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1995 Working Papers

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The Adverse Selection Approach to Financial Intermediation: Some Characteristics of the Equilibrium Financial Structure
By John A. Weinberg
Working Paper 95-5
Released: December 1995

This paper examines an adverse selection economy in which efficient resource allocation is supported by intermediary contracts (coalitions). Agents differ along an ex ante publicly observable dimension, so that the equilibrium arrangement yields a ...



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Customer Flows, Countercyclical Markups, and the Persistent Effects of Monetary Shocks
By Peter N. Ireland
Working Paper 95-4
Released: September 1995

This paper develops a general equilibrium model in which households face fixed costs associated with searching for a new supplier of consumption goods. These search costs provide firms with some monopoly power over their existing customers and generate...

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A Federal Funds Rate Equation
By Yash P. Mehra
Working Paper 95-3
Released: May 1995

This paper presents evidence that indicates that U.S. interest rate policy during most of the 1980s can be described by a reaction function in which the federal funds rate rises if real GDP rises above trend GDP, if actual inflation accelerates, or if...

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Some Not So Unpleasant Monetarist Arithmetic
By Michael Dotsey
Working Paper 95-2
Released: June 1994 , Revised: March 1995

This paper analyzes the quantitative significance of Sargent and Wallace's (1981) "Some Unpleasant Monetarist Arithmetic" in a model that is parameterized to correspond with U.S. data. The major result is that the monetarist arithmetic is not overly...

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Optimal Disinflationary Paths
By Peter N. Ireland
Working Paper 95-1
Released: January 1995

This paper characterizes optimal monetary policy in the context of a general equilibrium model with optimizing agents and staggered price setting. Starting from a steady state with positive inflation, a rapid disinflation is desirable when announcements...

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