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1997 Working Papers

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Enterpreneurship and Government Subsidies Under Capital Constraints: A General Equilibrium Analysis
By Wenli Li
Working Paper 97-9
Released: September 1997

This paper studies the interaction of capital constraints with business formation, growth and destruction, and the policy implications of this interaction. A dynamic general equilibrium model is constructed and shown to be consistent with recent ...

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The Effects of Fiscal Policy in a Neoclassical Growth Model
By Ching-Sheng Mao & Michael Dotsey
Working Paper 97-8
Released: June 1997

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'(S,s) Inventory Policies in General Equilibrium
By Andreas Hornstein & Jonas D.M. Fisher
Working Paper 97-7
Released: May 1997

We study the aggregate implications of (S,s) inventory policies in a dynamic general equilibrium model with aggregate uncertainty. Firms in the model's retail sector face idiosyncratic demand risk, and (S,s) inventory policies are optimal because of ...

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Intermediate Inputs and Sectoral Comovement in the Business Cycle
By Jack Praschnik & Andreas Hornstein
Working Paper 97-6
Released: May 1997

The postwar U.S. business cycle is characterized by positive comovement of employment and output across sectors. It has been argued that multi-sector growth models are inconsistent with this observation when changes in relative productivities are the ...

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Inflation Uncertainty and Growth in a Simple Monetary Model
By Pierre-Daniel G. Sarte & Michael Dotsey
Working Paper 97-5
Released: May 1997

This paper analyzes the effects of inflation variability on economic growth in a model where money is introduced via a cash-in-advance constraint. In this setting, we find that inflation adversely affects long-run growth, even when the cash-in-advance...

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A Framework for the Analysis of Moderate Inflations
By Marvin Goodfriend
Working Paper 97-4
Released: April 1997

Optimal monetary policy is studied in a model with no contractual restrictions or physical costs of changing prices. Nevertheless, the price level is sticky in a range of markup indeterminacy, and inflation occurs only when employment presses against...

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The Bond Rate and Actual Future Inflation
By Yash P. Mehra
Working Paper 97-3
Released: March 1997

The long-term bond rate is cointegrated with the actual one-period inflation rate during two sample periods, 1961Q1 to 1979Q3 and 1961Q1 to 1995Q4. This result indicates that in the long run the bond rate and actual inflation move together. The nature...



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State Dependent Pricing and Dynamics of Business Cycles
By Alexander L. Wolman, Robert G. King & Michael Dotsey
Working Paper 97-2
Released: February 1997

The nature of price dynamics has long been thought important for the origin and duration of business cycles. To investigate this topic, we construct a dynamic stochastic general equilibrium macroeconomic model in which monopolistically competitive ...

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Clearing, Settlement, and Monetary Policy
By Jeffrey M. Lacker
Working Paper 97-1
Released: January 1997

This paper develops a general equilibrium model of the clearing and settlement of private payment instruments. Spatial separation, heterogeneous preference shocks and limited communication provide a role for private credit as a means of payment...

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