A Atkeson… - The Review of Economic …, 1992 - restud.oxfordjournals.org
Abstract This paper is a study of the dynamics of the efficient distribution of consumption in
an exchange economy with many consumers, each of whom is subject to private,
idiosyncratic taste shocks. We propose a recursive method for finding feasible allocations ...
A Atkeson, LE Ohanian - Federal Reserve Bank of Minneapolis …, 2001 - mpls.frb.org
Abstract This study evaluates the conventional wisdom that modern Phillips curve-based
models are useful tools for forecasting inflation. These models are based on the non-
accelerating inflation rate of unemployment (the NAIRU). The study compares the ...
A Atkeson - Econometrica: Journal of the Econometric Society, 1991 - JSTOR
In this paper, I examine the constrained optimal pattern of capital flows between a lender
and a borrower in an environment in which there are two impediments to forming contracts.
The first impediment to contracting arises from the assumption that lenders cannot ...
A Atkeson, VV Chari… - Federal Reserve Bank of Minneapolis …, 1999 - mpls.frb.org
Abstract Under a narrow set of assumptions, Chamley (1986) established that the optimal
tax rate on capital income is eventually zero. This study examines and extends that result by
relaxing Chamley's assumptions, one by one, to see if the result still holds. It does. This ...
A Atkeson, M Ogaki - Journal of Monetary Economics, 1996 - Elsevier
This paper constructs and estimates a model of consumer preferences in which the
intertemporal elasticity of substitution (IES) of consumption expenditure rises with the level of
wealth. The purpose of this paper is to measure the effect that systematic variation in the ...
F Alvarez, A Atkeson… - 2000 - nber.org
This paper analyzes the effects of money injections on interest rates and exchange rates in a
model in which agents must pay a Baumol-Tobin style fixed cost to exchange bonds and
money. Asset markets are endogenously segmented because this fixed cost leads agents ...
A Atkeson… - Open Economies Review, 1993 - Springer
A striking feature of international economic relations is the limited extent of intertemporal
trade and risk-sharing among nations. This paper uses data on consumption, income, and
production from regions of the United States to address the question of whether the limited ...
A Atkeson… - Journal of Economic Theory, 1995 - Elsevier
This paper describes the efficient allocation of consumption and work effort in an economy in
which workers face idiosyncratic employment risk and considerations of moral hazard
prevent full insurance. We impose a lower bound on the expected discounted utility that ...
A Atkeson… - 2007 - nber.org
We present a general equilibrium model of the decisions of firms to innovate and to engage
in international trade. We use the model to analyze the impact of a reduction in international
trade costs on firms' process and product innovative activity. We first show analytically that ...
A Atkeson… - Journal of Political Economy, 2005 - stanford.edu
Manufacturing plants have a clear life cycle: they are born small, grow substantially with age,
and eventually die. Economists have long thought that this life cycle is driven by
organization capital, the accumulation of plant-specific knowledge. The location of plants ...
A Atkeson… - The American Economic Review, 2008 - ingentaconnect.com
Abstract: International relative prices across industrialized countries show large and
systematic deviations from relative purchasing power parity. We embed a model of imperfect
competition and variable markups in a quantitative model of international trade. We find ...
A Atkeson… - 1994 - nber.org
In Models of Business Cycles, Robert Lucas (1987) puts forward a disarmingly simple
argument that the potential welfare gains from eliminating the fluctuations in aggregate
consumption associated with business cycles are, at best, extremely small. His argument ...
F Alvarez, A Atkeson… - Review of Economic Studies, 2009 - Wiley Online Library
Under mild assumptions, the data indicate that fluctuations in nominal interest rate
differentials across currencies are primarily fluctuations in time-varying risk. This finding is
an immediate implication of the fact that exchange rates are roughly random walks. If most ...
M Ogaki, A Atkeson - Review of Economics and Statistics, 1997 - MIT Press
The rate of time preference (RTP) and the intertemporal elasticity of substitution (IES) are
two important factors shaping intertemporal consumption decisions. Models in which the
RTP and/or the IES differ systematically between rich and poor households have different ...
A Atkeson… - 1993 - nber.org
We study the general equilibrium effects of social insurance on the transition in a model in
which the process of moving workers from matches in the state sector to new matches in the
private sector takes time and involves uncertainty. We find that adding social insurance ...
A Atkeson - NBER Macroeconomics Annual, 2000 - JSTOR
Macroeconomists have used coordination games with multiple equilibria to describe any
number of phenomena in which we appear to see large changes in economic outcomes with
little or no apparent change in the underlying economic fundamentals. Usually, in ...
