and E42 - Money and interest rates - Monetary systems ; Standards ; Regimes ; Government and the monetary system ; Payment systems

Creator:: Aiyagari, S. Rao.
Series:: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
Number:: 376
Abstract:: We describe a simple environment in which assets of varying qualities may be used for transactions and consumption. The quality of an asset is known to the seller but not the buyer. We show that this feature can generate a negative relationship between the transactions velocities of assets and their rates of return. We also discuss several versions of Gresham's Law which hold in this environment.
Keyword:: Gresham's Law, Asset quality, Consumption, and Transactions
Subject:: E42 - Money and interest rates - Monetary systems ; Standards ; Regimes ; Government and the monetary system ; Payment systems

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