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Author:Ritter, Joseph A. 

Journal Article
Feeding the national accounts

A complex tracking system, the National Income and Product Accounts (NIPA) is used to measure and monitor the U.S. economy. This article surveys the main data sources currently used in the NIPA. It is not primarily an article about methodology, but focuses instead on the raw inputs to the process: Who is answering what kinds of questions? Closer acquaintance with the data sources behind the accounts highlights the considerable uncertainty about exact magnitudes of various aggregate quantities (and their growth rates) and the need for ongoing evaluation of the data-collection efforts that ...
Review , Volume 82 , Issue Mar , Pages 11-20

Journal Article
Search-theoretic models of international currency - commentary

Review , Volume 78 , Issue May , Pages 133-135

Working Paper
The transition from barter to fiat money

How did it become possible to exchange apparently valueless pieces of paper for goods? This paper provides an equilibrium account of the transition between barter and fiat money regimes. The explanation relies on the intervention of a self-interested government which must be able to promise credibly to limit the issue of money. To achieve credibility, the government must offset the benefits of seigniorage by internalizing some of the macroeconomic externalities generated by the issue of fiat money. The government's patience and the extent of its involvement in the economy are key determinants ...
Working Papers , Paper 1994-004

Working Paper
Commitment as investment under uncertainty

An explanation of how irreversible investment and the techniques associated with pricing real options can apply to a broad range of problems in finance, macroeconomics, and trade policy.
Working Papers (Old Series) , Paper 9606

Journal Article
School and work

National Economic Trends , Issue Jun

Journal Article
Job creation and destruction: the dominance of manufacturing

Review , Issue Sep

Working Paper
Dynamic commitment and imperfect policy rules

Considering the dynamics of commitment highlights, some neglected features of time inconsistency problems. We modify the standard rules-versus-discretion question in three ways: (1) A government that does not commit today retains the option to do so tomorrow, (2) the government's commitment capability is restricted to a class of simple rules, and (3) the government's ability to make irrevocable commitments is restricted. Three results stand out. First, the option to wait makes the incumbent regime (rules or discretion) relatively more attractive. Second, the option to wait means that ...
Working Papers , Paper 1995-015

Working Paper
Commitment as investment under uncertainty

Irreversible investment and the techniques associated with pricing real options have led to significant advances many areas. We broaden this range of applications, showing how the techniques can apply to many policy problems in finance, macroeconomics, and trade policy. With small changes, standard techniques can handle a broad range of strategic problems related to policy. The decision to commit is like the decision to make an irreversible investment. Explicitly considering and correctly valuing the option to wait makes discretion relatively more attractive, implies that increased ...
Working Papers , Paper 1995-004

Journal Article
Moonlighting

National Economic Trends , Issue Jan

Journal Article
Economic models of employee motivation

Workers present employers with a range of tricky problems. They can be crooked, subversive, surly, or indolent, even if they are paid on time. Joseph A. Ritter and Lowell J. Taylor explore economists' main theories of how compensation is used to address employee motivation and how these models help to explain puzzling features of labor market. Although these theories are often regarded as competitors, the authors treat them as complementary tools in understanding how employers deal with the complex problem of motivating workers.
Review , Issue Sep , Pages 3-21

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