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Working Paper
Durable good inventories and the volatility of production: explaining the less volatile U.S. economy
Wen, Yi (2005)
This paper provides a simple dynamic optimization model of durable goods inventories. Closed-form solutions are derived in a general equilibrium environment with imperfect information and serially correlated shocks. The model is then applied to scrutinize some popular conjectures regarding the causes of the volatility reduction of GDP since 1984.
Working Papers , Paper 2005-047

Working Paper
Consumption and time use over the life cycle
Dotsey, Michael; Li, Wenli; Yang, Fang (2010)
The authors incorporate home production in a dynamic general equilibrium model of consumption and saving with illiquid housing and a collateralized borrowing constraint. They show that the model is capable of explaining life-cycle patterns of households' time use and consumption of different categories. Specifically, households' market hours and home hours are fairly stable early in the life cycle. Market hours start to decline sharply at age 50, while home hours begin to increase at age 55. Households' consumption of the market good, home input, and housing services all exhibit hump shapes ...
Working Papers , Paper 10-37

Working Paper
A technique for estimating a cost system that allows for inefficiency
Bauer, Paul W. (1987)
The presentation of a new econometric technique for estimating a system of cost and input share equations that allow for inefficiency.
Working Papers (Old Series) , Paper 8704

Conference Paper
Financial firm's production and supply-side monetary aggregation under dynamic uncertainty: commentary
Brainard, William C. (1994-03)
Proceedings , Issue Mar , Pages 166-168

Working Paper
Optimal monetary impulse-response functions in a matching model
Kennan, John; Katzman, Brett; Wallace, Neil (1999)
The effects on ex ante optima of a lag in seeing monetary realizations are studied using a matching model of money. The main new ingredient in the model is meetings in which producers have more information than consumers. A consequence is that increases in the amount of money that occur with small enough probability can have negative impact effects on output, because it is optimal to shut down trade in such low probability meetings rather than have lower output when high probability realizations occur. The information lag also produces prices that do not respond much to current monetary ...
Working Papers , Paper 595

Journal Article
Financial firm's production and supply-side monetary aggregation under dynamic uncertainty
Barnett, William A.; Zhou, Ge (1994-03)
Review , Issue Mar , Pages 133-165

Conference Paper
Financial firm's production and supply-side monetary aggregation under dynamic uncertainty: response to commentary
Barnett, William A.; Zhou, Ge (1994-03)
Proceedings , Issue Mar , Pages 169-174

Journal Article
Minding the speed limit
Walsh, Carl E. (2003)
FRBSF Economic Letter

Working Paper
Pricing, production, and persistence.
King, Robert G.; Dotsey, Michael (2005)
Though built with increasingly precise microfoundations, modern optimizing sticky price models have displayed a chronic inability to generate large and persistent real responses to monetary shocks, as recently stressed by Chari, Kehoe, and McGrattan [2000]. This is an ironic finding, since Taylor [1980] and other researchers were motivated to study sticky price models in part by the objective of generating large and persistent business fluctuations. ; The authors trace this lack of persistence to a standard view of the cyclical behavior of real marginal cost built into current sticky price ...
Working Papers , Paper 05-4

Working Paper
Entry and exit, product variety and the business cycle
Cooper, Russell W.; Chatterjee, Satyajit (1993)
Working Papers , Paper 93-30

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