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Heterogeneity, Redistribution, And The Friedman Rule*

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J Bhattacharya, JH Haslag… - International Economic …, 2005 - Wiley Online Library
We study monetary models with nondegenerate stationary distributions of money holdings.
We find that the Friedman rule does not typically maximize ex post social welfare. An
increase in the rate of growth of the money supply has two effects: the standard ...
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Drawing on mind's canvas: Differences in cortical integration patterns between artists and non‐artists

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J Bhattacharya… - Human Brain Mapping, 2005 - Wiley Online Library
Our primary question was to learn whether mentally composing drawings of their own choice
produce different brain electric features in artists and laymen. To this purpose, we studied multichannel
electroencephalograph (EEG) signals from two broad groups (all participants were ...
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Shadows of artistry: cortical synchrony during perception and imagery of visual art

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J Bhattacharya… - Cognitive Brain Research, 2002 - Elsevier
Functional and topographical differences between two groups, artists and non-artists, during
the performances of visual perception and imagery of paintings were presented by means of
EEG phase synchrony analysis. In artists as compared with non-artists, significantly higher ...
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Interdependencies in the spontaneous EEG while listening to music

J Bhattacharya, H Petsche… - International Journal of …, 2001 - Elsevier
We studied the patterns of interdependency between different brain regions during the
performance of higher cognitive functions. Our goal was to check the existence in these
patterns of both task-related differences (eg listening to music vs. rest) and training-related ...
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Public and private expenditures on health in a growth model

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J Bhattacharya… - Journal of Economic Dynamics and Control, 2007 - Elsevier
This paper introduces endogenous longevity into an otherwise standard overlapping
generations model with capital. In the model, a young agent may increase the length of her
old age by incurring investments in health. Such private health investments are assumed ...
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[HTML] Deconstructing insight: EEG correlates of insightful problem solving

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S Sandkühler… - PLoS One, 2008 - dx.plos.org
Background Cognitive insight phenomenon lies at the core of numerous discoveries.
Behavioral research indicates four salient features of insightful problem solving:(i) mental
impasse, followed by (ii) restructuring of the problem representation, which leads to (iii) a ...
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Monetary, fiscal, and reserve requirement policy in a simple monetary growth model

J Bhattacharya, MG Guzman, E Huybens… - International Economic …, 1997 - JSTOR
We consider an otherwise conventional monetary growth model in which spatial separation
and limited communication create a transactions role for currency, and stochastic relocation
gives rise to financial intermediaries. In this framework we consider how changes in fiscal ...
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Universality in the brain while listening to music

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J Bhattacharya, H Petsche - … of the Royal …, 2001 - rspb.royalsocietypublishing.org
Abstract The human brain, which is one of the most complex organic systems, involves
billions of interacting physiological and chemical processes that give rise to experimentally
observed neuroelectrical activity, which is called an electroencephalogram (EEG). The ...
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On myopia as rationale for social security

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TM Andersen… - Economic Theory, 2011 - Springer
Abstract It has been argued that “paternalistically motivated forced savings constitutes an
important, and to some the most important, rationale for social security retirement systems.”
This paper revisits the role played by myopia in generating a theoretical rationale for pay- ...
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The role of money in two alternative models: When is the Friedman rule optimal, and why?

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J Bhattacharya, J Haslag… - Journal of Monetary Economics, 2005 - Elsevier
In models of money with an infinitely lived representative agent (ILRA models), the optimal
monetary policy is almost always the Friedman rule. In overlapping generations (OG)
models, by contrast, the Friedman rule may not be optimal. In this paper, we use this ...
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Some even more unpleasant monetarist arithmetic

J Bhattacharya, MG Guzman… - Canadian Journal of Economics, 1998 - JSTOR
Does monetizing a deficit always result in a higher rate of inflation than bond financing the
same deficit? Sargent and Wallace (1981) produced conditions under which the answer was
negative (unpleasant monetarist arithmetic'). Subsequent authors have challenged the ...
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Credit market imperfections, income distribution, and capital accumulation

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J Bhattacharya - Economic Theory, 1998 - Springer
Summary. This paper builds a model in which the distribution of income matters for capital
formation, and uses it to analyze the effects of a simple policy intended to create a more
equal distribution of income on the severity of certain credit market imperfections and, ...
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Tight money policies and inflation revisited

