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Bank:Federal Reserve Bank of Minneapolis  Series:Working Papers 

Working Paper
Bank holding company diversification into nonbank lines of business: the effects on risk and rate of return

Working Papers , Paper 296

Working Paper
The demand for money during hyperinflations under rational expectations: II

Working Papers , Paper 60

Working Paper
The limits of counter-cyclical monetary policy: an analysis based on optimal control theory and vector autoregressions

Optimal control theory can be combined with the probability structure of a vector autoregression to investigate the tradeoffs available to policymakers. Such an approach obtains results based on a minimal set of assumptions about the economy and the structure of policy actions. This paper takes this approach to analyze the potential effectiveness of countercyclical monetary policy.
Working Papers , Paper 297

Working Paper
Money, nonconvex preferences, and the existence of equilibrium: a note

Working Papers , Paper 218

Working Paper
Temporal aggregation in a multi-sector economy with endogenous growth

We provide a theoretical treatment of temporal aggregation in models that exhibit long-term endogenously-generated steady growth; hence generalizing our previous analysis (Econometrica 62, 1994, pp. 635-56). We introduce the property of steady-growth invariance - that the long-term growth of the continuous-time economy not be affected by the discretization - which imposes consistency restrictions on the joint formulation of preferences and stock accumulation of the discrete-time approximation. We establish, under mild conditions, these restrictions in the form of necessary and sufficient ...
Working Papers , Paper 554

Working Paper
Buyers, sellers and middlemen: variations in search theory

We study bilateral exchange, both direct trade and indirect trade that happens through chains of intermediaries or middlemen. We develop a model of this activity and present applications. This illustrates how, and how many, intermediaries get involved, and how the terms of trade are determined. Bargaining with intermediaries depends on how they bargain with downstream intermediaries, leading to interesting holdup problems. We discuss the roles of buyers and sellers in bilateral exchange, and how to interpret prices. We develop a particular bargaining solution and relate it to other solutions. ...
Working Papers , Paper 691

Working Paper
Equilibrium existence in an overlapping generations model with altruistic preferences

We prove the existence of a competitive equilibrium in an overlapping generations model in which each generation has a preference ordering over its own and its descendents? consumptions. The model is one of pure exchange with many goods in each period and two period lived generations. The bequest from one generation to the next is required to be non-negative and is endogenous. In equilibrium, some sequences of agents of successive generations may be continually ?linked? by positive bequests and act as infinitely lived agents. Other sequences of agents may not be so linked and therefore behave ...
Working Papers , Paper 356

Working Paper
Suspension and the financing of the Civil War: a critique of Newcomb and Mitchell

Working Papers , Paper 265

Working Paper
Taxation, aggregates and the household

We evaluate reforms to the U.S. tax system in a dynamic setup with heterogeneous married and single households, and with an operative extensive margin in labor supply. We restrict our model with observations on gender and skill premia, labor force participation of married females across skill groups, and the structure of marital sorting. We study four revenue-neutral tax reforms: a proportional consumption tax, a proportional income tax, a progressive consumption tax, and a reform in which married individuals file taxes separately. Our findings indicate that tax reforms are accompanied by ...
Working Papers , Paper 660

Working Paper
Existence of steady states with positive consumption in the Kiyotaki-Wright model

We prove the general existence of steady states with positive consumption in an N goods and fiat money version of the Kiyotaki-Wright (?On money as a median of exchange,? Journal of Political Economy 1989, 97 (4), 927?54) model by admitting mixed strategies. We also show that there always exists a steady state in which everyone accepts a least costly-to-store object. In particular, if fiat money is one such object, then there always exists a monetary steady state. We also establish some other properties of steady states and comment on the relationship between steady states and (incentive) ...
Working Papers , Paper 428

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