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Series:Economic Quarterly 

Journal Article
Optimal Institutions in Economies with Private Information: Exclusive Contracts, Taxes, and Bankruptcy Law

In economies with private information, it is typically optimal to prohibit or otherwise discourage a subset of trades that individual agents want to enter. Economists often refer to such optimal distortions as wedges. In this article, we use a simple private-information Mirrleesian economy to, first, show examples of these wedges and, second, discuss institutions that may be used to implement them in practice. We discuss and compare three such institutions: exclusive contracts, taxes, and bankruptcy law. Our analysis underscores the multiplicity of possible implementations and, therefore, the ...
Economic Quarterly , Issue 4Q , Pages 353-385

Journal Article
The bond rate and actual future inflation

Economic Quarterly , Issue Spr , Pages 27-47

Journal Article
Government loan, guarantee, and grant programs: an evaluation

Economic Quarterly , Issue Fall , Pages 25-52

Journal Article
Two approaches to macroeconomic forecasting

Economic Quarterly , Issue Sum , Pages 23-40

Journal Article
Federal Reserve Interdistrict Settlement

The Interdistrict Settlement Account (ISA) tracks financial flows across Federal Reserve Banks. This article provides an introduction to the ISA and traces its behavior, along with some other components of Reserve Bank balance sheets during the great recession and the financial crisis. We also discuss two important ways in which ISA differs from TARGET2, Europe's analogue to the combination of ISA and the Fedwire funds transfer system.
Economic Quarterly , Issue 2Q , Pages 117-141

Journal Article
Nonparametric Estimation of the Diamond-Dybvig Banking Model

I propose a nonparametric structural estimator for the distribution of liquidity needs in a version of the Diamond and Dybvig (1983) model when only the aggregate level of withdrawals is observed. The model is an extension of Peck and Shell (2003) with a continuum of depositors. I show how the characterization of the optimal contract proposed in Sultanum (2014) can be used to estimate the distribution of aggregate liquidity needs. The method builds on the literature of estimation of auctions. More precisely, it uses the indirect approach proposed by Guerre et al. (2000). Guerre et al. (2000) ...
Economic Quarterly , Issue Q4 , Pages 261-279

Journal Article
Was the disinflation of the early 1980's anticipated?

Economic Quarterly , Issue Fall , Pages 41-60

Journal Article
When geometry emerges: some neglected early contribution to offer-curve analysis

Economic Quarterly , Issue Spr , Pages 39-74

Journal Article
Transparency in the practice of monetary policy

Economic Quarterly , Issue Sum , Pages 1-9

Journal Article
Macroeconomic principles and monetary policy

Economic Quarterly , Volume 90 , Issue Win , Pages 1-9




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Hetzel, Robert L. 26 items

Sarte, Pierre-Daniel G. 21 items

Hornstein, Andreas 20 items

Weinberg, John A. 19 items

Wolman, Alexander L. 19 items

Mehra, Yash P. 18 items

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