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J Bhattacharya… - Canadian Journal of Economics/ …, 2002 - Wiley Online Library
In this paper we reconsider the link between tight money policies and inflation in the spirit of
Sargent and Wallace's (1981) influential paper,'Some unpleasant monetarist arithmetic.'A
standard neoclassical model with capital, bonds, and return-dominated currency is used. ...
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Labor market search and optimal retirement policy

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J Bhattacharya, CB Mulligan… - Economic Inquiry, 2004 - Wiley Online Library
A popular and long-standing view is that social security is a means for young, unemployed
people to “purchase” jobs from older workers. Can social security, by encouraging
retirement and hence creating job vacancies for the young, improve the allocation of ...
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On the use of the inflation tax when nondistortionary taxes are available

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J Bhattacharya… - Review of Economic Dynamics, 2001 - Elsevier
Using a pure-exchange overlapping generations model in which money is valued because
of a legal restriction, we show the following:(a) a benevolent government may make some
use of the inflation tax in conjunction with a lump-sum tax on the young but not if lump-sum ...
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Unemployment, credit rationing, and capital accumulation: a tale of two frictions

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C Betts… - Economic Theory, 1998 - Springer
Summary. This paper develops a model in which two information frictions are embedded
into an otherwise conventional neoclassical growth model; an adverse selection problem in
the labor market and a costly state verification problem in the credit market. The former ...
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[BOOK] Aging Unemployment, and Welfare in a Life-cycle Model with Costly Labor Market Search

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J Bhattacharya… - 2003 - qec-eran.org
Abstract In recent years, many countries have experienced a significant shift in demographic
patterns towards the elderly. This phenomenon poses numerous challenges for the design
of public pension programs and labor market policies. To better understand how public ...
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Why does overnight liquidity cost more than intraday liquidity?

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J Bhattacharya, JH Haslag… - Journal of Economic Dynamics and …, 2009 - Elsevier
In this paper, we argue that the observed difference in the cost of intraday and overnight
liquidity is part of an optimal payments system design. In our environment, overnight liquidity
affects output while intraday liquidity affects only the distribution of resources between ...
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The non‐monotonic relationship between seigniorage and inequality

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J Bhattacharya, H Bunzel… - Canadian Journal of …, 2005 - Wiley Online Library
Abstract. We present an analysis of how political factors may come into play in the
equilibrium determination of inflation. We employ a standard overlapping generations model
with heterogenous young-age endowments, and a government that funds an exogenous ...
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[PDF] Monetary policy arithmetic: some recent contributions

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J Bhattacharya… - ECONOMIC AND FINANCIAL REVIEW- …, 1999 - dallasfed.com
As a consequence, financing the deficit with bonds could ultimately be more inflationary than
financing it by printing money. Throughout this article, we refer to unpleasant monetarist
arithmetic (UMA)—a term SW coined—as an outcome in which money growth must rise to ...
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Measuring second language proficiency with EEG synchronization: how functional cortical networks and hemispheric involvement differ as a function of proficiency …

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S Reiterer, E Pereda… - Second Language …, 2009 - slr.sagepub.com
Abstract This article examines the question of whether university-based high-level foreign
language and linguistic training can influence brain activation and whether different L2
proficiency groups have different brain activation in terms of lateralization and ...
Cited by 9 - Related articles - All 7 versions

Price level volatility: A simple model of money taxes and sunspots

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J Bhattacharya, MG Guzman… - journal of economic theory, 1998 - Elsevier
We investigate sunspot equilibria in a static, one-commodity model with taxes and transfers
denominated in money units. Volatility in this economy is purely monetary, since the only
uncertainty is about the price level. We construct simple, robust examples of sunspot ...
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Two-period cycles in a three-period overlapping generations model

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J Bhattacharya… - Journal of Economic Theory, 2003 - Elsevier
We study the properties of two-period monetary cycles in simple pure exchange overlapping
generations economies in which the households live for three periods. We demonstrate that
these economies can support cycles under a much broader—and, arguably, more ...
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Optimal monetary policy and economic growth

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J Bhattacharya, J Haslag… - European Economic Review, 2009 - Elsevier
A question at the center of many analyses of optimal monetary policy is, why do central
banks never implement the Friedman rule? To the list of answers to this question, we add
neoclassical production (specifically, the Tobin effect) as one possible explanation. To that ...
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Is Reserve‐ratio Arithmetic More Pleasant?

