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Keywords:Equilibrium (Economics) 

Journal Article
Consumption, savings, and the meaning of the wealth effect in general equilibrium

Economic Quarterly , Issue Sum , Pages 53-71

Working Paper
Temporary partial expensing in a general-equilibrium model

This paper uses a dynamic general-equilibrium model with a nominal tax system to consider the effects of temporary partial expensing allowances on investment and other macroeconomic aggregates.
Finance and Economics Discussion Series , Paper 2005-19

Finite memory and imperfect monitoring

Staff Report , Paper 287

Working Paper
From individual to aggregate labor supply : a quantitative analysis based on a heterogeneous agent macroeconomy

We investigate the mapping from individual to aggregate labor supply using a general equilibrium heterogeneous-agent model with an incomplete market. The nature of heterogeneity among workers is calibrated using wage data from the PSID. The gross worker flows between employment and nonemployment and the cross-sectional earnings and wealth distributions in our model are comparable to those in the micro data. We find that the aggregate labor supply elasticity of such an economy is around 1, bigger than micro estimates but smaller than those often assumed in aggregate models.
Working Paper , Paper 03-05

Working Paper
Uncertainty and sentiment-driven equilibria

We construct a model to capture the Keynesian idea that production and employment decisions are based on expectations of aggregate demand driven by sentiments and that realized demand follows from the production and employment decisions of firms. We cast the Keynesian idea into a simple model with imperfect information about aggregate demand and we characterize the rational expectations equilibria of this model. We find that the equilibrium is not unique despite the absence of any non-convexities or strategic complementarity in the model. In addition to multiple fundamental equilibria, there ...
Working Papers , Paper 2013-011

Working Paper
Rising indebtedness and temptation: a welfare analysis

Is the observed large increase in consumer indebtedness since 1970 beneficial for U.S. consumers? This paper quantitatively investigates the macroeconomic and welfare implications of relaxing borrowing constraints using a model with preferences featuring temptation and self-control. The model can capture two contrasting views: the positive view, which links increased indebtedness to financial innovation and thus better consumption smoothing, and the negative view, which is associated with consumers' over-borrowing. The author finds that the latter is sizable: the calibrated model implies a ...
Working Papers , Paper 11-39

Working Paper
Generalizing the Taylor principle: comment

Davig and Leeper (2007) have proposed a condition they call the generalized Taylor principle to rule out indeterminate equilibria in a version of the New Keynesian model, where the parameters of the policy rule follow a Markov-switching process. We show that although their condition rules out a subset of indeterminate equilibria, it does not establish uniqueness of the fundamental equilibrium. We discuss the differences between indeterminate fundamental equilibria included by Davig and Leeper's condition and fundamental equilibria that their condition misses.
FRB Atlanta Working Paper , Paper 2008-19

Journal Article
Deflation and the Fisher equation

So, according to Irving Fisher, one reason to worry about deflation is that the federal funds rate is expected to be held near zero as the economy grows out of this recession.
Economic Synopses

Working Paper
Fighting against currency depreciation, macroeconomic instability and sudden stops

In this paper we show that, in the aftermath of a currency crisis, a government that adjusts the nominal interest rate in response to domestic currency depreciation can induce aggregate instability in the economy by generating self-fulfilling endogenous cycles. We find that, if a government raises the interest rate proportionally more than an increase in currency depreciation, then it induces selffulfilling cycles that, driven by people?s expectations about depreciation, replicate several of the salient stylized facts of the ?Sudden Stop? phenomenon. These facts include a decline in domestic ...
International Finance Discussion Papers , Paper 848

Working Paper
Imperfect competition and sunspots

This paper shows that imperfect competition can be a rich source of sunspots equilibria and coordination failures. This is demonstrated in a dynamic general equilibrium model that has no major distortions except imperfect competition. In the absence of fundamental shocks, the model has a unique certainty (fundamental) equilibrium. But there is also a continuum of stochastic (sunspots) equilibria that are not mere randomizations over fundamental equilibria. Markup is always counter-cyclical in sunspots equilibria, which is consistent with empirical evidence. The paper provides a justification ...
Working Papers , Paper 2006-015


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