S Athey, A Atkeson… - Econometrica, 2005 - Wiley Online Library
How much discretion should the monetary authority have in setting its policy? This question
is analyzed in an economy with an agreed-upon social welfare function that depends on the
economy's randomly fluctuating state. The monetary authority has private information ...
A Atkeson… - 2001 - nber.org
During the Second Industrial Revolution, 1860-1900, many new technologies, including
electricity, were invented. These inventions launched a transition to a new economy, a
period of about 70 years of ongoing, rapid technical change. After this revolution began, ...
F Alvarez, A Atkeson… - 2003 - nber.org
We exposit the link between money, velocity and prices in an inventory-theoretic model of
the demand for money and explore the extent to which such a model can account for the
short-run volatility of velocity, the negative correlation of velocity and the ratio of money to ...
A Atkeson… - Manuscript, Federal Reserve Bank of …, 2000 - mpls.frb.org
ABSTRACT We show that in a dynamic Heckscher-Ohlin model the timing of a country's
development relative to the rest of the world affects the path of the country's development. A
country that begins the development process later than most of the rest of the world–a late ...
A Atkeson… - 2002 - nber.org
In the manufacturing sector of the US economy, nearly 9% of output is not accounted for as
payments to either physical capital or labor. The value of this output is a little larger than the
value of the stock of physical capital. We build a model to measure how much of this ...
A Atkeson… - 1995 - nber.org
In standard models of the balance of payments, crises occur when investors begin to doubt
the credibility of the government's commitment to its exchange rate policy. In this paper, we
develop an alternative model in which balance of payments crises occur even if the ...
F Alvarez… - Journal of Monetary Economics, 1997 - Elsevier
We analyze the impact of monetary policy on inflation, interest rates and exchange rates in a
model with segmented asset markets developed by Grossman and Weiss (1983) and
Rotemberg (1984, 1985). We find parameters for which real and nominal exchange rates ...
A Atkeson… - 2005 - atl-res.com
Abstract We extend some of the recently developed models of international trade to study
their implications for the main features of the fluctuations in the relative producer and
consumer prices of tradeable and traded goods observed in the data. We find that when ...
A Atkeson… - The American Economic Review, 2007 - ingentaconnect.com
Abstract: Many view the period after the Second Industrial Revolution as a paradigm of a
transition to a new economy following a technological revolution, including the Information
Technology Revolution. We build a quantitative model of diffusion and growth during ...
A Atkeson… - 2004 - nber.org
Are deflation and depression empirically linked? No, concludes a broad historical study of
inflation and real output growth rates. Deflation and depression do seem to have been
linked during the 1930s. But in the rest of the data for 17 countries and more than 100 ...
A Atkeson… - 1997 - nber.org
Recently, a large number of countries have undertaken major reforms that have led to a
large increase in the number of new enterprises. After these reforms, however, it has taken a
number of years before output and productivity have begun to grow. The thesis of this ...
A Atkeson, PJ Kehoe… - 1993 - minneapolisfed.org
ABSTRACT In this paper, we build a model of the transition following large-scale economic
reforms that predicts both a substantial drop in output and a prolonged pause in physical
investment as the initial phase of the optimal transition following the reform. We model ...
A Atkeson… - 2001 - nber.org
Is the exchange rate or the money growth rate the better instrument of monetary policy? A
common argument is that the exchange rate has a natural advantage because it is more
transparent: it is easier for the public to monitor than the money growth rate. We formalize ...
A Atkeson… - 2009 - nber.org
Modern models of monetary policy start from the assumption that the central bank controls
an asset price, namely, the short rate, as its policy instrument. In these models, this policy
instrument is then linked to the economy through the agents' Euler equation for nominal ...
A Atkeson, PJ Kehoe… - 1995 - research.mpls.frb.fed.us
ABSTRACT We use a calibrated model of the dynamics of organization capital and industry
evolution to measure the size of investment in organization capital in the steady state and
the dynamics of organization capital during the transition following a major reform. We find ...
A Atkeson, VV Chari… - 2009 - nber.org
In standard approaches to monetary policy, interest rate rules often lead to indeterminacy.
Sophisticated policies, which depend on the history of private actions and can differ on and
off the equilibrium path, can eliminate indeterminacy and uniquely implement any desired ...
A Atkeson… - 2005 - nber.org
We put forward a theory of the optimal capital structure of the firm based on Jensen's (1986)
hypothesis that a firm's choice of capital structure is determined by a trade-off between
agency costs and monitoring costs. We model this tradeoff dynamically. We assume that ...
