Search Results

Showing results 1 to 10 of approximately 262.

(refine search)
SORT BY: PREVIOUS / NEXT
Series:Quarterly Review  Bank:Federal Reserve Bank of Minneapolis 

Journal Article
Trading Off Consumption and COVID-19 Deaths

This note develops a framework for thinking about the following question: What is the maximum amount of consumption that a utilitarian welfare function would be willing to trade off to avoid the deaths associated with COVID-19? The answer depends crucially on the mortality rate associated with the coronavirus. If the mortality rate averages 0.81%, as projected in one prominent study, our answer is 41% of one year's consumption. If the mortality rate instead averages 0.44% across age groups, as suggested by a recent seroprevalence study, our answer is 28%.
Quarterly Review , Volume 42 , Issue 1 , Pages 14

Journal Article
The federal budget's effects on intergenerational equity: undone or not undone?

Quarterly Review , Volume 11 , Issue Win , Pages 2-6

Journal Article
Can a \\"credit crunch\\" be efficient?

Two observations have sometimes been viewed as evidence that the equilibrium allocations of intermediated credit markets are inefficient. First, low-income households' marginal propensity to consume is close to unity. Second, even high-income households seem to face nonprice constraints during recessions. This paper presents a model that possesses both of these features. (A recession is modeled as an economy in which the equilibrium level of investment is at its lowest possible level.) However, contrary to the conventional view, the equilibrium of this model is ex ante efficient. The model ...
Quarterly Review , Volume 15 , Issue Fall , Pages 3-17

Journal Article
Business cycles: real facts and a monetary myth

This paper argues that the reporting of facts in light of theory fosters the development of theory. Dynamic neoclassical macro theory guided the selection of facts to report. The hope is that these facts will foster the further development of this theory. A finding is that the price level is countercyclical in the post-Korean War period. This finding debunks the myths that the price level is procyclical, with the postwar period being no exception.
Quarterly Review , Volume 14 , Issue Spr , Pages 3-18

Journal Article
Is Japan's saving rate high?

There are two major differences between Japan and the United States in the way saving is calculated in their national accounts. First, depreciation in Japanese national accounts is based on historical costs, which leads to an understatement of true depreciation and hence an overstatement of net saving. Second, government capital formation is not included in U.S. saving. This article adjusts the official Japanese saving numbers by evaluating depreciation at replacement costs and excluding government capital formation from saving. Doing so significantly reduces the apparent gap between the ...
Quarterly Review , Volume 13 , Issue Spr , Pages 3-9

Journal Article
Diamond and Dybvig's classic theory of financial intermediation : what's missing?

The article shows that in a finite-trader version of the Diamond and Dybvig model (1983), the ex ante efficient allocation can be implemented as a unique equilibrium. This is so even in the presence of the sequential service constraint, as emphasized by Wallace (1988), whereby the bank must solve a sequence of maximization problems as depositors contact it at different times. A three-trader example with constant relative risk-aversion utility is used in order to illustrate clearly the requirements that the sequential service constraint imposes on implementation.
Quarterly Review , Volume 24 , Issue Win , Pages 3-13

Journal Article
Direct investment: a doubtful alternative to international debt

The paper considers a model in which private foreign investors make direct long-lived capital investments in a small developing country that is subject to stochastic shocks to production. Depending upon the preferences of the host country, we find that expropriation can occur because of either desperation or opportunism. We show that under reasonable assumptions, increased investment makes expropriation less likely to occur and that the level of investment chosen by atomistic foreign investors may be nonoptimal.
Quarterly Review , Volume 16 , Issue Win , Pages 12-22

Journal Article
Avoiding significant monetary policy mistakes

We deduce properties of optimal monetary policies based on modern theory and standard empirical findings. In light of this analysis, we examine FOMC policy procedures and conclude that they put too much emphasis on short-term economic stabilization and too little emphasis on longer-term price stability. We propose a form of inflation targeting to address this problem.
Quarterly Review , Volume 28 , Issue Dec , Pages 2-9

Journal Article
A shred of evidence on public acceptance of privately issued currency

Quarterly Review , Volume 9 , Issue Win

Journal Article
Revisionist history: how data revisions distort economic policy research

This article describes how and why official U.S. estimates of the growth in real economic output and inflation are revised over time, demonstrates how big those revisions tend to be, and evaluates whether the revisions matter for researchers trying to understand the economy?s performance and the contemporaneous reactions of policymakers. The conclusion may seem obvious, but it is a point ignored by most researchers: To have a good chance of understanding how policymakers make their decisions, researchers must use not the final data available, but the data available initially, when the policy ...
Quarterly Review , Volume 22 , Issue Fall , Pages 3-12

FILTER BY year

FILTER BY Bank

FILTER BY Series

FILTER BY Content Type

FILTER BY Author

anonymous 29 items

Wallace, Neil 22 items

Weber, Warren E. 16 items

Miller, Preston J. 15 items

Rolnick, Arthur J. 13 items

Runkle, David E. 11 items

show more (118)

FILTER BY Jel Classification

C0 1 items

E0 1 items

E24 1 items

E25 1 items

E40 1 items

J31 1 items

show more (1)

FILTER BY Keywords

Business cycles 15 items

Monetary policy 12 items

Banks and banking - History 9 items

Forecasting 9 items

Inflation (Finance) 8 items

Money 7 items

show more (112)

PREVIOUS / NEXT