Staff ReportPub Date : 1900-01-01DOI: 10.21034/sr.344
Warren E. Weber
{"title":"Were U.S. State Banknotes Priced as Securities","authors":"Warren E. Weber","doi":"10.21034/sr.344","DOIUrl":"https://doi.org/10.21034/sr.344","url":null,"abstract":"This study examines the pricing of U.S. state banknotes before 1860 using data on the discounts on these notes as quoted in banknote reporters in New York, Philadelphia, Cincinnati, and Cleveland. The study attempts to determine whether these banknotes were priced consistent with their expected net redemption value - that is, as securities are. It finds that they are not. A bank's notes did have higher prices when the bank was redeeming its notes for specie than when it was not, and banknote prices generally reflected the distances necessary to travel in order to redeem the notes, with larger discounts generally required for longer distances. However, those relationships were not tight, and persistent asymmetries existed between locations.","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"105 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121786274","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}
Staff ReportPub Date : 1900-01-01DOI: 10.21034/sr.68
Preston J. Miller
{"title":"Economic stabilization policy: a survey","authors":"Preston J. Miller","doi":"10.21034/sr.68","DOIUrl":"https://doi.org/10.21034/sr.68","url":null,"abstract":"This paper reviews selected studies in the theory of macroeconomic stabilization policy and summarizes their key findings. A simple model is constructed which includes all surveyed models as special cases. All solutions are derived and described step by step.","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"127 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122458496","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}
Staff ReportPub Date : 1900-01-01DOI: 10.21034/sr.83
R. Townsend, N. Wallace
{"title":"A model of circulating private debt","authors":"R. Townsend, N. Wallace","doi":"10.21034/sr.83","DOIUrl":"https://doi.org/10.21034/sr.83","url":null,"abstract":"We study the possible specialness of circulating as opposed to noncirculating private securities using models whose equilibria imply the existence of both. The models are pure exchange setups with spatial separation and with the potential for a variety of intertemporal trades. We find a sense in which unregulated circulating private securities are troublesome. It can happen that in order for an equilibrium to exist, the amounts of circulating debts issued at the same time in spatially and informationally separated markets have to satisfy restrictions not implied by individual maximization and market clearing in each market separately.","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125812994","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}
Staff ReportPub Date : 1900-01-01DOI: 10.21034/sr.586
Ellen R. McGrattan, Kazuaki Miyachi, Adrian Peralta-Alva
{"title":"On Financing Retirement, Health Care, and Long-Term Care in Japan","authors":"Ellen R. McGrattan, Kazuaki Miyachi, Adrian Peralta-Alva","doi":"10.21034/sr.586","DOIUrl":"https://doi.org/10.21034/sr.586","url":null,"abstract":"Japan is facing the problem of how to finance retirement, health care, and long-term care expenditures as the population ages. This paper analyzes the impact of policy options intended to address this problem by employing a dynamic general equilibrium overlapping generations model, specifically parameterized to match both the macro- and microeconomic level data of Japan. We find that financing the costs of aging through gradual increases in the consumption tax rate delivers better macroeconomic performance and higher welfare for most individuals relative to other financing options, including raising social security contributions, debt financing, and a uniform increase in health care and long-term care copayments.","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117250625","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}
Staff ReportPub Date : 1900-01-01DOI: 10.21034/sr.57
John B. Bryant
{"title":"A generalized equilibrium solution for game theory","authors":"John B. Bryant","doi":"10.21034/sr.57","DOIUrl":"https://doi.org/10.21034/sr.57","url":null,"abstract":"Iterated contraction by dominance produces a generalized equilibrium. This solution to game theory is motivated, generated, analyzed, and compared to Nash equilibrium. One implication drawn is that a realized event in a social situation need not be uniquely determined by simple individual choices, even though the preference orderings implying those choices are the appropriate primitive.","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131617044","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}
Staff ReportPub Date : 1900-01-01DOI: 10.21034/sr.12
Thomas M. Supel
{"title":"How to use econometric models to forecast","authors":"Thomas M. Supel","doi":"10.21034/sr.12","DOIUrl":"https://doi.org/10.21034/sr.12","url":null,"abstract":"","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134536228","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}
Staff ReportPub Date : 1900-01-01DOI: 10.21034/sr.47
John B. Bryant
{"title":"A model of long-term contracts","authors":"John B. Bryant","doi":"10.21034/sr.47","DOIUrl":"https://doi.org/10.21034/sr.47","url":null,"abstract":"Long-term contracts are explained as equilibrium strategies of supergames. In the specific coherent general equilibrium model provided, limited mobility of labor, in the form of a fixed cost of moving, generates long-term contracts.","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133511077","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}
Staff ReportPub Date : 1900-01-01DOI: 10.21034/sr.91
M. Stutzer
{"title":"Time consistency of optimal plans: an elementary primer","authors":"M. Stutzer","doi":"10.21034/sr.91","DOIUrl":"https://doi.org/10.21034/sr.91","url":null,"abstract":"Time consistent optimal plans are defined within the context of a simple, discrete time optimal control framework. Three possible sources of inconsistency are identified and discussed with reference to the literature.","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"117 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123052838","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}
Staff ReportPub Date : 1900-01-01DOI: 10.21034/sr.33
John B. Bryant
{"title":"Approximately complete markets: a generalization of the states of the world model","authors":"John B. Bryant","doi":"10.21034/sr.33","DOIUrl":"https://doi.org/10.21034/sr.33","url":null,"abstract":"","PeriodicalId":164493,"journal":{"name":"Staff Report","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124179514","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}
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