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J Bhattacharya… - Economica, 2003 - Wiley Online Library
Does it matter in a revenue-neutral setting if the government changes the inflation tax base
or the inflation tax rate? We answer this question within the context of an overlapping-
generations model in which government bonds, capital and cash reserves coexist. We ...
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[HTML] Increase of universality in human brain during mental imagery from visual perception

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J Bhattacharya - PloS one, 2009 - dx.plos.org
Background Different complex systems behave in a similar way near their critical points of
phase transitions which leads to an emergence of a universal scaling behaviour.
Universality indirectly implies a long-range correlation between constituent subsystems. ...
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Sub-optimality of the Friedman rule in Townsend's turnpike and stochastic relocation models of money: Do finite lives and initial dates matter?

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J Bhattacharya, JH Haslag… - Journal of Economic Dynamics and …, 2006 - Elsevier
The Friedman rule, a widely studied prescription for monetary policy, is optimal in
Townsend's turnpike model of money; it is not so in the overlapping generations version of
his stochastic relocation model of money. We investigate these monetary models in the ...
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Who is afraid of the Friedman rule?

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J Bhattacharya, J Haslag, A Martin… - Economic Inquiry, 2008 - Wiley Online Library
We explore the connection between optimal monetary policy and heterogeneity among
agents in a standard monetary economy with two types of agents where the stationary
distribution of money holdings is nondegenerate. Sans type-specific fiscal policy, we show ...
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[BOOK] Inflationary finance in a simple voting model

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J Bhattacharya… - 2003 - mospace.umsystem.edu
Abstract: This paper is an attempt at answering the somewhat counterfactual question: if
monetary policy was to be decided in the arena of public voting (that is not by independent
central banks), then what kind of monetary policies (specifically, inflation rates) would get ...
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Monetary policy, fiscal policy, and the inflation tax: equivalence results

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J Bhattacharya, JH Haslag… - Macroeconomic …, 2003 - Cambridge Univ Press
This paper clarifies and extends previous work on the equivalence between monetary
regimes and fiscal regimes involving social security systems. We show that monetary
regimes of the type we study are equivalent to two alternative types of social security ...
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Choosing to keep up with the Joneses and income inequality

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RC Barnett, J Bhattacharya… - Economic Theory, 2010 - Springer
Abstract We study a variant of the conventional keeping-up-with-the-Joneses setup, in which
heterogeneous-ability agents care both about consumption and leisure and receive an utility
premium if their consumption exceeds that of the Joneses'. Unlike the conventional setup ...
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Understanding the roles of money, or When is the Friedman rule optimal and why?

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J Bhattacharya, JH Haslag… - Journal of Monetary …, 2004 - mospace.umsystem.edu
Abstract: In this paper, we study the optimal steady state monetary policy in overlapping
generations (OG) models. In contrast to economies populated by infinitely-lived
representative agents (ILRA), the Friedman Rule is frequently not the policy that ...
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What do information frictions do?

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J Bhattacharya… - Economic Theory, 2005 - Springer
Summary. We present an overlapping generations model in which a labor market friction
(moral hazard) coexists and interacts with a credit market friction (costly state verification).
Our main results are:(i) while credit market frictions have long-and short-run real effects, ...
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Usefulness of the constrained planning problem in a model of money

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J Bhattacharya… - Macroeconomic Dynamics, 2008 - Cambridge Univ Press
Abstract In this paper, we study a decentralized monetary economy with a specified set of
markets, rules of trade, an equilibrium concept, and a restricted set of policies and derive a
set of equilibrium (monetary) allocations generated by these policies. Next we set up a ...
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[PDF] Dynamics of the planning solution in the discrete-time textbook model of labor market search and matching

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J Bhattacharya… - Economics Bulletin, 2003 - accessecon.com
Abstract This paper takes a discrete− time adaptation of the continuous− time matching
economy described in Pissarides (1990, 2000), and computes the solution to the dynamic
planning problem. The solution is shown to be completely characterized by a first− order, ...
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[PDF] Money, output and the payment system: Optimal monetary policy in a model with hidden effort

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J Bhattacharya, JH Haslag… - 2007 - socionet.org
Abstract We propose a new explanation for the observed difference in the cost of intraday
and overnight liquidity. We argue that the low cost of intraday liquidity is an application of the
Friedman rule in an environment where a deviation of the Friedman rule is optimal with ...
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[CITATION] Robert R. Reed Ⅲ (2001),“Labor Market Search and Optimal Retirement Policy”

JCBM Bhattacharya - NBER Working Paper
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[PDF] Reliance, composition, and inflation

