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1998 Working Papers

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The Dynamic Effects of Government Spending Shocks on Employment and Work Hours
By Wenli Li & Mingwei Yuan
Working Paper 98-9
Released: August 1998

In this paper, we analyze the dynamic behaviour of employment and hours worked per worker in a stochastic general equilibrium model with a matching mechanism between vacancies and unemployed workers. The model is estimated for the U.S. using the...

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Staggered Prices and Inventories: Production Smoothing Reconsidered
By Pierre-Daniel G. Sarte & Andreas Hornstein
Working Paper 98-8
Released: December 1998

Staggered nominal price setting introduces predictable sales variations at the firm level. We study the implications of staggered prices in a framework where, because of increasing marginal cost, firms use inventories to smooth production and thereby...

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Challenges and Choices in Post-Crisis East-Asia: Simulations of Investment Policy Reform in An Intertemporal Global Model
By Erinc Yeldan, Wenli Li & Xinshen Diao
Working Paper 98-7
Released: July 1998

The East Asian financial crisis exposed the problems of excessive government intervention in credit allocation and poor supervision of the banking system. We argue that the crisis is an opportunity to reformulate the strategies of growth by way of...

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Computing Moral Hazard Problems Using the Dantzig-Wolfe Decomposition Algorithm
By Edward Simpson Prescott
Working Paper 98-6
Released: June 1998

Linear programming is an important method for computing solutions to private information problems. The method is applicable for arbitrary specifications of the references and technology. Unfortunately, as the cardinality of underlying sets increases the...

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The New Neoclassical Synthesis and The Role of Monetary Policy
By Robert G. King & Marvin Goodfriend
Working Paper 98-5
Released: June 1997

Macroeconomics is moving toward a New Neoclassical Synthesis, which like the synthesis of the 1960s melds Classical with Keynesian ideas. This paper describes the key features of the new synthesis and its implications for the role of monetary policy. We...

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Collateralized Debt as the Optimal Contract
By Jeffrey M. Lacker
Working Paper 98-4
Released: May 1998

In a simple risk-sharing environment with ex post private information, conditions are found under which a collateralized debt contract is the optimal allocation. The critical condition for optimality is that the borrower values the collateral good more...

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Rent-Seeking Bureaucracies and Oversight in a Simple Growth Model
By Pierre-Daniel G. Sarte
Working Paper 98-3
Released: April 1998

Following recent cross-country empirical work, research on public policy and growth has come to examine the impact of inefficient or corrupt bureaucracies. Most of this work has emphasized the interactions of bureaucracies with private markets. By...

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Can a Matching Model Explain the Long-Run Increase in Canada's Unemployment Rate?
By Mingwei Yuan & Andreas Hornstein
Working Paper 98-2
Released: March 1998

We construct a simple general equilibrium model of unemployment and calibrate it to the Canadian economy. Job creation and destruction are endogenous. In this model, we consider several potential factors which could contribute to the long-run increase in...

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External vs. Internal Learning-by-Doing in an R&D Based Growth Model
By Dan Peled & Andreas Hornstein
Working Paper 98-1
Released: March 1998

In an economy where growth is determined by the interaction of R&D and learning-by-doing (LBD), changes of factors that stimulate either one of these activities affect growth differently than in an economy where growth is determinded by either ...

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