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Creator: Auerbach, Kay J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 047 Parola chiave: International banking and Bank regulation Soggetto: G28 - Financial Institutions and Services: Government Policy and Regulation and F00 - International Economics: General
Creator: Miller, Preston J. and Todd, Richard M. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 481 Abstract:
This paper investigates the effects of changes in a country's monetary policies on its economy and the welfare of its citizens and those of other countries. Each country is populated by two-period lived overlapping agents who reside in either a home service sector or a world-traded good sector. Policy effects are transmitted through changes in the real interest rate, relative prices, and price levels. Welfare effects are sometimes dominated by relative price movements and can thus be opposite of those found in one-good models. Simulation of dynamic paths also reveals that welfare effects for some types of agents reverse between those born in immediate post-shock periods and those born later.
Parola chiave: Real interest rates, Relative prices, Prices, Exchange rates, and Monetary policy Soggetto: F31 - Foreign Exchange, E52 - Monetary Policy, and E31 - Price Level; Inflation; Deflation
Creator: Hansen, Gary D. (Gary Duane) and Prescott, Edward C. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 507 Descrizione:
Presented at the ASSA meetings in Anaheim, CA.
Parola chiave: Technology shock, Recession, 1990, Labor, Technological shocks, Productivity, Knowledge, and 1991 Soggetto: G14 - Information and Market Efficiency; Event Studies; Insider Trading and O33 - Technological Change: Choices and Consequences; Diffusion Processes
Creator: Green, Edward J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 509 Abstract:
Thinking regarding the privatization of state industries and enterprises in the former Comecon countries has tended to focus on the efficiency gains that would occur in the privatized sector. Based on the comparatively good performance and the rather rigid configuration of Comecon production institutions, the scope for such productivity gains seems small. Rather, productivity and innovation in the post-Comecon economies are likely to depend greatly on the emergence of new, initially small, entrepreneurial firms. The extent and form of privatization may affect these firms' prospects for success. How the privatized-firm and entrepreneurial sector will interact depends on public-finance considerations as well as on considerations of industrial organization.
Parola chiave: Council for Mutual Economic Assistance, State enterprise, Growth, Private enterprise, Eastern bloc, Comecon, Entrepreneurship, Soviet bloc, and Privatization Soggetto: L16 - Industrial Organization and Macroeconomics: Industrial Structure and Structural Change; Industrial Price Indices, L33 - Comparison of Public and Private Enterprises and Nonprofit Institutions; Privatization; Contracting Out, and G38 - Corporate Finance and Governance: Government Policy and Regulation
Creator: Dahl, David S. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 052 Descrizione:
Second cover page indicates report dated February 12, 1976.
Parola chiave: Local government, State government, Expenditures, and Ninth district economy Soggetto: H50 - National Government Expenditures and Related Policies: General and H72 - State and Local Budget and Expenditures
Creator: Chari, V. V., Christiano, Lawrence J., and Kehoe, Patrick J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 520 Parola chiave: Friedman rule, Policy analysis, Exogenous growth model, Business cycles, Fiscal policy, Optimal taxation, and Monetary policy Soggetto: E32 - Business Fluctuations; Cycles and E52 - Monetary Policy
Creator: Geweke, John Series: New methods in business cycle research Abstract:
A simple stochastic model of the firm is constructed in which a dynamic monopolist who maximizes a discounted profits stream subject to labor adjustment costs and given factor prices sets output price as a distributed lag of past wages and input prices. If the observed relation of wages and prices in manufacturing arises solely from this behavior then wages and input prices are exogenous with respect to output prices. In tests using quarterly and monthly series for the straight time wage, an index of raw materials prices and the wholesale price index for manufacturing and its durable and nondurable subsectors this hypothesis cannot be refuted for the period 1955:1 to 1971:11. During the period 1926:1 to 1940:11, however, symmetrically opposite behavior is observed manufacturing wholesale prices are exogenous with respect to the wage rate, a relation which can arise if dynamically monopsonistic firms compete in product markets. Neither structural relation has withstood direct wage and price controls.
Parola chiave: Wholesale, Labor, Wages, Prices, and Manufacturing Soggetto: E32 - Business Fluctuations; Cycles, E31 - Price Level; Inflation; Deflation, and L60 - Industry Studies: Manufacturing: General
Creator: Boyd, John H. and Gertler, Mark Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 531 Abstract:
This paper reexamines the conventional wisdom that commercial banking is an industry in severe decline. We find that a careful reading of the evidence does not justify this conclusion. It is true that on-balance sheet assets held by commercial banks have declined as a share of total intermediary assets. But this measure overstates any drop in banking, for three reasons. First, it ignores the rapid growth in commercial banks' off-balance sheet activities. Second, it fails to take account of the substantial growth in off-shore C&I lending by foreign banks. Third, it ignores the fact that over the last several decades financial intermediation has grown rapidly relative to the rest of the economy. We find that after adjusting the measure of bank assets to account for these considerations there is no clear evidence of secular decline. To corroborate these findings, we also construct an alternative measure of the importance of banking, using data from the National Income Accounts. Again, we find no clear evidence of a sustained declined. At most the industry may have suffered a slight loss of market share over the last decade. But as we discuss, this loss may reflect a transitory response to a series of adverse shocks and the phasing in of new regulatory requirements, rather than the beginning of a permanent decline.
Parola chiave: Lending, Commercial banks, Intermediation, Banking, and Bank assets Soggetto: G21 - Banks; Depository Institutions; Micro Finance Institutions; Mortgages