作者：GROSSMAN, RS
摘要：This paper compares risk-taking of insured and uninsured thrifts operating under strict and less-strict regulatory regimes during the 1930's. Analysis of balance-sheet data indicates that while newly insured thrifts undertook less risk than their uninsured counterparts, possibly because of screening by deposit-insurance authorities, moral hazard emerged gradually. Insured institutions operating under relatively permissive regulatory regimes were more prone to undertake risky lending activities...
作者：HOON, HT; PHELPS, ES
作者单位：Columbia University
摘要：At the microeconomic level, this paper revises and broadens the theory of the equilibrium rate of unemployment, the natural rate in a monetary model We begin by recreating Salop's turnover model of the natural rate in its naturally intertemporal version. Useful findings on impact effects and the adjustment process at the individual firm, necessarily excluded by the static version, are shown to derive from the dynamized model. At the macroeconomic level, we then provide a general-equilibrium an...
作者：HAHN, RW; STAVINS, RN
作者单位：Harvard University; Resources for the Future
作者：VANWIJNBERGEN, S
作者单位：Centre for Economic Policy Research - UK
