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The Role of Demand Management in the Maintenance of Full Employment
McCallum, Bennett T. - 1988
This paper begins by identifying nominal price stickiness as the logical basis for the Keynesian or activist point of view concerning demand management policy. It then characterizes two alternative approaches to policy analysis that have been adopted by adherents of the Keynesian position, the...
Persistent link: https://www.econbiz.de/10012476546
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Schedule Selection by Agents : from Price Plans to Tax Tables
Luttmer, Erzo F.P. - 2008
structure is relevant in many applications. We develop the theory underlying optimal menus of non-linear schedules and prove …
Persistent link: https://www.econbiz.de/10012464839
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Project Appraisal and Foreign Exchange Constraints : A Simple Exposition
Blitzer, Charles R. - 1987
In an earlier paper, we showed that the value of shadow prices depends on how the government contemplates re- equilibrating the economy to the perturbation associated with any project, except in the extreme case where the government has chosen all policy instruments optimally. Only under...
Persistent link: https://www.econbiz.de/10012476904
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Optimal Policy Projections
Svensson, Lars O. - 2005
We outline a method to provide advice on optimal monetary policy while taking policymakers' judgment into account. The method constructs Optimal Policy Projections (OPPs) by extracting the judgment terms that allow a model, such as the Federal Reserve Board's FRB/US model, to reproduce a...
Persistent link: https://www.econbiz.de/10012467290
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A Note on Variance Decomposition with Local Projections
Gorodnichenko, Yuriy - 2017
We propose and study properties of several estimators of variance decomposition in the local-projections framework. We find for empirically relevant sample sizes that, after being bias corrected with bootstrap, our estimators perform well in simulations. We also illustrate the workings of our...
Persistent link: https://www.econbiz.de/10012453716
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Leverage Dynamics and Financial Flexibility
Bolton, Patrick - 2020
We develop a q theory of investment with endogenous leverage, payout, hedging, and risk-taking dynamics. The key … seeks to preserve its financial flexibility by prudently managing its leverage and investment. Paradoxically, it is the high …
Persistent link: https://www.econbiz.de/10012479326
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Investment Under Uncertainty and the Value of Real and Financial Flexibility
Bolton, Patrick - 2014
alter the standard real options results, with the financial flexibility conferred by internal funds acting as a complement …, and at times as a substitute, to the real flexibility given by the optimal timing of investment. We show that: 1) the … be convex in liquidity) due to the interaction between financial and real (growth/abandonment) flexibility; 3) with …
Persistent link: https://www.econbiz.de/10012458055
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Market Design in Cap and Trade Programs : Permit Validity and Compliance Timing
Holland, Stephen P. - 2012
Cap and trade programs have considerable heterogeneity in permit validity and compliance timing. For example, permits have different validity across time (e.g., banking, borrowing, and seasons) and space (e.g., zonal restrictions), and compliance timing can be annual, in overlapping cycles, or...
Persistent link: https://www.econbiz.de/10012460561
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Intermediaries in International Trade : Direct versus indirect modes of export
Bernard, Andrew B. - 2011
This paper examines the factors that give rise to intermediaries in exporting and explores the implications for trade volumes. Export intermediaries such as wholesalers serve different markets and export different products than manufacturing exporters. In particular, high market-specific fixed...
Persistent link: https://www.econbiz.de/10012460946
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On the Connections between Intertemporal and Intra-temporal Trades
Ju, Jiandong - 2011
This paper develops a new theory of international economics by introducing Heckscher-Ohlin features of intra … account towards its long-run equilibrium. We present empirical evidence consistent with the theory …
Persistent link: https://www.econbiz.de/10012461109