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作者：Chang, R
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：This paper develops recursive methods to study optimal and time consistent policy in dynamic models. We analyze a version of Calvo's 1978 monetary model and show that its time consistent outcomes can be completely characterized as the largest fixed point of either of two operators. Recursive application of these operators provides a computing algorithm which always converges to the set of time consistent outcomes. Finally, we obtain valuable information about the nature of time consistent outc...
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作者：Green, EJ; Zhou, RL
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Pennsylvania
摘要：We consider a version of Kiyotaki and Wright's monetary search model in which agents can hold arbitrary amounts of divisible money. A continuum of stationary equilibria, indexed by the aggregate real money stock, exists with all trading occurring at a single price. There is always a maximum level of the real money stock consistent with existence of such an equilibrium. In the limit as trading becomes faster relative to discounting, any real money stock becomes feasible in such an equilibrium. ...
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作者：Acemoglu, D
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper offers a model of credit markets with adverse selection and moral hazard. The equilibrium is highly inefficient, and the underlying reason is the zero-profit condition imposed by competing financial intermediaries which gives very high powered incentives to entrepreneurs. The paper demonstrates that when entrepreneurs can hire a manager to run their projects, the inefficiencies are prevented. This is because the manager is not the residual claimant of the returns, and hence has low ...
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作者：Kajii, A
作者单位：University of Tsukuba
摘要：This paper studies the regularity of competitive equilibria in a two period exchange economy with one asset where a sunspot signal is observed in the beginning of the second period. It is shown that an equilibrium which does not depend on sunspots is regular if and only if it is sequentially regular as an equilibrium of the economy without sunspots. Hence if the asset is real, a sequential regular equilibrium is robust against any sunspot structure, which may be endogenously generated. (C) 199...
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作者：Baliga, S; Sjöström, T
作者单位：Northwestern University; Harvard University
摘要：We consider a model where agents work in sequence on a project, share information not available to the principal, and can collude. Due to limited liability the Cease theorem does not apply. The distribution of surplus among the agents is therefore an important control variable for the principal, which gives us a theory of how to delegate in an organization subject to moral hazard. The optimal distribution of surplus can always be achieved by delegating in the right way (decentralization) witho...
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作者：Kaas, L
作者单位：University of Bielefeld
摘要：In an overlapping generations model with Cournot competition on the goods market it is shown that a continuum of stationary states and perfect foresight trajectories exists with unemployment at arbitrary low wages. Decisive for this is the influence that different forecast functions have on the objective demand curve, even though they are consistent with perfect foresight. With an example it is shown that simple adaptive and constant memory forecast rules generate such unemployment equilibria....
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作者：Wen, Y
作者单位：Hong Kong University of Science & Technology
摘要：This paper overcomes an important objection against the empirical relevance of the Benhabib-Farmer model as a potential account of actual business cycle fluctuations. This is attributable to an elasticity effect and a returns-to-scale effect of capacity utilization. These effects are closely related to the empirical puzzles that capital appears to play an insignificant role in explaining cyclical movements in output and that the estimated labor elasticity appears to be larger than labor's shar...
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作者：Muller, HM
作者单位：University of Mannheim
摘要：The continuous-time principal-agent model with exponential utility developed by Holmstrom and Milgrom admits a simple closed-form solution: The second-best sharing rule is a linear function of aggregated output. Here. we show that the first-best sharing rule is also linear in aggregated output. The result follows immediately from the separability of the problem and the fact that principal and agent both have CARA utility. (C) 1998 Academic Press.
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作者：Schlag, KH
作者单位：University of Bonn
摘要：Individuals in a finite population repeatedly choose among actions yielding uncertain payoffs. Between choices, each individual observes the action and realized outcome of one other individual. We restrict our search to learning rules with limited memory that increase expected payoffs regardless of the distribution underlying their realizations. It is shown that the rule that outperforms all others is that which imitates the action of an observed individual (whose realized outcome is better th...
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作者：Safra, Z; Segal, U
作者单位：Tel Aviv University; Western University (University of Western Ontario)
摘要：Constant risk aversion means that adding a constant to all outcomes of two distributions, or multiplying all their outcomes by the same positive number, will not change the preference relation between them. We prove several representation theorems, where constant risk aversion is combined with other axioms to imply specific functional forms. Among other things, we obtain a form of disappointment aversion theory without using the concept of reference point in the axioms, and a form of the rank ...
