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Optimal monetary policy

[PDF] from bu.edu
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A Khan, RG King… - Review of Economic Studies, 2003 - Wiley Online Library
Optimal monetary policy maximizes the welfare of a representative agent, given frictions in
the economic environment. Constructing a model with two sets of frictions—costly price
adjustment by imperfectly competitive firms and costly exchange of wealth for goods—we ...
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Idiosyncratic shocks and the role of nonconvexities in plant and aggregate investment dynamics

[PDF] from aubhik-khan.net
A Khan… - 2007 - nber.org
We study a model of lumpy investment wherein establishments face persistent shocks to
common and plant-specific productivity, and nonconvex adjustment costs lead them to
pursue generalized (S, s) investment rules. We allow persistent heterogeneity in both ...
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Nonconvex factor adjustments in equilibrium business cycle models: do nonlinearities matter?

[PDF] from minneapolisfed.org
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A Khan… - Journal of monetary economics, 2003 - Elsevier
Recent empirical analysis has found nonlinearities to be important in understanding
aggregated investment. Using an equilibrium business cycle model, we search for
aggregate nonlinearities arising from the introduction of nonconvex capital adjustment ...
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Inventories and the business cycle: An equilibrium analysis of (S, s) policies

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A Khan… - The American Economic Review, 2007 - JSTOR
We develop an equilibrium business cycle model where nonconvex delivery costs lead firms
to follow (S, s) inventory policies. Calibrated to postwar US data, the model reproduces two-
thirds of the cyclical variability of inventory investment. Moreover, it delivers strongly ...
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Financial development and economic growth

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A Khan - Macroeconomic Dynamics, 2001 - Cambridge Univ Press
We develop a theory of financial development based on the costs associated with the
provision of external finance. These costs arise through informational asymmetries between
borrowers and lenders that are costly to resolve. When borrowing is limited, producers ...
Cited by 42 - Related articles - BL Direct - All 8 versions

Are data on industry evolution and gross job turnover relevant for macroeconomics?

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A Atkenson, A Khan… - Carnegie-Rochester Conference Series …, 1996 - Elsevier
An important question in macroeconomics is: how large are the aggregate effects of
variation in industry evolution? We show that these effects depend critically on the nature of
differences in profit functions across plants, and that if these functions are nearly ...
Cited by 39 - Related articles - All 5 versions

[PDF] The finance and growth nexus

[PDF] from philadelphiafed.org
A Khan - Business Review, 2000 - philadelphiafed.org
Aubhik Khan* It is difficult to overemphasize the potential benefits of economic growth for
improving human welfare. For example, Bangladesh, India, and Pakistan, three of the
world's lowest income nations, had real per capita GDP of $1908, $1633, and $1793, ...
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Growth and risk-sharing with private information

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A Khan, B Ravikumar - Journal of Monetary Economics, 2001 - Elsevier
We examine the impact of incomplete risk-sharing on growth and welfare. The source of
market incompleteness in our economy is private information: a household's idiosyncratic
productivity shock is not observable by others. Risk-sharing between households occurs ...
Cited by 33 - Related articles - All 13 versions

Inflation and interest rates with endogenous market segmentation

[PDF] from juliathomas.net
A Khan… - FRB of Philadelphia Working Paper No. 07- …, 2007 - papers.ssrn.com
Abstract: The authors examine a monetary economy where households incur fixed
transactions costs when exchanging bonds and money and, as a result, carry money
balances in excess of current spending to limit the frequency of such trades. As only a ...
Cited by 31 - Related articles - Library Search - All 20 versions

Inventories and the business cycle: An equilibrium analysis of (S, s) policies

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A Khan… - 2003 - nber.org
We develop an equilibrium business cycle model where nonconvex delivery costs lead
producers of final goods to follow generalized (S, s) inventory policies with respect to
intermediate goods. When calibrated to match the average inventory-to-sales ratio in ...
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[BOOK] Enduring relationships in an economy with capital