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J Bhattacharya… - ECONOMIC AND FINANCIAL …, 2000 - e-perspectives.com
In this article, the central bank is (possibly) goal independent although it is not instrument
independent because it has to raise a certain amount of revenue for the government. As
such, it is constrained in its choice of, say, the money growth rate. It does, however, have ...
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Optimal choice of monetary policy instruments in an economy with real and liquidity shocks

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J Bhattacharya… - Journal of Economic Dynamics and Control, 2008 - Elsevier
Faced with real and nominal shocks, what should a benevolent central bank do, fix the
money growth rate or target the inflation rate? In this paper, we make a first attempt at
studying the optimal choice of monetary policy instruments in a micro-founded model of ...
Cited by 2 - Related articles - All 5 versions

[BOOK] Seigniorage in a Neoclassical Economy: Some Computational Results

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J Bhattacharya… - 1999 - mail1.dallasfed.org
Abstract In this paper, we consider a government that executes a permanent open market
sale. The government is forced to eventually use money creation to pay for the debtGs
expenses, choosing between changing either the money growth rate (the inflationMtax ...
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[CITATION] Steven Russell kThe Role of Money in Two Alternative Models: When, and Why is the Friedman Rule Optimall

J Bhattacharya… - Jour" nal of Monetary Economics
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[CITATION] Antoine Martin (2005). VHeterogeneity, Redistri% bution, and the Friedman RuleV

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J Bhattacharya… - International Economic Review
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A Positive Theory of the Income Redistributive Focus of Social Security

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J Bhattacharya… - 2003 - papers.ssrn.com
Abstract: Many countries around the world have large public pension programs.
Traditionally, these programs have been used to induce retirement by the elderly in order to
free up jobs for the young and to redistribute income across generations. This paper ...
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[PDF] when and why is the friedman rule optimal?

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J Bhattacharya, JH Haslag… - 2003 - clevelandfed.org
Abstract In most models with infinitelyMlived representative agents (ILRA models), the
optimal monetary policy is the Friedman Rule. In overlapping generations (OG) models, in
contrast, there are widely used definitions of 0optimality1 under which the Friedman Rule ...
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[CITATION] Music Induced Emotions: Some Current Issues and Cross-Modal Comparisons

MM Marin, J Bhattacharya - 2010 - eprints.gold.ac.uk
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[CITATION] Brain tuned to music

E Paulo… - Journal of the Royal Society of Music, 2003
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Rejuveniles and growth

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RC Barnett… - European Economic Review, 2008 - Elsevier
Rejuveniles are “people who cultivate tastes and mind-sets traditionally associated with
those younger than themselves”[Noxon, C., 2006. Rejuvenile. Crown Publishers]. In this
paper, we study a standard AK growth model of overlapping generations populated by ...
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Resurrecting equilibria through cycles in an overlapping generations model of money

RC Barnett, J Bhattacharya… - Journal of Macroeconomics, 2010 - Elsevier
Momentary equilibria are defined as points that satisfy agents' optimality conditions and
market clearing at any date. However, some dynamic sequences commencing from such
points may not be considered valid equilibria because they asymptotically violate some ...
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[PDF] Monetary Policy And The Distribution Of Income

[PDF] from 129.186.33.9
J Bhattacharya - Staff General Research Papers, 2003 - 129.186.33.9
Abstract This paper represents a first attempt at a tractable analysis of how monetary policy
influences the income distribution in an economy. It presents a monetary growth model in
which inflation affects credit market efficiency, and via this link, influences capital ...
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Unfunded pensions and endogenous labor supply

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T Andersen… - 2009 - papers.ssrn.com
Abstract: A classic result in dynamic public economics, dating back to Aaron (1966) and
Samuelson (1975), states that there is no welfare rationale for PAYG pensions in a
dynamically-efficient neoclassical economy with exogenous labor supply. This paper ...
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what do information frictions do?