A Atkeson… - 2007 - nber.org
We study the implications for international relative prices of a simple Ricardian model of
international trade with imperfect competition and variable markups, providing a tractable
account of firm-level and aggregate prices. We show that both trade costs and imperfect ...
F Alvarez, A Atkeson… - The Quarterly Journal of …, 2009 - qje.oxfordjournals.org
Abstract We examine the responses of prices and inflation to monetary shocks in an
inventory-theoretic model of money demand. We show that the price level responds
sluggishly to an exogenous increase in the money stock because the dynamics of ...
F Alvarez, A Atkeson… - 1999 - nber.org
This paper analyses the effects of open market operations on interest rates in a model in
which agents must pay a fixed cost to exchange assets and cash. Asset markets are
endogenously segmented in that some agents choose to pay the fixed cost and some do ...
[CITATION] How Mexico lost its foreign exchange reserves
A Atkeson… - 1995 - National Bureau of Economic …
[CITATION] Money and interest rates in segmented asset markets
F Alvarez, A Atkeson… - manuscript, University of Chicago, 1996
A Atkeson… - Policy Issues in the Operation of …, 1993 - books.google.com
One of the features of most currency unions is that they contain an integrated national capital
market, which can be used by private individuals to borrow and lend capital across regions
within the union. In addition to allowing capital to be transferred across regions, the ...
S Athey, A Atkeson… - 2003 - nber.org
How much discretion should the monetary authority have in setting its policy? This question
is analyzed in an economy with an agreed-upon social welfare function that depends on the
randomly fluctuating state of the economy. The monetary authority has private information ...
A Atkeson, PJ Kehoe… - 1994 - minneapolisfed.org
ABSTRACT We evaluate the ability of models with putty-clay capital and stochastic energy
prices to account for the dynamics of energy use and output. Economists have noted a close
relationship between changes in the price of energy and changes in output Moreover, ...
A Atkeson, VV Chari… - 2007 - nber.org
The optimal choice of a monetary policy instrument depends on how tight and transparent
the available instruments are and on whether policymakers can commit to future policies.
Tightness is always desirable; transparency is only if policymakers cannot commit. Interest ...
[CITATION] Do private capital markets insure against risk in a common currency area? Evidence from the United States
A Atkeson… - unpublished paper, University of Chicago, 1991
F Alvarez, A Atkeson… - The American economic review, 2007 - JSTOR
The key question asked of standard monetary models used for policy analysis is: how do
changes in short-term interest rates affect the economy? The standard answer is that such
policy changes affect the economy by changing the means of macroeconomic aggregates ...
[CITATION] Do private capital markets insure against risk in a common currency area
A Atkeson… - Evidence from the US Manuscript. University of …, 1991
F Alvarez, A Atkeson… - … manuscript, Federal Reserve …, 1999 - aida.econ.yale.edu
ABSTRACT We explore the connection between money and exchange rates in a model with
endogenously segmented asset markets. We build on RotembergYs (1985) model of
exogenous segmentation by letting agents choose whether to pay a fixed cost to transfer ...
[CITATION] The transition to a new economy following the second industrial revolution
A Atkeson… - 2000
A Atkeson, PJ Kehoe… - 2006 - atkeson.net
ABSTRACT Monetary policy instruments differ in tightness–how closely they are linked to
inflation–and transparency–how easily they can be monitored. Tightness is always desirable
in a monetary policy instrument; when is transparency? When a government cannot ...
A Atkeson, C Hellwig… - Work. Pap., Univ. Calif. Los. …, 2010 - 12.163.97.112
ABSTRACT———————————————————————————————–We study
a market with free entry and exit of firms who can produce high-quality output by making a
costly but efficient initial unobservable investment. If no learning about this investment ...
S Athey, A Atkeson, PJ Kehoe… - 2001 - research.mpls.frb.fed.us
ABSTRACT We analyze the optimal design of monetary rules. We suppose there is an
agreed upon social welfare function that depends on the randomly fluctuating state of the
economy and that the monetary authority has private information about that state. We ...
[CITATION] Essays in dynamic international economics
AG Atkeson… - 1988 - Stanford University
S Athey, A Atkeson… - Federal Reserve Bank of Minneapolis, …, 2003 - ecb.eu
ABSTRACT How much discretion should the monetary authority have in setting its policy?
This mechanism design question is analyzed in an economy with an agreed-upon social
welfare function that depends on the randomly fluctuating state of the economy. The ...
