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Browsing by Subject "Microeconomics"
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Now showing items 1-20 of 22
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(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. ...
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(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 ...
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(University of Oregon, Dept of Economics, 2003-03-17)Earlier studies of the seigniorage inflation model have found that the high-inflation steady state is not stable under adaptive learning. We reconsider this issue and analyze the full set of solutions for the linearized ...
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(University of Oregon, Dept. of Economics, 2002-07-20)We study the development of bargaining behavior in children age seven through 18, using ultimatum and dictator games. We find that bargaining behavior changes substantially with age and that most of this change appears to ...
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(University of Oregon, Dept of Economics, 2003-09)The standard differentiated-product model with Nash-equilibrium price setting suggests that the density of sellers in a market can affect both a seller’s price elasticity of demand and a competitor’s reaction to a price ...
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(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 ...
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(University of Oregon, Dept. of Economics, 2001-06-01)This paper describes some simple economic experiments that can be done using children as subjects. We argue that by conducting experiments on children economists can gain insight into the origins of preferences, the ...
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(University of Oregon, Dept. of Economics, 2003-01-01)Longstanding debate over the appropriate social discount rate for public projects stems from our lack of knowledge about how individual discount rates vary across people and across choice contexts. Using a sample of roughly ...
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(University of Oregon, 2022-10-04)It is evident based on recent news articles and social media discussions that racial bias in police action is currently at the forefront of public interest in the U.S. Whether police operate outside of what is considered ...
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(University of Oregon, Dept. of Economics, 2002-01-14)We consider the stability under adaptive learning of the complete set of solutions to the model x_i=beta(Ei*)(x_i+1) when |beat| >1. In addition to the fundamentals solution, the literature describes both finite-state ...
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(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 ...
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(University of Oregon, Dept. of Economics, 2002-07-20)Willingness to pay for climate change mitigation depends on people's perceptions about just how bad things will get if nothing is done. Individual subjective distributions for future climate conditions are combined with ...
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(University of Oregon, Dept. of Economics, 2003-01-01)We introduce monitored bank loans and non-monitored tradeable securities as sources of external finance for firms in a dynamic general equilibrium model. Due to frictions arising from moral hazard, access to credit and ...
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(University of Oregon, Dept. of Economics, 2000-02-01)We construct a market based mechanism that induces players in a non-cooperative game to make the same choices as characterize cooperation. We then argue that this mechanism is applicable to a wide range of economic questions ...
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(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 ...
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(University of Oregon, Dept. of Economics, 2003-10-11)The development of tractable forward looking models of monetary policy has lead to an explosion of research on the implications of adopting Taylor-type interest rate rules. Indeterminacies have been found to arise for some ...
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(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 ...
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(University of Oregon, Dept. of Economics, 2002-07-20)The most distinctive prediction of prospect theory is the fourfold pattern (FFP) of risk attitudes. People are said to be (1) risk-seeking over low-probability gains, (2) risk-averse over low-probability losses, (3) ...
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(University of Oregon, Dept. of Economics, 2002-10-25)We develop a monetary model with flexible supply of labor, cash in advance constraints and government spending financed by seignorage. This model has two regimes. One regime is conventional with two steady states. The other ...
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(University of Oregon, Dept. of Economics, 2001-06-01)The active "courting" of firms by municipalities, regions, and even nations has a long-standing history and the competition for firm location through a wide variety of incentives seems to have escalated to new heights in ...
Now showing items 1-20 of 22