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Creator: Ray, Debraj. and Streufert, Peter A. Series: Models of economic growth and development Abstract:
We incorporate the consumption-ability relationship of static "efficiency wage" models into a dynamic general equilibrium model. We show that for many aggregate land stocks, there is a continuum of unemployment rates which could persist indefinitely as part of a stationary equilibrium. For many of these aggregate land stocks, both unemployment and full employment are distrinct possibilities. Broadly speaking, more unemployment corresponds to more undernourishment and more inequality in land distribution. Thus our results suggest that the market mechanism is less efficacious than land reform in reducing unemployment and undernourishment.
Assujettir: J41 - Particular labor markets - Labor contracts, F41 - Macroeconomic aspects of international trade and finance - Open economy macroeconomics, and O42 - Economic growth and aggregate productivity - Monetary growth models
Creator: Sargent, Thomas J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 41 Mot-clé: Analysis and Macroeconomic models Assujettir: E00 - Macroeconomics and monetary economics - General - General
Creator: Sargent, Thomas J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 64 Mot-clé: Macroeconomics Assujettir: E00 - Macroeconomics and monetary economics - General - General
Creator: Miller, Preston J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 173 La description:
This paper reviews selected studies in the theory of macroeconomic stabilization policy and summarizes their key findings.
Mot-clé: Stabilization theory, Macroeconomic stabilzation policy, and Uncertainty Assujettir: D80 - Information, knowledge, and uncertainty - General and E63 - Macroeconomic policy, macroeconomic aspects of public finance, and general outlook - Comparative or joint analysis of fiscal and monetary policy ; Stabilization
Creator: King, Robert G. (Robert Graham), Wallace, Neil., and Weber, Warren E. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 307 Abstract:
This paper shows that there can be equilibria in which exchange rates display randomness unrelated to fundamentals. This is demonstrated in the context of a two currency, one good model, with three agent types and cash-in-advance constraints. A crucial feature is that the type i agents, for i=l, 2, must satisfy a cash—in-advance constraint by holding currency i, while type 3 agents can satisfy it by holding either currency. It is shown that real allocations vary across the multiple equilibria if markets for hedging exchange risk do not exist and that the randomness is innocuous if complete markets exist.
Mot-clé: Foreign exchange rates, Macroeconomics, and Currencies Assujettir: E00 - Macroeconomics and monetary economics - General - General and F31 - International finance - Foreign exchange
Creator: Kiyotaki, Nobuhiro. and Wright, Randall. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 464 Abstract:
The classical and early neoclassical economists knew that the essential function of money was its role as a medium of exchange. Recently, this idea has been formalized using search-theoretic noncooperative equilibrium models of the exchange process. The goal of this paper is to use a simple model of this class to analyze four substantive issues in monetary economics: the interaction between specialization and exchange, dual fiat currency regimes, the welfare improving role of money, and the susceptibility of monetary economies to extrinsic uncertainty.
Mot-clé: Money, Fiat currency, Exchange, Monetary economics, and Fiat money Assujettir: E00 - Macroeconomics and monetary economics - General - General and D83 - Information, knowledge, and uncertainty - Search ; Learning ; Information and knowledge ; Communication ; Belief
Creator: Altig, David, 1956-, Christiano, Lawrence J., Eichenbaum, Martin S., and Lindé, Jesper. Series: Joint commitee on business and financial analysis Abstract:
We report estimates of the dynamic effects of a technology shock, and then use these to estimate the parameters of a dynamic general equilibrium model with money. We find: (i) a positive technology shock drives up hours worked, consumption, investment and output; (ii) the positive response of hours worked reflects that the Fed has in practice accommodated technology shocks; (iii) model parameter values and functional forms that match the response of macroeconomic variables to monetary policy shocks also work well for technology shocks; (iv) while technology shocks account for a large fraction of the lower frequency component of economic fluctuations, they account for only a small part of the business cycle component of fluctuations.
Preliminary and incomplete
Mot-clé: Consumption, Technology, General equilibrium model, Shocks, and Fluctuations Assujettir: D58 - General equilibrium and disequilibrium - Computable and other applied general equilibrium models and E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles