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Risk Shifting, Unemployment Insurance, and Layoffs

Grossman, Herschel I. - 1980

analysis focuses on the interaction between contractual arrangements for shifting risk from workers to employers and tax …-financed unemployment insurance. The key element in the analysis is that unemployment insurance is more attractive than risk shifting as a … way for workers to obtain income during unemployment. The paper also analyses the effects of risk shifting and …

Persistent link: https://www.econbiz.de/10012478721

Producers and Predators

Grossman, Herschel I. - 1999

This paper explores a series of general-equilibrium models in which people can choose to be either producers or predators, and in which producers can allocate their resources either to production or to guarding their production against predators. The analysis shows how the ratio of predators to...

Persistent link: https://www.econbiz.de/10012471640

On the Inception of Rational Bubbles in Stock Prices

Diba, Behzad T. - 1986

Persistent link: https://www.econbiz.de/10012477082

Rational Bubbles in Stock Prices?

Diba, Behzad T. - 1985

This paper reports empirical tests for the existence of rational bubbles in stock prices. The analysis focuses on a familiar model that defines market fundamentals to be the expected present value of dividends, discounted at a constantrate, and defines a rational bubble to be a self-confirming...

Persistent link: https://www.econbiz.de/10012477310

The Impossibility of Rational Bubbles

Diba, Behzad T. - 1985

A rational bubble would involve a self-confirming belief that an asset price depends on information that includes variables or parameters that are not part of market fundamentals. The existing literature shows that, if market fundamentals are economically interesting, i.e., forward looking, any...

Persistent link: https://www.econbiz.de/10012477466

Seigniorage, Inflation, and Reputation

Grossman, Herschel I. - 1984

This paper derives a reputational equilibrum for inflation in a model in which the government obtains valuable seigniorage by issuing fiat money in echange for real resources. One insightful result is that , with contemporaneous perceptionof actual government behavior and immediate adjustment of...

Persistent link: https://www.econbiz.de/10012477581

Counterfactuals, Forecasts, and Choice-Theoretic Modelling of Policy

Grossman, Herschel I. - 1984

This paper focuses on the problem of formulating an analysis of economic policy that is consistent with rational expectations. Cooley, LeRoy,and Raymon show that the Lucas and Sargent strategy for econometric policy evaluation is itself vulnerable to the logic of the Lucas critique. The present...

Persistent link: https://www.econbiz.de/10012477709

Rational Asset Price Bubbles

Diba, Behzad T. - 1983

The solution to a linear model in which supply and/or demand depends on rational expectations of future prices can involve three parts, which we denote as the fundamental component, the deterministic bubble component, and the stochastic bubble component. This paper explores the properties of...

Persistent link: https://www.econbiz.de/10012478044

The Natural-Rate Hypothesis, the Rational-Expectations Hypothesis, and the Remarkable Survival of Non-Market-Clearing Assumptions

Grossman, Herschel I. - 1982

Non-market-clearing models continue to dominate analysis of macroeconomic fluctuations and discussions of macroeconomic policy. This situation is remarkable because non-market-clearing assumptions seem to be inconsistent with the essential presumption of neoclassical economic analysis that...

Persistent link: https://www.econbiz.de/10012478094

Tests of Equilibrium Macroeconomics Using Contemporaneous Monetary Data

Boschen, John F. - 1981

This paper uses contemporaneous monetary data to carry out econometric tests of the "equilibrium" approach to modeling the relation between monetary disturbances and macroeconomic fluctuations. The theoretical analysis introduces into an equilibrium macroeconomic model the availability of...

Persistent link: https://www.econbiz.de/10012478338