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Now showing items 93-112 of 159
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(University of Oregon, Dept of Economics, 2005-10-18)This paper identifies two channels through which the economy can generate endogenous inflation and output volatility, an empirical regularity, by introducing model uncertainty into a Lucas-type monetary model. The equilibrium ...
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(University of Oregon, Dept of Economics, 2010-04-30)This paper studies the implications for monetary policy of heterogeneous expectations in a New Keynesian model. The assumption of rational expec- tations is replaced with parsimonious forecasting models where agents ...
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(University of Oregon, Dept. of Economics, 2004-03-29)We examine existence and stability under learning of sunspot equilibria in a New Keynesian model incorporating inertia. Indeterminacy remains prevalent, stable sunspots abound, and inertia in IS and AS relations do not ...
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(University of Oregon, Dept of Economics, 2004-12-07)This paper addresses the output-price volatility puzzle by studying the interaction of optimal monetary policy and agents' beliefs. We assume that agents choose their information acquisition rate by minimizing a loss ...
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(University of Oregon, Dept of Economics, 2005-04-06)This is a revised and shortened version of Working Paper 2002-11. Commitment in monetary policy leads to equilibria that are superior to those from optimal discretionary policies. A number of interest rate reaction functions ...
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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, 2003-12)We discuss how child labor problems may persist in developing countries when adult mortality risks are endogenous. Children provide current consumption through child labor and future consumption via an informal social ...
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(University of Oregon, Dept. of Economics, 2003-03-20)Available evidence suggests high intergenerational correlation of economic status, and persistent disparities in health status between the rich and the poor. This paper proposes a novel mechanism linking the two. We introduce ...
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(University of Oregon, Dept of Economics, 2005-09-17)We study how the use of judgement or "add-factors" in macroeconomic forecasting may disturb the set of equilibrium outcomes when agents learn using recursive methods. We isolate conditions under which new phenomena, which ...
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(University of Oregon, Dept. of Economics, 2002-09-01)We conduct an empirical investigation into whether networking effects affect foreign direct investment (FDI) activity. Using bibliographical information on CEOs’ birth and education locations, we are able to identify changes ...
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(University of Oregon, Dept. of Economics, 2002-01-01)Model tax treaties do not require tax rate coordination, but do call for either credits or exemptions when calculating a multinational’s domestic taxes. This contradicts recent models with a single capital exporter where ...
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(University of Oregon, Dept of Economics, 2005-05)In the presence of informational frictions and uncertainty, an investment model is developed to capture the asymmetric dynamics of business cycles. When affected by a negative shock, the economy responds differently than ...
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(University of Oregon, Dept of Economics, 2005-04-26)A well-known criterion to make heterogeneous welfare comparisons is Atkinson and Bourguignon’s (1987) sequential generalized Lorenz dominance (SGLD) criterion. Recently, Fleurbaey, Hagneré and Trannoy (2003) convincingly ...
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(University of Oregon, Dept of Economics, 2005-05-19)We show that if policy-makers compute the optimal unconstrained interest-rate rule within a Taylor-type class, they may be led to rules that generate indeterminacy and/or instability under learning. This problem is compounded ...
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(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 ...
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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, 2006-05-25)This paper studies the role of population aging for foreign direct investment and the strategic taxation of capital. Importantly, our theoretical model suggests that the labor market implications of aging differ from the ...
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(University of Oregon, Dept of Economics, 2005-05-01)We develop a dynamic model of the exploitation of an environmental resource with endogenous property rights. We are able to explain both the evolution of property rights and environmental quality. In some circumstances the ...
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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) ...
Now showing items 93-112 of 159