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Series:Working Papers in Applied Economic Theory 

Working Paper
Fixed-premium deposit insurance and international credit crunches

We introduce a monopolistically-competitive model of foreign lending in which both explicit and implicit fixed-premium deposit insurance increase the degree to which bank participation in relending to problem debtors falls below its globally optimal level. This provides a channel for fixed-premium deposit insurance to inhibit credit extension in bad states, resulting in an increase in the expected default percentage and an increase in the expected burden on the deposit insurance institution.
Working Papers in Applied Economic Theory , Paper 94-19

Working Paper
A tabular survey of selected regional econometric models

Working Papers in Applied Economic Theory , Paper 11

Working Paper
Is financial time linear?

Working Papers in Applied Economic Theory , Paper 87-13

Working Paper
Inter-industry productivity trends: unbalanced growth or unmeasured growth?

Working Papers in Applied Economic Theory , Paper 93-08

Working Paper
Regime switching in the dynamic relationship between the federal funds rate and nonborrowed reserves

This paper examines the dynamic relationship between changes in the funds rate and nonborrowed reserves within a reduced form framework that allows the relationship to have two distinct patterns over time. A regime switching model a la Hamilton (1989) is estimated. The two regimes are different in such characteristics as average changes in the interest rate, and volatility. The historical aerate of the API inflation rate is significantly higher in the high growth and more volatile regime. Innovations in money growth are associated with a strong anticipated inflation effect in the high ...
Working Papers in Applied Economic Theory , Paper 95-11

Working Paper
Earnings mobility and instability, 1969-1995

We study earnings mobility and instability using data from the Panel Study of Income Dynamics. Our main contribution is to update mobility and instability calculations to include data from the 1990s, although we also provide a number of tests of robustness across mobility and instability indicators and sample definition. All in all, we find few trends in earnings instability since the 1970s, particularly among younger workers. However, we find no evidence that instability continued to increase throughout the 1980s and early 1990s. With regard to mobility, we find greater upward mobility ...
Working Papers in Applied Economic Theory , Paper 97-06

Working Paper
Anticipations and stabilization policy: the implications of selected models

Working Papers in Applied Economic Theory , Paper 10

Working Paper
A monetary model of prices and exchange rates

Working Papers in Applied Economic Theory , Paper 102

Working Paper
A regression analysis of bank credit-card and check-credit plans

Working Papers in Applied Economic Theory , Paper 2

Working Paper
Cyclical unemployment and employment: implications from a dynamic model of the labor market

Working Papers in Applied Economic Theory , Paper 84-01

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Hutchison, Michael M. 13 items

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