Similar Search Results

Money Stock Control with Reserve and Interest Rate Instruments Under Rational Expectations

McCallum, Bennett T. - 1982

This paper conducts a theoretical comparison of the potential effectiveness, in terms of money stock controllability, of interest rate and reserve instruments. Whereas previous studies have been basically static, the present analysis is carried out in the context of a dynamic macroeconomic model...

Persistent link: https://www.econbiz.de/10012478215

Exchange Rates and Fundamentals

Engel, Charles - 2004

We show analytically that in a rational expectations present value model, an asset price manifests near random walk behavior if fundamentals are I(1) and the factor for discounting future fundamentals is near one. We argue that this result helps explain the well known puzzle that fundamental...

Persistent link: https://www.econbiz.de/10012467971

Real Effects of Anticipated and Unanticipated Money : Some Problems of Estimation and Hypothesis Testing

Buiter, Willem H. - 1980

The paper addresses two issues that arise in estimation of testing of the real effects of anticipated and unanticipated …

Persistent link: https://www.econbiz.de/10012478524

Investors' Portfolio Behavior Under Alternative Models of Long-Term Interest Rate Expectations : Unitary, Rational, or Autoregressive

Friedman, Benjamin M. - 1980

This paper develops behavioral relationships explaining investors' demands for long-term bonds, using three alternative hypotheses about investors' expectations of future bond prices (yields). The results, based on U.S. 'data for six major categories of bond market investors, consistently...

Persistent link: https://www.econbiz.de/10012478678

Money and Interest Rates in the United States during the Great Depression

Basile, Peter F. - 2010

This paper reexamines the debate over whether the United States fell into a liquidity trap in the 1930s. We first review the literature on the liquidity trap focusing on Keynes's discussion of "absolute liquidity preference" and the division that soon emerged between Keynes, who believed that a...

Persistent link: https://www.econbiz.de/10012462451

Distributional National Accounts : Methods and Estimates for the United States

Piketty, Thomas - 2016

This paper combines tax, survey, and national accounts data to estimate the distribution of national income in the United States since 1913. Our distributional national accounts capture 100% of national income, allowing us to compute growth rates for each quantile of the income distribution...

Persistent link: https://www.econbiz.de/10012455735

Rational Speculation and Exchange Rates

Duarte, Margarida - 2001

In this paper we develop a general equilibrium model of exchange rates where expectations of future variables directly affect the current exchange rate through an 'asset-market' term. This term, which results from the assumptions of incomplete asset markets and segmented product markets, does...

Persistent link: https://www.econbiz.de/10012470358

Land Speculation and Wobbly Dynamics with Endogenous Phase Transitions

Hirano, Tomohiro; Stiglitz, Joseph E. - National Bureau of Economic Research - 2022

This paper examines the global macro-dynamics of an OLG model with capital and land with rational expectations. Through the interactions between capital accumulation and land prices, the economy experiences phase transitions, endogenously moving back and forth from situations with unique and...

Persistent link: https://www.econbiz.de/10012938714

Rational Asset Price Bubbles

Diba, Behzad T. - 1983

deterministic bubbles and stochastic bubbles, for a model of inflation and for a model of the evolution of price and quantity in the … market fora storable commodity, such as gold. The analysis focuses on stochastic bubbles as a possibility peculiarly … points to no compelling reason to rule out rational stochastic bubbles apriori, conventional behavioral assumptions imply …

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

Bubbles, Rational Expectations and Financial Markets

Blanchard, Olivier J. - 1982

This paper investigates the nature and the presence of bubbles in financial markets. Are bubbles consistent with … are some of the questions asked in the first three sections. The general conclusion is that bubbles, in many markets, are … consistent with rationality, that phenomena such as runaway asset prices and market crashes are consistent with rational bubbles …

Persistent link: https://www.econbiz.de/10012478162

1
2
3
4
5
6
7
8
9
10
Next
Last