Search Results

Showing results 1 to 10 of approximately 439.

(refine search)
SORT BY: PREVIOUS / NEXT
Series:Working Paper 

Working Paper
Plants in Space

We study the number, size, and location of a firm's plants. The firm's decision balances the benefit of delivering goods and services to customers using multiple plants with the cost of setting up and managing these plants and the potential for cannibalization that arises as their number increases. Modeling the decisions of heterogeneous firms in an economy with a vast number of widely distinct locations is complex because it involves a large combinatorial problem. Using insights from discrete geometry, we study a tractable limit case of this problem in which these forces operate at a local ...
Working Paper , Paper 20-05

Working Paper
The replacement problem in frictional economies : a near equivalence result

We examine how technological change affects wage inequality and unemployment in a calibrated model of matching frictions in the labor market. We distinguish between two polar cases studied in the literature: a "creative destruction" economy where new machines enter chiefly through new matches and an "upgrading" economy where machines in existing matches are replaced by new machines. Our main results are: (i) these two economies produce very similar quantitative outcomes, and (ii) the total amount of wage inequality generated by frictions is very small. We explain these findings in light ...
Working Paper , Paper 05-01

Working Paper
What Caused the Great Recession in the Eurozone?

Since 2008, the Eurozone has undergone two recessions, which together constitute the "Great Recession." The combination of a decline in output and disinflation as well as a persistent decline in inflation suggests that contractionary monetary policy was one factor. This paper makes two methodological points. First, in analyzing the causes of the Great Recession, it is important to distinguish between credit and monetary policy. Second, a multiplicity of estimated models can "explain" the Great Recession. In practice, economists choose between models through an associated narrative that ...
Working Paper , Paper 16-10

Working Paper
Firms as clubs in Walrasian markets with private information

Using private information and club theories, this paper develops a theory of firms in general equilibrium. Firms are defined to be assignments of technologies and agents to clubs. In equilibrium, firms form endogenously and multiple types may co-exist. We formulate the general equilibrium problem as both a Pareto program and as a competitive equilibrium. Welfare and existence theorems are provided. In the competitive equilibrium, club memberships are priced and purchased, so the market determines which organizations exist as well as who is a member. Pareto optima and competitive equilibria of ...
Working Paper , Paper 00-08

Working Paper
Incentives, communication, and payment instruments

Alternative payment instruments are studied in an economy with private information, delayed communication, and limited commitment. Attention is restricted to checks and bank drafts, which differ in resource cost and communication characteristics. Checks are less costly but settlement delays create a limited commitment constraint. We find that drafts dominate at low wealths and checks at higher wealths. Applications to 19th century and modern payment systems are discussed.
Working Paper , Paper 00-11

Working Paper
The role of real wages, productivity, and fiscal policy in Germany's Great Depression, 1928-37

We study the behavior of output, employment, consumption, and investment in Germany during the Great Depression of 1928-37. In this time period, real wages were countercyclical, and productivity and fiscal policy was procyclical. We use the neoclassical growth model to investigate how much these factors contribute to the depression. We find that real wages, which were significantly above their market clearing levels, were the most important factor for the economic decline in the depression. Changes in productivity and fiscal policy were also important for the decline and recovery. Even though ...
Working Paper , Paper 01-07

Working Paper
Network Contagion and Interbank Amplification during the Great Depression

Interbank networks amplified the contraction in lending during the Great Depression. Banking panics induced banks in the hinterland to withdraw interbank deposits from Federal Reserve member banks located in reserve and central reserve cities. These correspondent banks responded by curtailing lending to businesses. Between the peak in the summer of 1929 and the banking holiday in the winter of 1933, interbank amplification reduced aggregate lending in the U.S. economy by an estimated 15 percent.
Working Paper , Paper 16-3

Working Paper
Risky human capital and deferred capital income taxation

We study the structure of optimal wedges and capital taxes in a Mirrlees economy with endogenous skills. Human capital is a private state variable that drives the skill process of each individual. Building on the findings of the labor literature, we assume that human capital investment is a) risky, b) made early in the life-cycle, and c) hard to distinguish from consumption. These assumptions lead to the optimality of a) a human capital premium, i.e., an excess return on human capital relative to physical capital, b) a large intertemporal wedge early in the life-cycle stemming from the lack ...
Working Paper , Paper 06-13

Working Paper
Commercial banking performance and structure : a factor analysis approach

The Hunt Commission's recommendations and other proposed banking law changes have made commercial bank performance under regulation a matter of some public concern.
Working Paper , Paper 74-05

Working Paper
Stored value cards: costly private substitutes for currency

A model in which both currency and stored value cards are used to make payments is presented. I compare steady-state equilibria with and without stored value cards. Stored value cards are beneficial because they help alleviate the deadweight loss due to inflation. When the nominal interest rate is greater than the government's resource cost of providing currency, the alternative means of payment may have larger real resource costs than the currency it replaces. Stored value results in either a net increase or a net decrease in economic welfare depending upon whether average costs are below or ...
Working Paper , Paper 96-03

FILTER BY year

FILTER BY Bank

FILTER BY Series

FILTER BY Content Type

Working Paper 439 items

FILTER BY Author

Hornstein, Andreas 29 items

Goodfriend, Marvin 26 items

Sarte, Pierre-Daniel G. 25 items

Lubik, Thomas A. 21 items

Dotsey, Michael 20 items

Ennis, Huberto M. 19 items

show more (278)

FILTER BY Jel Classification

E21 16 items

E32 15 items

G21 13 items

E44 11 items

E52 11 items

C32 9 items

show more (141)

FILTER BY Keywords

Monetary policy 51 items

Inflation (Finance) 30 items

Business cycles 28 items

Interest rates 22 items

Money 18 items

Prices 16 items

show more (495)

PREVIOUS / NEXT