[CITATION] lSophisticated Mon% etary Policies, m FRB of Minneapolis Staff Report 419
A Atkeson, VV Chari… - 2009
[CITATION] Innovation, Firm Dynamics, and International Trade
A Andrew… - NBER working paper, 2006
[CITATION] Industry evolution and transition
A Atkeson… - 1997
[CITATION] Putty-Clay Capital and Energy," August 1994
A Atkeson… - NBER Working Paper
[CITATION] Bayoumi. T.(1993). Do private capital markets insure regional risk? Evidence from the United States and Europe
A Atkeson - Open Economies Review
F Alvarez, A Atkeson… - Quarterly Review, 2008 - ideas.repec.org
The key question asked by standard monetary models used for policy analysis is, How do
changes in short-term interest rates affect the economy? All of the standard models imply
that such changes in interest rates affect the economy by altering the conditional means of ...
A Atkeson… - 2011 - nber.org
We present a tractable model of innovating firms and the aggregate economy that we use to
assess the link between the responses of firms to changes in innovation policy and the
impact of those policy changes on aggregate output and welfare. We argue that the key ...
[CITATION] The public finance foundations for zero capital income taxation
A Atkeson, VV Chari… - … . Research Department, Federal Reserve Bank of …, 1999
[CITATION] Taxing Capital Income: A Bad Idea
A Andrew, VV Chari… - Quarterly Review (Summer). Federal Reserve Bank …, 1999
[CITATION] Are Phillips Curves Useful or Forecasting Infl ation?
AALE Ohanian - Federal Reserve Bank of Minneapolis Quarterly …, 2001
A Atkeson, M Ogaki - RCER Working Papers, 1990 - ideas.repec.org
No abstract is available for this item. ... To our knowledge, this item is not available for
download. To find whether it is available, there are three options: 1. Check below under "Related
research" whether another version of this item is available online. 2. Check on the ...
[CITATION] Time varying risk, Interest Rates and Exchange Rates in General Equilibrium, FRB of Minneapolis Staff Report 371, Revised Sept
F Alverez, A Atkeson… - 2007
[CITATION] Patrick, 1995,“Industry Evolution and Transition: Measuring Investment in Organizational Capital,” Federal Reserve Bank of Minneapolis
A Atkeson… - Staff Report
[CITATION] V Models of Energy Use: Putty% Putty Versus Putty% ClayV 7?<* C< G@: 8D
A Andrew… - 1999 - EDEC
[CITATION] International Relative Prices in New Ricardian Models of International Trade
A Andrew… - manuscript, UCLA, 2004
[CITATION] Forthcoming." Innovation, Firm Dynamics, and International Trade."
A Atkeson… - Journal of Political Economy
[CITATION] The transition to a new economy
A Atkeson… - Federal Reserve Bank of Minneapolis, Research …, 2000
[CITATION] Measuring Organization Capital
A Andrew… - NBER Working Paper, 2002
[CITATION] Do private capital markets insure against risk in a common currency area: Evidence from the US
A Atkeson… - manuscript, International Monetary Fund, 1991
[CITATION] Private Capital Markets in a Currency Union,”
A Atkeson… - Policy Issues in the Operation of Currency Unions, 1993
[CITATION] Putty Clay Capital and Energy
A Andrew… - 1994 - NBER
[CITATION] The Optimal Amount of Monetary Policy's Discretion
S Athey, A Atkeson… - Minneapolis FED Staff Report, 2002
[CITATION] Taxing Capital Income: A
A Atkeson, VV Chari… - 1999
[CITATION] VInnovation, Firm Dynamics, and Interna& tional Trade, V Department of Economics
A Atkeson… - 2007 - UCLA, working paper
A Atkeson… - 2000 - bportugal.pt
ABSTRACT In the literature on the choice of monetary systems it has been argued that an
exchangeЛ rateЛbased system has a natural advantage over a moneyЛbased system since
the exchange rate provides a signal that is both clearer and easier to monitor than that ...
[CITATION] tOn the Need of A New Apporach to Analyzing Monetary Policy, umanuscript
A Atkeson… - 2008 - UCLA
[CITATION] Engel's law and saving', University of Chicago and University of Rochester (July)
A Atkeson, M Ogaki - 1990 - mimeo
A Atkeson, PJ Kehoe… - 1995 - minneapolisfed.org
ABSTRACT We study transition in a model in which the process of moving workers from
matches in the state sector to new matches in the private sector takes time and involves
uncertainty. When there are incentive problems in this rematching process, the optimal ...