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J Bhattacharya… - 2003 - papers.ssrn.com
Abstract: Numerous researchers have incorporated labor or credit market frictions within
simple neoclassical models to (i) facilitate quick departures from the Arrow-Debreu world,
thereby opening up the role for institutions,(ii) inject some realism into their models, and ( ...
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[PDF] Optimal monetary policy with hidden effort

[PDF] from missouri.edu
J Bhattacharya, J Haslag… - 2005 - missouri.edu
Abstract In this paper, we compare optimal monetary in two versions of a standard
randomrelocation overlapping generations economy. In the first version, the Friedman rule is
optimal monetary policy. In the second version, we introduce hidden action and show that ...
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[CITATION] Monetary and fiscal policies in models of intermediation

J Bhattacharya - 1996 - en.scientificcommons.org
Publikationsansicht. 34772485. Monetary and fiscal policies in models of intermediation / (1996).
Bhattacharya, Joydeep. Abstract. Thesis (Ph.D.)--Cornell University, August, 1996.. Includes
bibliographical references (leaves 110-113). Details der Publikation. ...
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[PDF] Unsafe Sex, AIDS, and Development

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J Bhattacharya, H Bunzel… - Staff General Research …, 2007 - econ22.econ.iastate.edu
Abstract Much of Africa has been ravaged by the AIDS epidemic. There, heterosexual
contact is the primary mode of transmission for the HIV virus. Even when access to condoms
is good and their price low, a large fraction of young Africans continue to engage in ...
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Can financial intermediation induce endogenous fluctuations

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S Banerji, J Bhattacharya… - Journal of Economic Dynamics and …, 2004 - Elsevier
This paper studies the possibility of endogenous fluctuations caused by activities of financial
intermediaries. Risk-averse agents borrow from banks and invest in a risky two-state capital
technology. The probability of success with the technology is assumed to be decreasing in ...
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Resurrecting equilibria through cycles

[PDF] from iastate.edu
R Barnett, J Bhattacharya… - University of Aarhus …, 2007 - papers.ssrn.com
Abstract: In an overlapping generations model, momentary equilibria are defined as points
that lie on the intergenerational offer curve, ie, they satisfy agents' optimality conditions and
market clearing at any date. However, some dynamic sequences commencing from such ...
Cited by 1 - Related articles - All 16 versions

Optimal choice of monetary instruments in an economy with real and liquidity shocks

[PDF] from iastate.edu
J Bhattacharya… - 2007 - papers.ssrn.com
Abstract: Faced with real and nominal shocks, what should a benevolent central bank do, fix
the money growth rate or target the inflation rate? In this paper, we make a first attempt at
studying the optimal choice of monetary policy instruments in a micro-founded model of ...
Cited by 1 - Related articles - All 11 versions

Painting by mind's eye: investigating the patterns of functional integration between cortical regions in artists

Full text - MIT Libraries
J Bhattacharya, H Petsche… - Journal of Vision, 2002 - ww.journalofvision.org
Abstract Although appreciation and spontaneous creation of visual art are intrinsic elements
common across cultures and races, little is known about the functioning of the human brain
while mentally composing an artwork. In this study, this issue was addresses by analyzing ...
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[PDF] Health and Precautionary Savings in the Pollution-Growth Nexus

[PDF] from sufe.edu.cn
M Wang, J Zhao… - 2010 - se.sufe.edu.cn
Abstract This paper studies a model in which pollution by firms raises the risk of poor oldage
health in agents. The health risk is converted into consumption risk inducing a precautionary
saving response. The model generates a pollution-growth-health nexus in which pollution ...
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[BOOK] Age-Specific Employment Policies

[PDF] from iastate.edu
J Bhattacharya… - 2003 - econ22.econ.iastate.edu
Abstract Many countries around the world are experiencing a significant shift in
demographic patterns towards an older population. The age composition of the labor force
has also changed dramatically, often accompanied by sharp reductions in the labor force ...
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[PDF] A General Equilibrium Model of Age-Specific Employment Policies

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J Bhattacharya… - 2003 - Citeseer
Abstract Many countries around the world are simultaneously experiencing an aging labor
force, sharp reductions in the labor force participation rates of older workers, and high
unemployment among younger workers. In response, some governments have ...
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Optimal Monetary Policy Rules Under Persistent Shocks

J Bhattacharya… - Staff General Research Papers, 2008 - ideas.repec.org
The tug-o-war for supremacy between inflation targeting and monetary targeting is a classic
yet timely topic in monetary economics. In this paper, we revisit this question within the
context of a pure-exchange overlapping generations model of money where spatial ...
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School OF Economics AND Management

[PDF] from 130.225.1.7
RC Barnett… - 2007 - papers.ssrn.com
Abstract: Rejuveniles are people who cultivate tastes and mind-sets traditionally associated
with those younger than themselves.(Noxon, 2006) In this paper, we study a standard AK
growth model of overlapping generations populated by rejuveniles. For our purposes, ...
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Lectures on Economic Growth

