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The Liquidity Trap, the Real Balance Effect, and the Friedman Rule 流动性陷阱、实际平衡效应和弗里德曼规则
Wiley-Blackwell: International Economic Review Pub Date : 2005-01-01 DOI: 10.2139/ssrn.760266
P. Ireland
{"title":"The Liquidity Trap, the Real Balance Effect, and the Friedman Rule","authors":"P. Ireland","doi":"10.2139/ssrn.760266","DOIUrl":"https://doi.org/10.2139/ssrn.760266","url":null,"abstract":"This paper studies the behavior of the economy and the efficacy of monetary policy under zero nominal interest rates, using a model with population growth that nests, as a special case, a more conventional specification in which there is a single infinitely lived representative agent. The paper shows that with a growing population, monetary policy has distributional effects that give rise to a real balance effect, thereby eliminating the liquidity trap. These same distributional effects, however, can also work to make many agents much worse off under zero nominal interest rates than they are when the nominal interest rate is positive.","PeriodicalId":147998,"journal":{"name":"Wiley-Blackwell: International Economic Review","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130402499","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 38
Misery Loves Company: Equilibrium Portfolios with Heterogeneous Consumption Externalities 同病相怜:具有异质性消费外部性的均衡投资组合
Wiley-Blackwell: International Economic Review Pub Date : 2004-10-28 DOI: 10.1111/J.0020-6598.2004.00301.X
C. Gollier
{"title":"Misery Loves Company: Equilibrium Portfolios with Heterogeneous Consumption Externalities","authors":"C. Gollier","doi":"10.1111/J.0020-6598.2004.00301.X","DOIUrl":"https://doi.org/10.1111/J.0020-6598.2004.00301.X","url":null,"abstract":"The present article extends the Arrow-Debreu portfolio model to consumption externalities. It is assumed that each investor has a von Neumann-Morgenstern utility that is a function of her own consumption and of the average consumption in the group to which she belongs. Individual degrees of risk aversion and conformism are heterogeneous within each group and between the different groups in the economy. We show that, under some conditions on the degree of conformism in the economy, the optimal portfolio and consumption choices observed at equilibrium in each group with consumption externalities are equivalent to those that are optimal without any externality, but with an adjusted degree of risk aversion. If these conditions are not fulfilled, groups have no representative agent and the demand for pure zero-mean lotteries may be positive, thereby showing that not all diversifiable risks are washed away at equilibrium. We characterize the relationship between the distribution of conformism in the economy to the competitive allocation of risk and to the equity premium. We provide conditions for the two-fund separation property to hold. Copyright 2004 by the Economics Department Of The University Of Pennsylvania And Osaka University Institute Of Social And Economic Research Association.","PeriodicalId":147998,"journal":{"name":"Wiley-Blackwell: International Economic Review","volume":"188 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117824469","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 26
Inflation, Output, and Welfare 通货膨胀、产出和福利
Wiley-Blackwell: International Economic Review Pub Date : 2004-04-01 DOI: 10.2139/ssrn.1025603
R. Lagos, G. Rocheteau
{"title":"Inflation, Output, and Welfare","authors":"R. Lagos, G. Rocheteau","doi":"10.2139/ssrn.1025603","DOIUrl":"https://doi.org/10.2139/ssrn.1025603","url":null,"abstract":"We study the effects of anticipated inflation on aggregate output and welfare within a search-theoretic framework. We consider two pricing mechanisms: ex post bargaining and a notion of competitive pricing. Under bargaining, the equilibrium is generically inefficient and an increase in inflation reduces buyers' search intensities, output, and welfare. If prices are posted and buyers can direct their search, search intensities are increasing with inflation for low inflation rates and decreasing for high inflation rates. The Friedman rule achieves the efficient allocation, and inflation always reduces welfare, although it can have a positive effect on output for low inflation rates.","PeriodicalId":147998,"journal":{"name":"Wiley-Blackwell: International Economic Review","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134046238","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 125
An On-the-Job Search Model of Crime, Inequality, and Unemployment 犯罪、不平等和失业的在职搜索模型
Wiley-Blackwell: International Economic Review Pub Date : 2003-09-04 DOI: 10.2139/ssrn.470925
K. Burdett, R. Lagos, Randall Wright
