Showing papers in "Carnegie-Rochester Conference Series on Public Policy in 1988"

TL;DR: In the graduate courses that I took during the mid-1970s, surveys of the literature on the demand for money included batteries of specifications that were distinguished by choice of monetary aggregate studied; interest rates differing by term and issuer; scale variable; lag structure; and imposition of homogeneity.

TL;DR: In this paper, it is argued that the recent decline in oil and energy prices is permanent and comparable to the 197374 and 1979-80 energy price shocks, while recently the price has been halved.

TL;DR: The authors proposed a new explanation for the greater variability of real exchange rates under pegged than under floating nominal exchange rate systems, which hinges on the propensity of governments to use international trade restrictions and financial restrictions for balance-of-payments purposes under pegged exchange rates.

TL;DR: For good reason there is widespread professional interest in the theory of unemployment as mentioned in this paper, and the data indicate that measured unemployment is an important fact of economic life, however, the causes of the rise in unemployment are not clearly understood.

TL;DR: Canzoneri and Henderson as discussed by the authors extended the rational expectations paradigm to an important area of macroeconomics: the decision problem of the pol icymaker, which can potentially give correct answers to questions about proposed changes in the economic environment in a way that an exogenously specified reduced form equation never can.

TL;DR: In this article, an intertemporal, rational expectations, asset-pricing model is employed to analyze the effect of government money and gold policy actions under a fixed money price of gold.

TL;DR: There have been hundreds of theoretical and empirical studies of the demand for money since the publication of Meltzer's (1963) work as discussed by the authors, and many of these studies have focused on monetary aggregate studies.

TL;DR: In this paper, the term structure of interest rates in three major capitalist economies is analyzed using a latent variable model derived from the Arbitrage Pricing Theory (APT) and a uniform methodology is applied to analyze the statistical properties of holding-period returns for a variety of maturities on government bonds.

TL;DR: In this article, Heckman and MaCurdy argue that the available labor supply elasticity estimates cannot rationalize the year-to-year movements in hours observed for these workers.

TL;DR: Parkin et al. as mentioned in this paper put forth a new real business cycle model, proposed a new method to test the model, and carried out the proposed method using U.S. annual data from 1954 through 1986.

TL;DR: In this paper, Soltwedel argues that the policy and institutional restrictions have given rise to the labor market problems and that existing theories of the relation between unemployment and wage rigidity, such as the efficiency wage hypothesis, the implicit contract model, and even his somewhat preferred alternative, the “insider-outsider” approach, are weak reeds in the wind when compared to a more straightforward interpretation of goverrxaental and institutional failure.