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J Bhattacharya - American Journal of Agricultural …, 2004 - ajae.oxfordjournals.org
There are principally two sets of mind-boggling questions that modern growth theory has
had to contend with. First, nearly two centuries after the Industrial Revolution, what with all
the free trade and exchange of ideas and technology, why is the current US GDP per ...
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[BOOK] Central bank responsibility, seigniorage, and welfare

[PDF] from 67.208.42.166
JH Haslag… - 1999 - 67.208.42.166
Abstract Historically, countries have relied on seigniorage. In this paper, we explore a set of
features in which a benevolent government will rely on seigniorage. We use a simple
overlapping generations model with returnM dominated money. Money is valued because ...
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Galor, Oded. Discrete Dynamical Systems. Berlin-Heidelberg: Springer Verlag, 2007, 153 pp., $71.96

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J Bhattacharya - American Journal of Agricultural …, 2009 - ajae.oxfordjournals.org
Consider a demand-supply system in which the demand for a product depends on the
current price in the market but its supply depends on the price at some previous point in
time. In such a system, the current equilibrium (market-clearing) price will typically depend ...
All 2 versions

[CITATION] Financial Intermediation and Endogenous Fluctuations in a Real Economy¤

S Banerji, J Bhattacharya…
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[CITATION] Can Financial Intermediation Create Endogenous Fluctuations?

S Banerji, J Bhattacharya…
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[PDF] Liquidity Shocks and Optimal Monetary and Exchange Rate Policies in a Small Open Economy

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J Bhattacharya… - econ2.econ.iastate.edu
Abstract This paper studies the potential for liquidity crises and their impact on the course of
monetary and exchange rate policies in a microfounded general equilibrium dynamic model
in the tradition of Diamond and Dybvig (1983) and Chang and Velasco (2000). We ...
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[PDF] Are the Joneses making you financially vulnerable?

[PDF] from villanova.edu
R Barnett, J Bhattacharya… - Staff General Research …, 2008 - homepage.villanova.edu
Abstract This paper studies a model economy populated with agents of differing incomes
that get a utility boost when their consumption keeps up with the Joneses'. The resulting
utility function is non-concave. In this setup, participation in a fair consumption lottery has ...
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[CITATION] Monetary Economics in Globalised Financial Markets, by Ansgar Belke and Thorsten Polleit. 2009 Springer-Verlag (Heidelberg); ISBN: 978-3-540-71002- …

J Bhattacharya - International Review of Economics & Finance, 2011 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
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Shadows of music-language interaction on low frequency brain oscillatory patterns

E Carrus, S Koelsch… - Brain and language, 2011 - Elsevier
Electrophysiological studies investigating similarities between music and language
perception have relied exclusively on the signal averaging technique, which does not
adequately represent oscillatory aspects of electrical brain activity that are relevant for ...
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Money, output and the payment system: Optimal monetary policy in a model with hidden effort

JH Haslag, J Bhattacharya… - Working Papers, 2007 - ideas.repec.org
We propose a new explanation for the observed difference in the cost of intraday and
overnight liquidity. We argue that the low cost of intraday liquidity is an application of the
Friedman rule in an environment where a deviation of the Friedman rule is optimal with ...
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Fertility choice under child mortality and social norms

[PDF] from uoregon.edu
J Bhattacharya… - Economics Letters, 2011 - Elsevier
Abstract In most demographic transitions, declines in child mortality precede declines in net
fertility rates. Variants of the Barro-Becker model of fertility fail to deliver this link. A simple
extension, the inclusion of social norms regarding fertility, generates the desired effect.
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Crossmodal transfer of arousal, but not pleasantness, from the musical to the visual domain.

MM Marin, B Gingras… - 2011 - psycnet.apa.org
Abstract 1. Arousal and valence (pleasantness) are considered primary dimensions of
emotion. However, the degree to which these dimensions interact in emotional processing
across sensory modalities is poorly understood. We addressed this issue by applying a ...
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Volatility and Growth: The Clarendon Lectures in Economics

Full text - MIT Libraries
B Joydeep - American Journal of Agricultural Economics, 2007 - ajae.oxfordjournals.org
In February of 1999, Philippe Aghion from Harvard University and Abhijit Banerjee from MIT
delivered the Clarendon lectures in Economics at Oxford University. In those lectures,
Aghion and Banerjee explored the foundations of connections between aggregate ...
All 5 versions