{"title":"An On-the-Job Search Model of Crime, Inequality, and Unemployment","authors":"K. Burdett, R. Lagos, Randall Wright","doi":"10.2139/ssrn.470925","DOIUrl":"https://doi.org/10.2139/ssrn.470925","url":null,"abstract":"We extend simple search-theoretic models of crime, unemployment and inequality to incorporate on-the-job search. This is valuable because, although the simple models can be used to illustrate some important points concerning the economics of crime, on-the-job search models are more relevant empirically as well as more interesting in terms of the types of equilibria they generate. We characterize crime decisions, unemployment, and the equilibrium wage distribution. We use quantitative methods to illustrate key results, including a multiplicity of equilibria with different unemployment and crime rates, and to discuss the effects of changes in labor market and anti-crime policies.","PeriodicalId":147998,"journal":{"name":"Wiley-Blackwell: International Economic Review","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125027918","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 108
Money as a Mechanism in a Bewley Economy 货币作为比利经济中的一种机制
Wiley-Blackwell: International Economic Review Pub Date : 2002-12-01 DOI: 10.2139/ssrn.365063
Ruilin Zhou, E. Green
{"title":"Money as a Mechanism in a Bewley Economy","authors":"Ruilin Zhou, E. Green","doi":"10.2139/ssrn.365063","DOIUrl":"https://doi.org/10.2139/ssrn.365063","url":null,"abstract":"We study what features an economic environment might possess, such that it would be Pareto efficient for the exchange of goods in that environment to be conducted on spot markets where those goods trade for money. We prove a conjecture that is essentially due to Bewley [1980,1983]. Monetary spot trading is nearly efficient when there is only a single perishable good (or a composite commodity) at each date and state of the world; random shocks are idiosyncratic, privately observed, and temporary; markets are competitive; and the agents are very patient. This result is a fairly close analogue, for trade using outside, fiat money, of a recent characterization by Levine and Zame [2002] of environments in which spot trade using inside money, in the form of one-period debt payable in a commodity, is nearly Pareto efficient. We also study a example where expansionary monetary mechanism Pareto dominates laissez-faire or contractionary monetary mechanism in an environment with impatient agents.","PeriodicalId":147998,"journal":{"name":"Wiley-Blackwell: International Economic Review","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2002-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114688535","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 56
What Accounts for the Decline in Crime? 犯罪率下降的原因是什么?
Wiley-Blackwell: International Economic Review Pub Date : 2001-03-01 DOI: 10.2139/ssrn.267784
A. Imrohoroglu, Antonio Merlo, Peter Rupert
{"title":"What Accounts for the Decline in Crime?","authors":"A. Imrohoroglu, Antonio Merlo, Peter Rupert","doi":"10.2139/ssrn.267784","DOIUrl":"https://doi.org/10.2139/ssrn.267784","url":null,"abstract":"In this paper we analyze recent trends in aggregate property crime rates in the United States. We propose a dynamic equilibrium model which guides our quantitative investigation of the major determinants of observed patterns of crime. Our main findings can be summarized as follows. First, the model is capable of reproducing the drop in crime between 1980 and 1996. Second, the most important factors that account for the observed decline in property crime are the higher apprehension probability, the stronger economy, and the aging of the population. Third, the effect of unemployment on crime is negligible. Fourth, the increased inequality prevented an even larger decline in crime. Overall, our analysis can account for the behavior of the time series of property crime rates over the past quarter century.","PeriodicalId":147998,"journal":{"name":"Wiley-Blackwell: International Economic Review","volume":"312 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2001-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114004717","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 159
Unemployment Insurance and the Business Cycle 失业保险和商业周期
Wiley-Blackwell: International Economic Review Pub Date : 1997-12-01 DOI: 10.2139/ssrn.78988
Laura Brown, C. Ferrall
{"title":"Unemployment Insurance and the Business Cycle","authors":"Laura Brown, C. Ferrall","doi":"10.2139/ssrn.78988","DOIUrl":"https://doi.org/10.2139/ssrn.78988","url":null,"abstract":"An equilibrium model is developed to study the interaction of the business cycle, unemployment insurance (UI), and the labor market for young men in Canada. The model combines optimal job offer, layoff, and recall decisions within a numerically solved and restricted Bayesian-Nash equilibrium. We consider the long-run implications of changes made to unemployment insurance in Canada during the 1990s. The changes lead to equilibrium increases in average rates of unemployment, layoffs, and recalls. Eliminating UI lowers the equilibrium unemployment rate and average observed earnings. UI policy affects the timing of cycles of endogenous outcomes relative to the productivity cycle. Copyright 2003 By The Economics Department Of The University Of Pennsylvania And Osaka University Institute Of Social And Economic Research Association.","PeriodicalId":147998,"journal":{"name":"Wiley-Blackwell: International Economic Review","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1997-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115913885","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 14
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