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Journal Article
How severe is the time-inconsistency problem in monetary policy?
Chari, V. V.; Albanesi, Stefania; Christiano, Lawrence J. (2003-07)
This study analyzes two monetary economies, a cash-credit good model and a limited-participation model. In these models, monetary policy is made by a benevolent policymaker who cannot commit to future policies. The study defines and analyzes Markov equilibrium in these economies and shows that there is no time-inconsistency problem for a wide range of parameter values.
Quarterly Review , Volume 27 , Issue Sum , Pages 17-33

Journal Article
Top Income Inequality in the 21st Century: Some Cautionary Notes
Guvenen, Fatih; Kaplan, Greg (2017-10)
We revisit recent empirical evidence about the rise in top income inequality in the United States, drawing attention to key issues that we believe are critical for an informed discussion about changing inequality since 1980: the definition of income (labor versus total), the unit of analysis (individual versus tax unit), the importance of partnership and S-corporation income, income shifting between the corporate and personal sectors in response to tax incentives, the definition of the top of the distribution, and trends in the middle and bottom of the distribution. Our goal is to inform ...
Quarterly Review , Issue October , Pages 2-15

Journal Article
Another attempt to explain an illiquid banking system: the Diamond and Dybvig model with sequential service taken seriously
Wallace, Neil (1988-10)
Quarterly Review , Volume 12 , Issue Fall , Pages 3-16

Journal Article
Why markets in foreign exchange are different from other markets
Wallace, Neil (1990-01)
This paper, originally published in the fall 1979 Quarterly Review, explains why unfettered markets cannot determine a price at which the currency of one country exchanges for that of another. In effect, any price will work--something which is not true in other markets. The paper then argues that the only feasible regimes for these special markets are floating exchange rates with capital controls or fixed exchange rates with monetary and budget policy coordination. ; Originally published in Quarterly Review, Fall 1979.
Quarterly Review , Volume 14 , Issue Win , Pages 12-18

Journal Article
The simple analytics of commodity futures markets: do they stabilize prices? Do they raise welfare?
Jagannathan, Ravi; Chari, V. V. (1990-07)
This paper uses a simple, graphical approach to analyze what happens to commodity prices and economic welfare when futures markets are introduced into an economy. It concludes that these markets do not necessarily make prices more or less stable. It also concludes that, contrary to common belief, whatever happens to commodity prices is not necessarily related to what happens to the economic welfare of market participants: even when futures markets reduce the volatility of prices, some people can be made worse off. These conclusions come from a series of models that differ in their assumptions ...
Quarterly Review , Volume 4 , Issue Sum , Pages 12-24

Journal Article
What’s wrong with macroeconomics
anonymous (1980-07)
Quarterly Review , Volume 4 , Issue Sum

Journal Article
2013 Update on the U.S. Earnings, Income, and Wealth Distributional Facts: A View from Macroeconomics
Rios-Rull, Jose-Victor; Kuhn, Moritz (2016-04)
This article is largely a description of the earnings, income, and wealth distributions in the United States in 2013 as measured by the Survey of Consumer Finances (SCF). We describe facts that lie at the joint distribution of the three variables. We look at inequality in relation to age, education, employer status, and marital status. We discuss the evolution of our results over the past 25 years (1989 - 2013), emphasizing the role played by the Great Recession. We pay special attention to the degree of income and wealth concentration at the top and discuss what the use of the SCF data can ...
Quarterly Review , Issue April , Pages 1-75

Journal Article
The debasement puzzle: an essay on medieval monetary history
Weber, Warren E.; Rolnick, Arthur J.; Velde, Francois R. (1997-10)
This study establishes several facts about medieval monetary debasements: they were followed by unusually large minting volumes and by increased seigniorage; old and new coins circulated concurrently; and, at least some of the time, coins were valued by weight. These facts constitute a puzzle because debasements provide no additional inducements to bring coins to the mint. On theoretical and empirical grounds, the authors reject explanations based on by-tale circulation, nominal contracts, and sluggish price adjustment. They conclude that debasements pose a challenge to monetary economics. ...
Quarterly Review , Volume 21 , Issue Fall , Pages 8-20

Journal Article
Banking instability and regulation in the U.S. free banking era
Weber, Warren E.; Rolnick, Arthur J. (1985-07)
Quarterly Review , Volume 9 , Issue Sum

Journal Article
Modeling the impact of an energy price shock on interregional income transfer
Nelson, Clarence W. (1988-07)
Quarterly Review , Volume 12 , Issue Sum , Pages 2-17

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