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A Khan, B Ravikumar… - 2002 - arts.cornell.edu
Abstract We introduce capital accumulation into an economy where individuals have private
information with respect to productivity shocks and risk-sharing is implemented through long
term contracts. In contrast to the risky unobservable endowment model, individual's ...
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[CITATION] kOptimal monetary policyl

A Khan, R King… - Federal Reserve Bank of Philadelphia working paper, 2002
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Explaining inventories: A business cycle assessment of the stockout avoidance and (s, s) motives

[PDF] from juliathomas.net
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A Khan… - Macroeconomic Dynamics, 2007 - Cambridge Univ Press
Abstract We evaluate two leading explanations for inventories, the (S, s) and stockout
avoidance motives, examining each within dynamic stochastic general equilibrium
environments. We find that the (S, s) model is far more consistent with the cyclical ...
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Costly technology adoption and capital accumulation

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A Khan, B Ravikumar - Review of Economic dynamics, 2002 - Elsevier
We develop a model of costly technology adoption where the cost is irrecoverable and fixed.
Households must decide when to switch from an existing technology to a new, more
productive technology. Using a recursive approach, we show that there is a unique ...
Cited by 14 - Related articles - BL Direct - All 11 versions

Credit shocks and aggregate fluctuations in an economy with production heterogeneity

[PDF] from juliathomas.net
A Khan… - 2011 - nber.org
We study the cyclical implications of credit market imperfections in a calibrated dynamic,
stochastic general equilibrium model wherein firms face persistent shocks to aggregate and
individual productivity. In our model economy, optimal capital reallocation is distorted by ...
Cited by 14 - Related articles - Library Search - All 42 versions

The pitfalls of monetary discretion

A Khan, RG King… - Working Paper, 2001 - ideas.repec.org
In a canonical staggered pricing model, monetary discretion leads to multiple private sector
equilibria. The basis for multiplicity is a form of policy complementarity. Specifically, prices
set in the current period embed expectations about future policy, and actual future policy ...
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[BOOK] Growth and risk-sharing with private information

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A Khan, B Ravikumar… - 1999 - 129.3.20.41
Abstract We examine the impact of incomplete risk-sharing on growth and welfare. The
source of market incompleteness in our economy is private information: a household's
idiosyncratic productivity shock is not observable by others. Risk-sharing between ...
Cited by 9 - Related articles - Get it from MIT Libraries - Library Search - BL Direct - All 7 versions

[CITATION] A. Wolman (2003),'Optimal monetary policy'

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A Khan… - Review of Economic Studies
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Modeling inventories over the business cycle

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A Khan… - 2004 - nber.org
We search for useful models of aggregate fluctuations with inventories. We focus exclusively
on dynamic stochastic general equilibrium models that endogenously give rise to inventory
investment and evaluate two leading candidates: the (S, s) model and the stockout ...
Cited by 7 - Related articles - Library Search - BL Direct - All 18 versions

[PDF] Inflation and Interest Rates with Endogenous Market Segmentation

[PDF] from worldeconomyandfinance.org
A Khan… - 2005 - worldeconomyandfinance.org
ABSTRACT We examine a monetary economy wherein endogenous asset market
segmentation permits the extent of household participation in open market operations to
smoothly vary with changes in aggregate conditions. While we impose no stickiness at the ...
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[CITATION] Adjustment costs

A Khan… - The New Palgrave Dictionary of Economics, 2008
Cited by 4 - Related articles

[PDF] Why Are Married Women Working More?