[PDF] In: ationary Finance in a Simple Voting Model

[PDF] from missouri.edu
J Bhattacharya, H Bunzel… - 2001 - economics.missouri.edu
Abstract This paper is an attempt at answering the somewhat counterfactual question: if
monetary policy was to be decided in the arena of public voting (that is not by independent
central banks), then what kind of monetary policies (specifically, inflation rates) would get ...
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[HTML] On a Possible Relationship between Linguistic Expertise and EEG Gamma Band Phase Synchrony

[HTML] from nih.gov
S Reiterer, E Pereda… - Frontiers in Psychology, 2011 - ncbi.nlm.nih.gov
Abstract Recent research has shown that extensive training in and exposure to a second
language can modify the language organization in the brain by causing both structural and
functional changes. However it is not yet known how these changes are manifested by the ...
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[PDF] Optimal Monetary and Exchange Rate Policies in Crisis-Prone Small Open Economies?

[PDF] from iastate.edu
J Bhattacharya… - econ2.econ.iastate.edu
Abstract Banking crises are fairly ubiquitous events with large adverse consequences. This
paper studies the potential for banking crises and their effects on exchange rate policies in a
microfounded general equilibrium dynamic model in the tradition of Diamond and Dybvig ( ...
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[CITATION] Manufacturers' inventories in a developing economy: an intertemporal macroeconomic study of Indian large scale manufacturing.

V Prakash, R Becker, U Fischbacher, SB Aruoba… - 1970 - en.scientificcommons.org
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Swayed by the music: Sampling bias towards musical preference distinguishes like from dislike decisions

JP Lindsen, G Moonga, S Shimojo… - Consciousness and …, 2011 - Elsevier
This study investigated the interaction between sampling behavior and preference formation
underlying subjective decision making for like and dislike decisions. Two-alternative forced-
choice tasks were used with closely-matched musical excerpts and the participants were ...
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Choosing to keep up with the Joneses

[PDF] from eea-esem.com
RC Barnett, J Bhattacharya… - Economics Working Papers, 2008 - papers.ssrn.com
Abstract: Does a rise in income inequality induce people to work harder to stay in the rat
race (" keep up with the Joneses") or to simply drop out? We investigate this issue in a
simple new framework in which heterogeneous ability agents get extra utility if their ...
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Dynamics of the Planning Solution in the Textbook Model of Labor Market Search and Matching

H Bunzel… - papers.ssrn.com
Abstract: This paper takes a discrete-time adaptation of the continuous-time matching
economy of Pissarides (1990, 2001) discussed in Ljungqvist and Sargent (2000) and
computes the solution to the dynamic planning problem. The solution is shown to be ...
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Seigniorage in a neoclassical economy: some computational results

JH Haslag… - Working Papers, 1999 - ideas.repec.org
In this paper, we consider a government that executes a permanent open market sale. The
government is forced to eventually use money creation to pay for the debt's expenses,
choosing between changing either the money growth rate (the inflation-tax rate) or the ...
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Deviant generations, Ricardian equivalence, and growth cycles

[PDF] from iastate.edu
RC Barnett, J Bhattacharya… - Economic Theory, 2008 - Springer
Abstract Two equilibrium possibilities are known to obtain in a standard overlapping-
generations model with dynastic preferences: either the altruistic bequest motive is operative
for every generation (in which case, Ricardian equivalence obtains) or it is not, for any ...
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Understanding the Roles of Money, or When is the Friedman Rule Optimal, and Why?

J Haslag, J Bhattacharya… - 2003 - ideas.repec.org
In this paper, we study the optimal steady state monetary policy in overlapping generations
(OG) models. In contrast to economies populated by inthnitely-lived representative agents
(ILRA), the Friedman Rule is frequently not the policy that maximizes the welfare of two- ...
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Minimum Consumption Requirements and Cycles in an Overlapping Generations Model of Money

RC Barnett, J Bhattacharya… - Staff General Research …, 2007 - ideas.repec.org
This paper studies a pure-exchange monetary overlapping generations economy in which
young and old agents face exogenous minimum consumption requirements, and money is
the only asset. The presence of the minimum consumption requirement on the old is ...
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[BOOK] Chaotic Planning Solutions in the Textbook Model of Labor Market Search and Matching

[PDF] from uvt.nl
J Bhattacharya, H Bunzel… - 2003 - arno.uvt.nl
Abstract This paper demonstrates that cyclical and chaotic planning solutions are possible in
the standard “textbook model” of search and matching in labor markets. More specifically, it
takes a discretetime adaptation of the continuous-time matching economy described in ...
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Raising Revenue: A Monetary Policymaker's Guide

J Bhattacharya… - 1999 - papers.ssrn.com
Abstract: In this paper, we consider a government that executes a permanent open market
sale. The government is forced to eventually monetize the debt, choosing between changing
either the money growth rate (the inflation-tax rate) or the reserve requirement ratio (the ...

