Similar Search Results

Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 2009

Equilibrium determines leverage, not just interest rates. Variations in leverage cause fluctuations in asset prices …. This leverage cycle can be damaging to the economy, and should be regulated. …

Persistent link: https://www.econbiz.de/10008605815

The Leverage Cycle

Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 2009

Persistent link: https://www.econbiz.de/10005029253

Education Policy and Intergenerational Transfers in Equilibrium

Abbott, Brant; Gallipoli, Giovanni; Meghir, Costas; … - Cowles Foundation for Research in Economics, Yale University - 2013

This paper compares partial and general equilibrium effects of alternative financial aid policies intended to promote … college participation. We build an overlapping generations life-cycle, heterogeneous-agent, incomplete-markets model with … limits would have no salient effects. The short-run partial equilibrium effects of expanding tuition grants (especially their …

Persistent link: https://www.econbiz.de/10010939077

The Virtues and Vices of Equilibrium and the Future of Financial Economics

Farmer, J. Doyne; Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 2008

The use of equilibrium models in economics springs from the desire for parsimonious models of economic phenomena that … so, extolling the virtues of equilibrium theory; then we present a critique and describe why this approach is inherently …’t be a question of dogma, but should be resolved empirically. There are situations where equilibrium models provide useful …

Persistent link: https://www.econbiz.de/10004976721

Comparative Statics and Local Indeterminacy in OLG Economies: An Application of the Multiplicative Ergodic Theorem

Geanakoplos, John; Brown, Donald J. - Cowles Foundation for Research in Economics, Yale University - 1985

This study is an effort to give a simple measure of the local size of the equilibrium set of OLG economies in which …

Persistent link: https://www.econbiz.de/10005762674

Nash and Walras Equilibrium

Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 1996

The existence of Nash and Walras equilibrium is proved via Brouwer's Fixed Point Theorem, without recourse to Kakutani …

Persistent link: https://www.econbiz.de/10005593373

Natural Concepts in Macroeconomics

Fair, Ray C. - Cowles Foundation for Research in Economics, Yale University - 2005

Ragnar Frisch proposed in 1936 a procedure for estimating natural variable values by modifying what are now called structural macroeconometric models. This paper shows that Frisch’s procedure can be used to illuminate natural concepts using today’s models. The procedure also forces one to be...

Persistent link: https://www.econbiz.de/10005593588

The Harmonic Fisher Equation and the Inflationary Bias of Real Uncertainty

Karatzas, Ioannis; Shubik, Martin; Sudderth, William D.; … - Cowles Foundation for Research in Economics, Yale University - 2003

The classical Fisher equation asserts that in a nonstochastic economy, the inflation rate must equal the difference between the nominal and real interest rates. We extend this equation to a representative agent economy with real uncertainty in which the central bank sets the nominal rate of...

Persistent link: https://www.econbiz.de/10005463887

Inflationary Bias in a Simple Stochastic Economy

Karatzas, Ioannis; Shubik, Martin; Sudderth, William D.; … - Cowles Foundation for Research in Economics, Yale University - 2001

We construct explicit equilibria for strategic market games used to model an economy with fiat money, one nondurable commodity, countably many time- periods, and a continuum of agents. The total production of the commodity is a random variable that fluctuates from period to period. In each...

Persistent link: https://www.econbiz.de/10005093966

Improved Estimates of Using Luminosity as a Proxy for Economic Statistics: New Results and Estimates of Precision

Nordhaus, William D.; Chen, Xi - Cowles Foundation for Research in Economics, Yale University - 2012

Previous work has analyzed whether luminosity data contain useful information for estimating economic output and concluded that there was significant promise for regions with poor quality economic statistics. The present paper examines alternative measures of the precision of the estimates using...

Persistent link: https://www.econbiz.de/10010686929