Creator: Nevin, Edward. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 9 描述:
The 1972 version of WP9 was published as part of the Ninth District Economic Series.
关键词: Policy making, Banking, and Regionalism 学科: G21 - Financial institutions and services - Banks ; Other depository institutions ; Micro finance institutions ; Mortgages and R58 - Regional government analysis - Regional development policy
Creator: Backus, David. and Kehoe, Patrick J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 359 Abstract:
We show that some classes of sterilized interventions have no effect on equilibrium prices or quantities. The proof does not depend on complete markets, infinitely-lived agents, Ricardian equivalence, monetary neutrality, or the law of one price. Moreover, regressions of exchange rates or interest differentials on variables measuring the currency composition of the debt may contain no information, in our theoretical economy, about the effectiveness of such interventions. Another class of interventions requires simultaneous changes in monetary and fiscal policy; their effects depend, generally, on the influence of tax distortions, government spending, and money supplies on economic behavior. We suggest that in applying the portfolio balance approach to the study of intervention, lack 01 explicit modeling of these features is a serious flaw.
关键词: Debts, external and Foreign exchange law and legislation 学科: F41 - Macroeconomic aspects of international trade and finance - Open economy macroeconomics, F31 - International finance - Foreign exchange, and H30 - Fiscal policies and behavior of economic agents - General
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.
关键词: Vintage human capital, Structural unemployment, Skills, Human capital, Growth, Labor market, Unemployment, and Technology 学科: J24 - Demand and supply of labor - Human capital ; Skills ; Occupational choice ; Labor productivity and E24 - Macroeconomics : Consumption, saving, production, employment, and investment - Employment ; Unemployment ; Wages ; Intergenerational income distribution ; Aggregate human capital
Creator: Kahn, Charles M. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 266 Abstract:
In this article we use the techniques developed in examining optimal contracting with imperfect information to build a simple equilibrium model of a labor market with imperfect information. We then use the model to examine the effects that imperfect information imposes on labor markets, particularly when compared with full information and noncontractual base lines. We demonstrate that quits increase in periods of high output, without postulating exogenous price rigidity.
关键词: Spot markets, Information, Job change, Quitter, Job search, and Employment 学科: J24 - Demand and supply of labor - Human capital ; Skills ; Occupational choice ; Labor productivity and D80 - Information, knowledge, and uncertainty - General
Creator: Smith, Bruce D., d. 2002. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 230 Abstract:
An overlapping generations model is developed that contains labor markets in which adverse selection problems arise. As a response to these problems, quantity rationing of labor occurs. In addition, the model is capable of generating (a) random employment and prices despite the absence of underlying uncertainty in equilibrium; (b) a statistical (nondegenerate) Phillips curve; (c) procyclical movements in productivity; (d) correlations between aggregate demand and unemployment (and output); (e) an absence of correlation between unemployment (employment) and real wages. In addition, the Phillips curve obtained typically has the "correct" slope. Finally, the model reconciles the theoretical importance and observed unimportance of intertemporal substitution effects, and explains why price level stability may be a poor policy objective.
关键词: Money, Prices, Unemployment, Productivity, Labor, and Philips curve 学科: E12 - General aggregative models - Keynes ; Keynesian ; Post-Keynesian, E24 - Macroeconomics : Consumption, saving, production, employment, and investment - Employment ; Unemployment ; Wages ; Intergenerational income distribution ; Aggregate human capital, and E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles
Creator: Smith, Bruce D., d. 2002. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 225 Abstract:
A model of a labor market is developed in which agents possess private information about their own productivities. This has the property that firms may use unemployment to create appropriate self-selection incentives. When this is the case, existence of an equilibrium may require that employment be stochastic. This is true even though all uncertainty is necessarily resolved prior to hiring. Even when existence is not at issue, it may be privately as well as socially desirable to randomize employment prospects. Finally, it is argued that this "adverse selection" approach is consistent with traditional "Keynesian" approaches to macroeconomics, but avoids some of the arbitrary features of several "Keynesian models."
关键词: Random employment, Labor, Randomized employment, and Private information 学科: D83 - Information, knowledge, and uncertainty - Search ; Learning ; Information and knowledge ; Communication ; Belief and J64 - Mobility, unemployment, and vacancies - Unemployment : Models, duration, incidence, and job search
Creator: Dahl, David S. and Gane, Samuel H. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 129 Abstract:
An important contention of Proposition 13's proponents was that a tax reduction would boost economic activity. It is too early to ascertain whether or not this has happened in California. This study addresses the issue in a more general context by attempting to answer the question: Do state and local taxes affect economic growth? Economic theory tells us that a change in the level of state and local taxes might affect economic growth in a number of ways, but the direction of the net result is not obvious. The methodology used here is multiple regression analysis across states. The major contribution of this study is the use of other variables besides taxes to explain growth in personal income, reducing possible biases in the results of previous work in this area. The results of this study indicate that state and local taxes may be a significant deterrent to growth in personal income.
关键词: Income tax, Property tax, Personal income, and Proposition 13 学科: H24 - Taxation, subsidies and revenue - Personal income and other nonbusiness taxes and subsidies and H71 - State and local government ; Intergovernmental relations - State and local taxation, subsidies, and revenue