[CITATION] Optimal Monetary and Exchange Rate Policies in Crisis-Prone Small Open Economies

R Singh… - 2005 Meeting Papers, 2005 - econpapers.repec.org
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://www.
econ. iastate. edu/faculty/singhWorkingPapers/OMPLP. pdf [302 Found]--> http://www2.
econ. iastate. edu/faculty/singhWorkingPapers/OMPLP. pdf)
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[PDF] dynamics of the Planning Solution in the Textbook Model of Labor Market Search and Matching

[PDF] from 129.186.33.9
J Bhattacharya… - 2003 - 129.186.33.9
Abstract This paper takes a discrete-time adaptation of the continuous-time matching
economy described in Pissarides (1990, 2000), and computes the solution to the dynamic
planning problem. The solution is shown to be completely characterized by a first-order, ...
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Sub-Optimality of the Friedman Rule in Townsend s Turnpike and Limited Communication Models of money: Do finite lives and initial dates matter?

JH Haslag, J Bhattacharya… - 2004 - ideas.repec.org
We construct an economy populated with infinitely-lived agents and show that the Friedman
rule is suboptimal. We do that by showing that our economy and an overlapping generations
model in which the Friedman rule is known to be suboptimal are homomorphic. We also ...
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[PDF] The Role of Health in the Pollution-Growth Nexus

[PDF] from webmeets.com
M Wang, J Zhao… - 2010 - webmeets.com
Abstract This paper studies a model in which pollution by firms raises the risk of poor oldage
health in agents. The health risk is converted into consumption risk inducing a precautionary
saving response. The model generates a pollution-growth-health nexus in which pollution ...
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2004 Midwest macroeconomics meetings

J Bhattacharya - Economics Bulletin, 2004 - accessecon.com
The 2004 Midwest Macroeconomics Meetings will be hosted by the Department of
Economics at Iowa State University in Ames, IA from Friday, May 14 to Sunday, May 16,
2004. The sessions will start at 1: 00 pm on Friday and run until 1: 00 pm on Sunday. The ...
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Central Bank Responsibility, Seigniorage, and Welfare

J Bhattacharya… - 2000 - papers.ssrn.com
Abstract: The money stock, in almost every country in the world, does not contract. This
paper attempts a welfare-based explanation for this observation. We study an overlapping
generations model with return dominated money. A reserve requirement forces agents to ...

What do information frictions do?

S Chakraborty… - Econometric Society 2004 North …, 2004 - ideas.repec.org
Researchers have incorporated labor or credit market frictions in isolation within simple
neoclassical models to open up a role for institutions, inject realism into their models and
examine the impact of these distortions on output and employment. We present an ...
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Unfunded Pensions and Endogenous Labor Supply

J Bhattacharya… - 2012 - ideas.repec.org
A classic result in dynamic public economics states that there is no welfare rationale for pay-
as-you-go (PAYG) pensions in a dynamically-efficient neoclassical economy with
exogenous labor supply. Parenthetically, a welfare justification for PAYG pensions exists if ...
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Fertility Choice Under Child Mortality and Social Norms

S Chakraborty… - 2012 - ideas.repec.org
In most demographic transitions, declines in child mortality precede declines in net fertility
rates. Variants of the Barro-Becker model of fertility fail to deliver this link. A simple
extension, the inclusion of social norms regarding fertility, generates the desired effect.
Cached - All 3 versions

[BOOK] The Tobin effect and the Friedman rule

[PDF] from frb.org
J Bhattacharya, JH Haslag, A Martin… - 2005 - ny.frb.org
Abstract This paper addresses whether the Friedman rule can be optimal in an economy in
which the Tobin effect is operative. We present an overlapping generations economy with
capital in which limited communication and stochastic relocation create an endogenous ...
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[HTML] IN Cognition

[HTML] from frontiersin.org
S Reiterer, E Pereda… - frontiersin.org
Recent research has shown that extensive training in and exposure to a second language
can modify the language organization in the brain by causing both structural and functional
changes. However it is not yet known how these changes are manifested by the dynamic ...
Related articles - Cached - All 2 versions

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