Working Papers

From Federal Reserve Bank of Minneapolis
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604: Finite memory and imperfect monitoring

Harold Cole and Narayana Kocherlakota

603: When should labor contracts be nominal?

Antoine Martin and Cyril Monnet

602: On the equilibrium concept for overlapping generations organizations

Edward Prescott and José-Víctor Ríos-Rull

601: Costly banknote issuance and interest rates under the national banking system

Antoine Martin, Cyril Monnet and Warren Weber

600: Financial crises as herds

Varadarajan Chari and Patrick Kehoe

599: The macroeconomic effects of big fiscal shocks: the case of World War II

Ellen McGrattan and Lee Ohanian

598: Predicting the effects of Federal Reserve policy in a sticky-price model: an analytical approach

Ellen McGrattan

597: New Deal policies and the persistence of the Great Depression: a general equilibrium analysis

Harold Cole and Lee Ohanian

596: Calibration and Bayesian learning

Nurlan Turdaliev

595: Optimal monetary impulse-response functions in a matching model

Brett Katzman, John Kennan and Neil Wallace

594: Sharing the risk of settlement failure

Hiroshi Fujiki, Edward Green and Akira Yamazaki

593: Deposit insurance: a reconsideration

John H. Boyd, Chun Chang and Bruce Smith

592: The Suffolk Bank and the Panic of 1837: how a private bank acted as a lender-of-last-resort

Arthur J. Rolnick, Bruce Smith and Warren Weber

591: Private money creation and the Suffolk Banking System

Bruce Smith and Warren Weber

590: Business cycle research: methods and problems

Edward Prescott

589: On the need for fiscal constraints in a monetary union

Varadarajan Chari and Patrick Kehoe

588: A model of bimetallism

Francois Velde and Warren Weber

587: The Suffolk Banking System reconsidered

Arthur J. Rolnick and Warren Weber

586: The role of damage-contingent contracts in allocating the risks of natural catastrophes

R. Braun, Richard M. Todd and Neil Wallace

585: Moral hazard under commercial and universal banking

John H. Boyd, Chun Chang and Bruce Smith

584: Lessons from a laissez-faire payments system: the Suffolk Banking System (1825–1858)

Arthur J. Rolnick, Bruce Smith and Warren Weber

583: Dynamic games with hidden actions and hidden states

Harold Cole and Narayana Kocherlakota

582: The economics of split-ticket voting in representative democracies

Varadarajan Chari, Larry Jones and Ramon Marimon

581: A model of regulated private bank-note issue

Ricardo Cavalcanti and Neil Wallace

580: Models of sovereign debt: partial vs. general reputations

Harold Cole and Patrick Kehoe

579: Shrinking money and monetary business cycles

Harold Cole and Lee Ohanian

578: Optimal allocations with incomplete record-keeping and no commitment

Narayana Kocherlakota and Neil Wallace

577: A microfoundation for incomplete security markets

Harold Cole and Narayana Kocherlakota

576: Implementing efficient allocations in a model of financial intermediation

Edward Green and Ping Lin

575: Seasonal Solow residuals and Christmas: a case for labor hoarding and increasing returns

R. Braun and Charles Evans

574: Repeated insurance relationships in a costly state verification model: with an application to deposit insurance

Bruce Smith and Cheng Wang

573: Inflation and financial market performance

John H. Boyd, Ross Levine and Bruce Smith

572: Consolidation in U.S. banking: implications for efficiency and risk

John H. Boyd and Stanley L. Graham

571: Will the new $100 bill decrease counterfeiting?

Edward Green and Warren Weber

570: Simulation-based Bayesian inference for economic time series

John Geweke

569: A model of a currency shortage

Neil Wallace and Ruilin Zhou

568: Short-run and long-run effects of changes in money in a random matching model

Neil Wallace

567: Optimal fiscal policy in a business cycle model (technical appendix)

Varadarajan Chari, Lawrence Christiano and Patrick Kehoe

566: Reassessing aggregate returns to scale with standard theory and measurement

Harold Cole and Lee Ohanian

565: Some explorations into optimal cyclical monetary policy

S. Aiyagari and R. Braun

564: Bayesian inference for dynamic choice models without the need for dynamic programming

John Geweke and Michael Keane

563: Social accounting matrices and applied general equilibrium models

Timothy Kehoe

562: The effects of open market operations in a model of intermediation and growth

Stacey Schreft and Bruce Smith

561: Unemployment, migration, and growth

Valerie Bencivenga and Bruce Smith

560: Asset pricing lessons for modeling business cycles

Michele Boldrin, Lawrence Christiano and Jonas Fisher

559: The career decisions of young men

Michael Keane and Kenneth I. Wolpin

558: Three contributions to the theory of decision under uncertainty

Edward Green and In-Uck Park

557: A structural model of multiple welfare program participation and labor supply

Michael Keane and Robert Moffitt

556: Inflation, financial markets, and capital formation

John H. Boyd, Sangmok Choi and Bruce Smith

555: Posterior simulators in econometrics

John Geweke