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作者：Scheinkman, JA; Zariphopoulou, T
作者单位：Princeton University; University of Wisconsin System; University of Wisconsin Madison; University of Wisconsin System; University of Wisconsin Madison
摘要：We consider an environment of a fixed size that can be converted to another use. This conversion can be made in steps, but it is irreversible. The future benefits (per unit) from the original use, and from the alternative use, follow a diffusion process. For a fairly general case, we show that the value function must be the unique (viscosity) solution to the associated Hamilton-Jacobi-Bellman equation. We also exhibit several properties of the solution for the case of constant relative risk av...
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作者：Jones, LE; Manuelli, RE
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; University of Minnesota System; University of Minnesota Twin Cities
摘要：We study how volatility in monetary policy affects economic performance in the presence of asymmetric information and endogenously chosen information structures. We consider a model in which in the absence of either feature the equilibria would be efficient. The equilibria that we find are inefficient for two reasons: first, in some cases, agents fail to trade, even though it is efficient to do so; second, agents spend resources acquiring socially useless information. The model predicts a nonl...
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作者：Boldrin, M; Levine, DK
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of California System; University of California Los Angeles
摘要：Market booms are often followed by dramatic falls. To explain this requires an asymmetry in the underlying shocks. A straightforward model of technological progress generates asymmetries that are also the source of growth cycles. Assuming a representative consumer, we show that the stock market generally rises, punctuated by occasional dramatic falls. With high risk aversion, bad news causes dramatic increases in prices. Bad news does not correspond to a contraction of existing production poss...
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作者：Azariadis, AE; Bullard, J; Smith, BD
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of Texas System; University of Texas Austin; University of California System; University of California Los Angeles
摘要：Legal and technological changes have made private banknote issue, or its electronic equivalent, possible, We construct a model where private liabilities circulate, either by themselves or alongside outside money. We provide results on existence and multiplicity of equilibria and characterize dynamics near steady states, Our results support Friedman in that circulating private liabilities are associated with endogenous volatility. But implementing Friedman's advice (the government should ban pr...
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作者：Jafarey, S; Rupert, P
作者单位：University of Liverpool; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：This paper studies limited commitment and adverse selection in an economy in which private liabilities (inside money I can be used as instruments of intertemporal trade. The results suggest that in conjunction with adverse selection, the limited commitment problem may affect the behavior of intrinsically higher quality debtors more severely than loader quality ones. Nonetheless, a credit economy may function better when both problems are present than under limited commitment alone. Adding a fi...
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作者：Mitra, T; Nishimura, K
作者单位：Cornell University; Kyoto University
摘要：This paper is concerned with the relationship between the discount rate and the nature of long-run behavior in dynamic optimization models. The theory is developed under two conditions. The first is history independence, which rules out multiple limit sets. The second is a condition that avoids the reversion to a stable steady state, as the discount factor is lowered, once cycles have emerged. These conditions appear to be the minimal restrictions that would allow analysis by a bifurcation dia...
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作者：Paal, B
作者单位：Stanford University
摘要：Prior to the 1930's rapid inflations often occurred in conjunction with wartime Finance, and were commonly halted by imposing or re-imposing a gold standard. In a general equilibrium framework I study the consequences of different methods of gold resumption for the dynamic path of the economy, including the behavior of the price level and the welfare of economic agents. In particular, I examine the implications of varying (a) the length of time between the end of the war and the return to gold...
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作者：Sleet, C
作者单位：University of Iowa
摘要：Credible and optimal monetary policies are considered in environments in which the government observes a signal that is correlated with the state of the economy. When the signal is public information it is optimal for monetary policy to be conditioned upon it. The extent to which such conditioning should occur when the signal is the private information of the government depends upon the government's incentives to misrepresent information. It is shown that in some cases the Ramsey policy is inc...
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作者：Benhabib, J; Schmitt-Grohé, S; Uribe, M
作者单位：New York University; Rutgers University System; Rutgers University New Brunswick; University of Pennsylvania
摘要：Since John Taylor's (1993, Carnegie-Rochester Conf. Ser. Publ Policy 39, 195-214), seminal paper, a large literature has argued that active interest rate feedback rules, that is: rules that respond to increases in inflation with a more than one-for-one increase in the nominal interest rate, are stabilizing. In this paper, we argue that once the zero bound on nominal interest rates is taken into account, active interest rate feedback rules can easily lead to unexpected consequences. Specificall...
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作者：Bhattacharya, R; Majumdar, M
作者单位：Indiana University System; Indiana University Bloomington; Cornell University
摘要：We consider a random dynamical system in which the state space is an interval. and possible laws of motion are monotone functions. It is shown that if the Markov process generated by this system satisfies a splitting condition, it converges to a unique invariant distribution exponentially fast in the Kolmogorov distance. A central limit theorem on the lime-averages of observed values of the states is also proved. As an application we consider a system that captures an interaction of growth and...
