Search

Showing 9,321-9,340 of 13,860 items.

Efficiency and Information Aggregation in Auctions

By Wolfgang Pesendorfer and Jeroen M. Swinkels

American Economic Review, June 2000

The tension between allocative efficiency and information aggregation is explored in the context of an auction: k identical objects of unknown quality are auctioned off to n bidders whose tastes affect their valuation of an object of given quality. Bidder...

www.aeaweb.org/articles?id=10.1257/aer.90.3.499

Federal Reserve Information and the Behavior of Interest Rates

By Christina D. Romer and David H. Romer

American Economic Review, June 2000

This paper tests for the existence of asymmetric information between the Federal Reserve and the public by examining Federal Reserve and commercial inflation forecasts. It demonstrates that the Federal Reserve has considerable information about inflation ...

www.aeaweb.org/articles?id=10.1257/aer.90.3.429

Job Destruction and Propagation of Shocks

By Wouter J. den Haan, Garey Ramey, and Joel Watson

American Economic Review, June 2000

This paper considers propagation of aggregate shocks in a dynamic general-equilibrium model with labor-market matching and endogenous job destruction. Cyclical fluctuations in the job-destruction rate magnify the output effects of shocks, as well as makin...

www.aeaweb.org/articles?id=10.1257/aer.90.3.482

What Inventory Behavior Tells Us about Business Cycles

By Mark Bils and James A. Kahn

American Economic Review, June 2000

The countercyclical pattern of inventory-sales ratios is a striking feature of inventory behavior. In a model where inventories are productive for sales, both the markup of price over marginal cost and expected changes in marginal cost are key determinant...

www.aeaweb.org/articles?id=10.1257/aer.90.3.458

What Do a Million Observations on Banks Say about the Transmission of Monetary Policy?

By Anil K. Kashyap and Jeremy C. Stein

American Economic Review, June 2000

We study the monetary-transmission mechanism with a data set that includes quarterly observations of every insured U.S. commercial bank from 1976 to 1993. We find that the impact of monetary policy on lending is stronger for banks with less liquid balance...

www.aeaweb.org/articles?id=10.1257/aer.90.3.407

Habit Formation in Consumer Preferences: Evidence from Panel Data

By Karen E. Dynan

American Economic Review, June 2000

This paper tests for the presence of habit formation using household data. A simple model of habit formation implies a condition relating the strength of habits to the evolution of consumption over time. When the condition is estimated with food consumpti...

www.aeaweb.org/articles?id=10.1257/aer.90.3.391

Tax Policy and Aggregate Demand Management under Catching Up with the Joneses

By Lars Ljungqvist and Harald Uhlig

American Economic Review, June 2000

This paper examines the role for tax policies in productivity-shock driven economies with catching-up-with-the-Joneses utility functions. The optimal tax policy is shown to affect the economy countercyclically via procyclical taxes, i.e., "cooling down" t...

www.aeaweb.org/articles?id=10.1257/aer.90.3.356

Habit Formation in Consumption and Its Implications for Monetary-Policy Models

By Jeffrey C. Fuhrer

American Economic Review, June 2000

This paper explores a monetary-policy model with habit formation for consumers, in which consumers' utility depends in part on current consumption relative to past consumption. The empirical tests developed in the paper show that one can reject the hypoth...

www.aeaweb.org/articles?id=10.1257/aer.90.3.367

Saving and Growth with Habit Formation

By Christopher D. Carroll, Jody Overland, and David N. Weil

American Economic Review, June 2000

Saving and growth are strongly positively correlated across countries. Recent empirical evidence suggests that this correlation holds largely because high growth leads to high saving, not the other way around. This evidence is difficult to reconcile with ...

www.aeaweb.org/articles?id=10.1257/aer.90.3.341