[CITATION] How Mexico lost it foreign exchange reserves
A Atkeson… - 1995 - Working paper University of …
[CITATION] mMoney and Exchange Rates in the Grossman $ Weiss $ Rotemberg Model, nJournal of Monetary Economics 40 (1997)
F Alvarez… - $640
[CITATION] Estimating Subsistence Levels with Euler Equations in Indian Panel Data
M Ogaki, A Atkeson - Manuscript. Rochester, NY: Univ. Rochester, 1991
[CITATION] May 2007
A Atkeson… - Pricing (to (market in a ricardian model for international …
[CITATION] qPricing'to'Market in a Ricardian Model of International Trade, rAmerican Economic Review, forthcoming
A Atkeson… - 2008
[CITATION] Notes for a Model of Putty-Clay Capital and The Effect of Energy Price Shocks on the Economy
A Atkeson… - Manuscript, University of Pennsylvania, 1993
[CITATION] Exchange-Rate Based versus Money-Based Policy: The Advantage of Transparency
A Atkeson… - 2000 - Mimeo, Federal Reserve Bank of …
A Atkeson - NBER Macroeconomics Annual, 1993 - JSTOR
0, a new production technology becomes available. Index the production technologies
available to agents at date t by 7=-,...,-1, 0, 1, 2,..., t. Agents begin each period t either
matched with an existing technology 7< t or in the pool of agents searching for a new ...
D Folkerts-Landau, W Angell… - … sound finance in …, 1994 - books.google.com
List of Participants* Lew Alexander US Federal Reserve Board Jeffrey Anderson Institute for
International Finance Wayne Angell Board of Governors, US Federal Reserve Andrew Atkeson
University of Chicago Gutllermo Barnes Ministry of Finance, Mexico Christopher Beshouri ...
S Carleton Athey, A Atkeson… - 2003 - papers.ssrn.com
Abstract: How much discretion should the monetary authority have in setting its policy? This
question is analyzed in an economy with an agreed-upon social welfare function that
depends on the randomly fluctuating state of the economy. The monetary authority has ...
A Atkeson-Consultant… - mpls.frb.org
Abstract National policymakers have long been interested in technological innovation by
firms and its potential contribution to economic growth and improved well-being. Policies to
encourage innovation by firms include government funding for research and development, ...
LJ Álvarez, A Ang, G Ascari, A Atkeson… - … Inflation and the … - down.cenet.org.cn
Mac′ kowiak, Bartosz behavioral analysis and, 261 historical perspective on Phillips curve
and, 25, 48–51, 55 King comments on, 333–348 microeconomic price data implications and,
291–332 Midrigan comments on, 351–357 Mankiw, N. Gregory, xiii, 207, 384 historical ...
[CITATION] SEGMENTED MARKETS
F Alvarez, A Atkeson… - 1999
A Atkeson - International Economic Review, 2005 - Wiley Online Library
This article is part of a growing movement to expand the range of issues that can be considered
within the search-theoretic approach to monetary economics. It follows up on work by these authors
(1999) as well as by Cavalcanti (2004), Cavalcanti and Wallace (1999), He et al. (2005), ...
H Cole… - 2004 Meeting Papers, 2004 - ideas.repec.org
In this paper, we put forward a theory of the optimal capital structure of the firm based on
Jensen's (1986) hypothesis that a firm's choice of capital structure is determined by a trade-
off between agency costs and monitoring costs. The problem of determining the optimal ...
A Atkeson… - 2011 - ideas.repec.org
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M Ogaki, A Atkeson - RCER Working Papers, 1990 - econpapers.repec.org
By Masao Ogaki and Andrew Atkeson; A SPECIFICATION TEST
FOR A MODEL OF ENGEL'S LAW AND SAVING.
A Atkeson, J Cogan, S Haber, B Hall, D Kessler… - Policy, 2011 - media.hoover.org
Andrew Atkeson, professor of economics of University of California, Los Angeles (UCLA) and
the Federal Reserve Bank of Minneapolis, discussed his work with Ariel Burstein on the aggregate
impact and effectiveness of policies to stimulate the macro economy. He discussed the ...
AG Atkeson, AL Eisfeldt… - 2012 - econ.ucdavis.edu
Page 1. Liquidity and Fragility in OTC Credit Derivatives Markets ∗ Preliminary and
incomplete, please do not circulate Andrew G. Atkeson, † Andrea L. Eisfeldt, ‡ and
Pierre-Olivier Weill § April 2, 2012 Abstract We develop a ...
F Alvarez, A Atkeson… - 2008 - minneapolisfed.org
ABSTRACT This technical appendix is designed to help the reader reproduce the results in
our paper. Appendix A outlines the solution method when money growth is exogenous.
Appendix B discusses the equilibrium dynamics of the model when nominal interest rates ...
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