[PDF] from philadelphiafed.org
A Khan - Ratio, 1950 - philadelphiafed.org
Since the Second World War, there has been little overall change in the number of hours
worked per person in the United States. Hiding under this apparent constancy lie some
pronounced shifts in the composition of the labor force. The share of employment ...
Cited by 4 - Related articles - View as HTML - Get it from MIT Libraries - All 11 versions

[PDF] Understanding changes in aggregate business fixed investment

[PDF] from philadelphiafed.org
A Khan - Federal Reserve Bank of Philadelphia Business …, 2001 - philadelphiafed.org
On average, higher levels of such investments raise production by increasing the
productivity of the labor force. While the significance of shortterm changes in business
investment is less widely recognized, the importance of such changes for the business ...
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[CITATION] Adjustment Costs. The New Palgrave Dictionary of Economics

A Khan… - 2006 - Palgrave Macmillan
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The pitfalls of discretionary monetary policy

[PDF] from philadelphiafed.org
A Khan, R King… - 2002 - papers.ssrn.com
Abstract: In a canonical staggered pricing model, monetary discretion leads to multiple
private sector equilibria. The basis for multiplicity is a form of policy complementarity.
Specifically, prices set in the current period embed expectations about future policy, and ...
Cited by 3 - Related articles - All 9 versions

Idiosyncratic shocks and the role of nonconvexities in plant and aggregate investment dynamics

JK Thomas… - 2004 Meeting Papers, 2004 - ideas.repec.org
We solve the first general equilibrium model of lumpy investment allowing a quantitative
match with recent empirical evidence on establishment-level investment dynamics. In our
model, establishments are subject to both persistent aggregate and persistent ...
Cited by 3 - Related articles - Cached - All 4 versions

[CITATION] Enduring Relationships with Capital Accumulation

A Khan, B Ravikumar - manuscript, Federal Reserve Bank of Philadelphia, 2001
Cited by 2 - Related articles

Costly technology adoption and capital accumulation

[PDF] from psu.edu
A Khan, B Ravikumar - 2000 - papers.ssrn.com
Abstract: The authors develop a model of costly technology adoption where the cost is
irrecoverable and fixed. Households must decide when to switch from an existing
technology to a new, more productive technology. Using a recursive approach, the ...
Cited by 2 - Related articles - BL Direct - All 14 versions

[CITATION] rThe Finance and Growth Nexus, sFederal Reserve Bank of Philadelphia Business Review

A Khan - January/Feburay, 2000
Cited by 2 - Related articles

[PDF] Accounting for cross-country differences in income per capita

[PDF] from fatcow.com
A Khan - Business Review Q, 2009 - relooney.fatcow.com
1 The Penn World Tables, prepared by Alan Heston, Robert Summers, and Bettina Aten,
facilitate cross-country comparisons by calculating real GDP per capita for a large set of
countries using a common set of international prices. It is widely used for cross-country ...
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Understanding the life-cycle of a manufacturing plant

A Khan - Business Review, 2002 - ideas.repec.org
In the final article this quarter, Aubhik Khan wonders: What determines whether a
manufacturing plant survives? Is it access to credit markets? Or does learning about plants'
profitability over time determine survival? Should government policy play a role in helping ...
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[PDF] Collateral constraints, capital specificity and the distribution of production: the role of real and financial frictions in aggregate fluctuations

[PDF] from yale.edu
A Khan… - 2009 - aida.econ.yale.edu
ABSTRACT We study the cyclical implications of credit market imperfections in a dynamic,
stochastic general equilibrium model wherein firms face persistent shocks to both aggregate
and individual produc# tivity. In our model economy, optimal capital reallocation is ...
Cited by 1 - Related articles - View as HTML - All 9 versions

[PDF] Federal Reserve Bank of Philadelphia

[PDF] from philadelphiafed.org
A Khan… - King: Boston University, 2002 - philadelphiafed.org
Abstract We develop an equilibrium business cycle model in which final goods producers
pursue generalized (S, s) inventory policies with respect to intermediate goods, a
consequence of nonconvex factor adjustment costs. Calibrating our model to reproduce ...
Cited by 1 - Related articles - View as HTML - All 3 versions

Inflation, Employment and Interest Rates in an Economy with Endogenous Market Segmentation

A Khan… - 2006 Meeting Papers, 2006 - ideas.repec.org
Inflation, Employment and Interest Rates in an Economy with Endogenous Market
Segmentation Aubhik Khan, Federal Reserve Bank of Philadelphia Julia K. Thomas,
University of Minnesota We examine a monetary economy where households incur fixed ...
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[CITATION] Nonconvex Factor Adjustments and the Business Cycle: Do Nonlinearities Matter?

