Now showing items 1-12 of 12

    • Adaptive Expectations, Underparameterization and the Lucas Critique 

      Evans, George W., 1949-; Ramey, Garey (University of Oregon, Dept. of Economics, 2001-11-29)
      A striking implication of the replacement of adaptive expectations by Rational Expectations was the "Lucas Critique," which showed that expectation parameters, and endogenous variable dynamics, depend on policy parameters. ...
    • Adaptive Learning and Monetary Policy Design 

      Evans, George W., 1949-; Honkapohja, Seppo, 1951- (University of Oregon, Dept. of Economics, 2002-11-08)
      We review the recent work on interest rate setting, which emphasizes the desirability of designing policy to ensure stability under private agent learning. Appropriately designed expectations based rules can yield optimal ...
    • Bank-based versus Market-based Financial Systems: A Growth-theoretic Analysis 

      Chakraborty, Shankha; Ray, Tridip (University of Oregon, Dept. of Economics, 2003-02-01)
      We study bank-based and market-based financial systems in an endogenous growth model. Lending to firms is fraught with moral hazard as owner-managers may reduce investment profitability to enjoy private benefits. Bank ...
    • Costly Intermediation and the Poverty of Nations 

      Chakraborty, Shankha; Lahiri, Amartya (University of Oregon, Dept. of Economics, 2003-01-01)
      Distortions in private investment due to credit frictions, and in public investment due to corruption and bureaucratic inefficiencies, have both been suggested as important factors in accounting for the cross-country per ...
    • Expectations and the Stability Problem for Optimal Monetary Policies 

      Evans, George W., 1949-; Honkapohja, Seppo, 1951- (University of Oregon, Dept. of Economics, 2001-08-03)
      A fundamentals based monetary policy rule, which would be the optimal monetary policy without commitment when private agents have perfectly rational expectations, is unstable if in fact these agents follow standard adaptive ...
    • Indeterminacy and the Stability Puzzle in Non-Convex Economies 

      Evans, George W., 1949-; McGough, Bruce (University of Oregon, Dept. of Economics, 2002-07-25)
      We extend common factor analysis to a multi-dimensional setting by considering a bivariate reduced form consistent with many Real Business Cycle type models. We show how to obtain new representations of sunspots and find ...
    • The Macroeconomic Consequences of Poverty and Inequality 

      Allen, Jeffrey (University of Oregon, 2014-09-29)
      This dissertation examines the macroeconomic effects of poverty and inequality. The second chapter considers the effect of poverty and subsistence consumption constraints on economic growth in a two-sector occupational ...
    • Monetary Policy Issues Arising From Bank Competition 

      Severe, Sean P. (University of Oregon, 2011-06)
      The banking sector has been extensively analyzed in economics. On the microeconomic side, research has advanced our understanding of banks and the inverse relationship between market power and bank production. The macroeconomic ...
    • Monetary policy, expectations and commitment 

      Evans, George W., 1949-; Honkapohja, Seppo, 1951- (University of Oregon, Dept. of Economics, 2002-05-22)
      Commitment in monetary policy leads to equilibria that are superior to those from optimal discretionary policies. A number of interest rate reaction functions and instrument rules have been proposed to implement or approxmiate ...
    • Policy Interaction, Expectations and the Liquidity Trap 

      Evans, George W., 1949-; Honkapohja, Seppo, 1951- (University of Oregon, Dept. of Economics, 2003-04-30)
      We consider inflation and government debt dynamics when monetary policy employs a global interest rate rule and private agents forecast using adaptive learning. Because of the zero lower bound on interest rates, active ...
    • Policy Interaction, Learning and the Fiscal Theory of Prices 

      Evans, George W., 1949-; Honkapohja, Seppo, 1951- (University of Oregon, Dept. of Economics, 2002-08-03)
      We investigate both the rational explosive inflation paths studied by (McCallum 2001), and the classification of fiscal and monetary polices proposed by (Leeper 1991), for stability under learning of the rational expectations ...
    • What do Information Frictions do? 

      Bhattacharya, Joydeep; Chakraborty, Shankha (University of Oregon, Dept. of Economics, 2003-02-14)
      Numerous researchers have incorporated labor or credit market frictions within simple neoclassical models to (i) facilitate quick departures from the Arrow-Debreu world, thereby opening up the role for institutions, (ii) ...