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1999 Working Papers

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What is the real story for interest rate volatility?
By Harald Uhlig & Andreas Hornstein
Working Paper 99-9
Released: October 1999

What is the source of interest rate volatility? Why do low interest rates preceed business cycle booms? Most observers tend to assume that monetary policy is largely responsible for it. Indeed, a standard real business cycle model delivers rather small...

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Analyzing Firm Location Decisions: Is Public Intervention Justified?
By Pierre-Daniel G. Sarte & Raymond E. Owens
Working Paper 99-8
Released: June 1999

This paper develops a two-region model of firm migration where moving is costly and firms have market power. In this setting, the decentralized equilibrium generates excessive inertia in firm movement relative to the 'first best' solution. Because the...

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Informality and Rent-Seeking Bureaucracies in a Model of Long-Run Growth
By Pierre-Daniel G. Sarte
Working Paper 99-7
Released: September 1999

This paper explores the links among growth, the informal economy, and rent-seeking bureaucracies. The presence of congestion associated with the enforcement of property right simplies that informality can be useful. Whether bureaucratic rent-seeking is...

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Structure from Shocks
By Michael Dotsey
Working Paper 99-6
Released: August 1999

Arguments in favor of Keynesian models as opposed to real business cycle models are often made on the grounds that the correlations and impulse response patterns found in the latter are inconsistent with the data. A recent and prominent example of this...

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Does State-Dependent Pricing Imply Coordination Failure?
By A. John & Alexander L. Wolman
Working Paper 99-5
Released: August 1999

The analysis in Ball and Romer [1991] suggests that models with fixed costs of changing price may be rife with multiple equilibria; in their static model price adjustment is always characterized by strategic complementarity, a necessary condition for...

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The Role of a Regional Bank in a System of Central Banks
By Marvin Goodfriend
Working Paper 99-4
Released: July 1999

The paper assesses the role of a Reserve Bank in the Federal Reserve System. It compares the Eurosystem with the Fed System, and offers suggestions for the Eurosystem based on the Fed's experience. A regional presence facilitates surveillance of the...



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Firm-Specific Learning and the Investment Behavior of Large and Small Firms
By John A. Weinberg & Wenli Li
Working Paper 99-3
Released: April 1999

We examine a model of the size distribution and growth of firms whereby firms learn about idiosyncratic productivity parameters. Aggregate shocks, by adding noise to learning at the firm level, can produce differentiated response across firms with their...

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Limited Commitment and Central Bank Lending
By Jeffrey M. Lacker & Marvin Goodfriend
Working Paper 99-2
Released: March 1999

Central bank or International Monetary Fund lending should be regarded as a line of credit, analogous to private line-of-credit products. Contractual provisions in private line-of-credit arrangements are designed to control managerial moral hazard and...



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Industrial Development and the Convergence Question
By John McDermott & Marvin Goodfriend
Working Paper 99-1
Released: January 1999

The paper studies endogenous world balanced growth equilibria in which national learning productivity differentials govern relative per capita products. Learning productivities depend on the national share of world specialized-goods production, national...

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