A Khan… - Federal Reserve Bank of Philadelphia mimeograph, 2000
Cited by 1 - Related articles - All 2 versions

[CITATION] Inflation and Interest Rates with Endogenous Market Segmentation

JK Thomas… - 2005 Meeting Papers, 2005 - 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 ...
Cached - All 4 versions

The industrial revolution and the democratic transition

A Khan - Business Review, 2008 - ideas.repec.org
In the 19th century, the United Kingdom began a period of economic transformation known
as the Industrial Revolution. It's commonly believed that this era opened as new inventions
improved the technologies used to produce goods and provide services. However, we ...
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Modeling Inventories Over the Business Cycle

JK Thomas… - 2005 Meeting Papers, 2005 - ideas.repec.org
We evaluate two leading models of aggregate fluctuations with inventories in general
equilibrium: the (S, s) model and the stockout avoidance model. Each is judged by its ability
to explain the observed magnitude of inventories in the US economy, alongside other ...
Cached - All 5 versions

[PDF] Federal Reserve Bank of Minneapolis Research Department Staff Report 343 August 2004

[PDF] from frb.org
A Khan… - 2004 - mpls.frb.org
ABSTRACT We evaluate two leading models of aggregate fluctutations with inventories in
general equilibrium: the (S, s) model and the stockout avoidance model. Each is judged by
its ability to explain the observed magnitude of inventories in the US economy, alongside ...
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The role of segmented markets in monetary policy

A Khan - Business Review, 2006 - ideas.repec.org
The popular press would lead us to believe that during the stock market boom of the 1990s
just about everyone was buying and selling bonds every day. In fact, evidence shows that
most households make only infrequent changes to their investment portfolios." In The Role ...
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[CITATION] Intermediation and Growth

A Khan - 1993 - en.scientificcommons.org
Publikationsansicht. 33850441. Intermediation and growth / (1993). Khan, Aubhik. Abstract.
Thesis (Ph.D. in Economics) -- Graduate School of Arts and Sciences, University of
Pennsylvania, 1993.. Includes bibliography. Details der Publikation. ...
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[PDF] Lumpy Capital, Labor Market Search and Employment Dynamics over Business Cycles

[PDF] from psu.edu
Z Li, J Sun, A Siow, A Khan, G Kambourov, X Zhu… - 2008 - Citeseer
Abstract This paper incorporates labor search frictions into a model with lumpy in% vestment
to explain a set of firm% size% related facts about the United States labor market dynamics
over business cycles. Contrary to the predictions of standard models, we observe that job ...
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[PDF] Efficient Capital Accumulation and Distribution in an Economy with Private Information and Commitment

[PDF] from virginia.edu
A Khan, L Popov… - 2011 - virginia.edu
Abstract We introduce capital accumulation into an economy where individuals have private
information with respect to productivity shocks. Efficient, incentive-compatible risk-sharing is
achieved by conditioning current and future payoffs on the history of productivity reports. ...
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[PDF] Federal Reserve Bank of Minneapolis Research Department Staff Report 329 November 2003

[PDF] from minneapolisfed.org
A Khan… - 2003 - minneapolisfed.org
ABSTRACT We develop an equilibrium business cycle model where producers of final
goods pursue generalized (S, s) inventory policies with respect to intermediate goods due to
nonconvex factor adjustment costs. When calibrated to reproduce the average inventory- ...
Related articles - View as HTML - All 15 versions

[PDF] Federal Reserve Bank of Minneapolis Research Department Staff Report 352 December 2004

[PDF] from frb.org
A Khan… - 2004 - mpls.frb.org
ABSTRACT We solve equilibrium models of lumpy investment wherein establishments face
persistent shocks to common and plant-specific productivity. Nonconvex adjustment costs
lead plants to pursue generalized (S, s) rules with respect to capital; thus, their ...
Related articles - View as HTML - All 13 versions

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