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1990 Working Papers

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Hypothesis Testing and Finite Sample Properties of Generalized Method of Moments Estimators: A Monte Carlo Study
By Ching-Sheng Mao
Working Paper 90-12
Released: November 1990

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How Well Do Linear Approximation Methods Work? Results for Suboptimal Dynamic Equilibria
By Ching-Sheng Mao & Michael Dotsey
Working Paper 90-11
Released: November 1990

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Liquidity Constraints in Commercial Loan Markets with Imperfect Information and Imperfect Competition
By A.P. Villamil & Stacey L. Schreft
Working Paper 90-10
Released: November 1990

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Measures of Savings as Indicators of Economic Growth
By William E. Cullison
Working Paper 90-9
Released: November 1990

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A 'Coalition Proof' Equilibrium for a Private Information Credit Economy
By John A. Weinberg & Jeffrey M. Lacker
Working Paper 90-8
Released: November 1990

This paper examines an economy in which agents with private information about their own productive capabilities seek to raise capital to fund their investment projects. We employ an equilibrium concept which is closely related to Coalition Proof Nash...

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Wicksell's Monetary Framework and Dynamic Stability
By Thomas M. Humphrey & Robert F. Graboyes
Working Paper 90-7
Released: September 1990

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Interest Rates and the Conduct of Monetary Policy
By Marvin Goodfriend
Working Paper 90-6
Released: August 1990

The paper describes key aspects of actual Federal Reserve interest rate targeting procedures and addresses a number of issues in light of these stylized facts. It reviews the connection between rate smoothing and price level trend-stationarity. It...

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Cost and Technical Change: Effects from Bank Deregulation
By David B. Humphrey
Working Paper 90-5
Released: June 1990

Banks were substantially deregulated during the 1980s. Interest costs rose faster than operating expenses (capital, labor) were reduced. As a result, measured technical change in banking was negative: it averaged -0.8% to -1.4% a year over 1977-88. ...

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The Competitiveness of Rural County Manufacturing During a Period of Dollar Appreciation
By Christine Chmura & Dan M. Bechter
Working Paper 90-4
Released: March 1990

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Collateralized Debt as the Optimal Contract
By Jeffrey M. Lacker
Working Paper 90-3R2
Released: November 1989 , Revised: February 1991

In a two-agent, two-good, private information, risk-sharing environment, conditions are described under which a collateralized debt contract is the optimal allocation within the set of all resource and incentive feasible allocations, even allowing for...

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Collateralized Debt as the Optimal Contract
By Jeffrey M. Lacker
Working Paper 90-3R
Released: November 1989 , Revised: August 1990

This is a previous version of working paper 90-3R2...



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Collateralized Debt as the Optimal Contract
By Jeffrey M. Lacker
Working Paper 90-3
Released: November 1989 , Revised: March 1990

This is a previous version of working paper 90-3R2...



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Limited Commitment and Costly Enforcement
By Jeffrey M. Lacker
Working Paper 90-2
Released: August 1989 , Revised: December 1989

A costly 'facility' has a monopoly on the ability to coerce transfers and verify all private information. If invoked, the facility reads instructions recorded ex ante, and carries out the contingent transfers among agents, charging agents for the cost. ...



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Interest Rate Rules and Nominal Determinacy
By Michael Dotsey & John H. Boyd, III
Working Paper 90-1
Released: February 1990

Monetary economists have recently begun a serious study of money supply rules that allow the Fed to adjustably peg the nominal interest rate under rational expectations. These rules vary from procedures that produce stationary nominal magnitudes to ...

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