Narrow search
Showing 1 - 10 of 6,446
Cover Image
The General Theory of Employment, Interest, and Money after 75 Years : The Importance of Being in the Right Place at the Right Time
Luzzetti, Matthew N. - 2011
This paper studies why the General Theory had so much impact on the economics profession through the 1960s, why that … impact began to wane in the 1970s, and why many economic policymakers cling to many of the tenets of the General Theory. We … qualitatively to patterns discussed in the General Theory, that econometric developments in the area of simultaneous equations made …
Persistent link: https://www.econbiz.de/10013131957
Cover Image
The Real and Financial Implications of Corporate Hedging
Campello, Murillo - 2010
of financial distress. In theory, this should ease a firm's access to credit. Using a tax-based instrumental variable …
Persistent link: https://www.econbiz.de/10013134932
Cover Image
Interest-Rate Smoothing
Barro, Robert J. - 2010
monetary base and the price level at these times differed from the post-World War I1 experience in ways predicted by the theory …
Persistent link: https://www.econbiz.de/10013139987
Cover Image
Persistent Liquidity Effects and Long Run Money Demand
Alvarez, Fernando - 2011
We present a monetary model in the presence of segmented asset markets that implies a persistent fall in interest rates after a once and for all increase in liquidity. The gradual propagation mechanism produced by our model is novel in the literature. We provide an analytical characterization of...
Persistent link: https://www.econbiz.de/10013118840
Cover Image
Discount Rates
Cochrane, John H. - 2011
, including portfolio theory, accounting, cost of capital, capital structure, compensation, and macroeconomics …
Persistent link: https://www.econbiz.de/10013126211
Cover Image
Fiscal Rules and Discretion Under Persistent Shocks
Halac, Marina - 2012
This paper studies the optimal level of discretion in policymaking. We consider a fiscal policy model where the government has time-inconsistent preferences with a present-bias towards public spending. The government chooses a fiscal rule to trade off its desire to commit to not overspend...
Persistent link: https://www.econbiz.de/10013097776
Cover Image
Speculative Runs on Interest Rate Pegs
Bassetto, Marco - 2013
We analyze a new class of equilibria that emerges when a central bank conducts monetary policy by setting an interest rate (as an arbitrary function of its available information) and letting the private sector set the quantity traded. These equilibria involve a run on the central bank's interest...
Persistent link: https://www.econbiz.de/10013085500
Cover Image
When Does it Pay to Delay Social Security? The Impact of Mortality, Interest Rates, and Program Rules
Shoven, John B. - 2013
Social Security benefits may be commenced at any time between ages 62 and 70. As individuals who claim later can, on average, expect to receive benefits for a shorter period, an actuarial adjustment is made to the monthly benefit to reflect the age at which benefits are claimed. In earlier work...
Persistent link: https://www.econbiz.de/10013090660
Cover Image
On the Desirability of Capital Controls
Heathcote, Jonathan - 2016
In a standard two country international macro model we ask whether imposing restrictions on international non-contingent borrowing and lending is ever desirable. The answer is yes. If one country imposes capital controls unilaterally, it can generate favorable changes in the dynamics of...
Persistent link: https://www.econbiz.de/10013001194
Cover Image
Monetary Policy According to Hank
Kaplan, Greg - 2016
We revisit the transmission mechanism of monetary policy for household consumption in a Heterogeneous Agent New Keynesian (HANK) model. The model yields empirically realistic distributions of household wealth and marginal propensities to consume because of two key features: multiple assets with...
Persistent link: https://www.econbiz.de/10013001195