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Results 1 - 10
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12,363
An equilibrium characterization of the term structure.
- J. Financial Econometrics
, 1977
"... The paper derives a general form of the term structure of interest rates. The following assumptions are made: (A.l) The instantaneous (spot) interest rate follows a diffusion process; (A.2) the price of a discount bond depends only on the spot rate over its term; and (A.3) the market is efficient. ..."
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Cited by 1041 (0 self)
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. Under these assumptions, it is shown by means of an arbitrage argument that the expected rate of return on any bond in excess of the spot rate is proportional to its standard deviation. This property is then used to derive a partial differential equation for bond prices. The solution to that equation
A General Theory of Equilibrium Selection in Games.
, 1988
"... Abstract This paper presents a Downsian model of political competition in which parties have incomplete but richer information than voters on policy effects. Each party can observe a private signal of the policy effects, while voters cannot. In this setting, voters infer the policy effects from the ..."
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Cited by 734 (4 self)
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Abstract This paper presents a Downsian model of political competition in which parties have incomplete but richer information than voters on policy effects. Each party can observe a private signal of the policy effects, while voters cannot. In this setting, voters infer the policy effects from
Rules, discretion, and reputation in a model of monetary policy
- JOURNAL OF MONETARY ECONOMICS
, 1983
"... In a discretionary regime the monetary authority can print more money and create more inflation than people expect. But, although these inflation surprises can have some benefits, they cannot arise systematically in equilibrium when people understand the policymakor's incentives and form their ..."
Abstract
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Cited by 812 (9 self)
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In a discretionary regime the monetary authority can print more money and create more inflation than people expect. But, although these inflation surprises can have some benefits, they cannot arise systematically in equilibrium when people understand the policymakor's incentives and form
Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory
- Journal of Economics
, 2000
"... We estimate a forward-looking monetary policy reaction function for the postwar United States economy, before and after Volcker’s appointment as Fed Chairman in 1979. Our results point to substantial differences in the estimated rule across periods. In particular, interest rate policy in the Volcker ..."
Abstract
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Cited by 1266 (17 self)
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We estimate a forward-looking monetary policy reaction function for the postwar United States economy, before and after Volcker’s appointment as Fed Chairman in 1979. Our results point to substantial differences in the estimated rule across periods. In particular, interest rate policy
House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle
, 2002
"... I develop a general equilibrium model with sticky prices, credit constraints, nominal loans and asset prices. Changes in asset prices modify agents ’ borrowing capacity through collateral value; changes in nominal prices affect real repayments through debt deflation. Monetary policy shocks move asse ..."
Abstract
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Cited by 512 (10 self)
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I develop a general equilibrium model with sticky prices, credit constraints, nominal loans and asset prices. Changes in asset prices modify agents ’ borrowing capacity through collateral value; changes in nominal prices affect real repayments through debt deflation. Monetary policy shocks move
Why Do Some Countries Produce So Much More Output Per Worker Than Others?
, 1998
"... Output per worker varies enormously across countries. Why? On an accounting basis, our analysis shows that differences in physical capital and educational attainment can only partially explain the variation in output per worker — we find a large amount of variation in the level of the Solow residual ..."
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Cited by 2442 (24 self)
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Output per worker varies enormously across countries. Why? On an accounting basis, our analysis shows that differences in physical capital and educational attainment can only partially explain the variation in output per worker — we find a large amount of variation in the level of the Solow
Income and Wealth Heterogeneity in the Macroeconomy,
- Journal of Political Economy
, 1998
"... How do movements in the distribution of income and wealth affect the macroeconomy? We analyze this question using a calibrated version of the stochastic growth model with partially uninsurable idiosyncratic risk and movements in aggregate productivity. Our main finding is that, in the stationary st ..."
Abstract
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Cited by 678 (11 self)
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How do movements in the distribution of income and wealth affect the macroeconomy? We analyze this question using a calibrated version of the stochastic growth model with partially uninsurable idiosyncratic risk and movements in aggregate productivity. Our main finding is that, in the stationary
Solving Dynamic General Equilibrium Models Using a Second-Order Approximation to the Policy Function
, 2002
"... ..."
Aries: A transaction recovery method supporting fine-granularity locking and partial rollbacks using write-ahead logging
- ACM Transactions on Database Systems
, 1992
"... In this paper we present a simple and efficient method, called ARIES ( Algorithm for Recouery and Isolation Exploiting Semantics), which supports partial rollbacks of transactions, finegranularity (e.g., record) locking and recovery using write-ahead logging (WAL). We introduce the paradigm of repea ..."
Abstract
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Cited by 388 (10 self)
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In this paper we present a simple and efficient method, called ARIES ( Algorithm for Recouery and Isolation Exploiting Semantics), which supports partial rollbacks of transactions, finegranularity (e.g., record) locking and recovery using write-ahead logging (WAL). We introduce the paradigm
A Model of Political Competition with Citizen-Candidates
- JOURNAL OF ECONOMICS
, 1996
"... We develop a model of electoral competition in which citizens choose whether or not to run as candidates; a winner implements her favorite policy. The equilibrium number of candidates depends negatively on the cost of running and positively on the benefits of winning. For some parameter values all e ..."
Abstract
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Cited by 409 (6 self)
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We develop a model of electoral competition in which citizens choose whether or not to run as candidates; a winner implements her favorite policy. The equilibrium number of candidates depends negatively on the cost of running and positively on the benefits of winning. For some parameter values all
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12,363
