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Working Paper
(S, s) inventory policies in general equilibrium
Fisher, Jonas D. M.; Hornstein, Andreas (1996)
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 fixed order costs. The distribution of inventory holdings affects the aggregate outcome in two ways: variation in the decision to order and variation in the rate of sale through the pricing decisions of retailers. We find that both mechanisms must operate to reconcile observations that orders are more volatile than, and inventory investment is ...
Working Paper Series, Macroeconomic Issues , Paper WP-96-24

Working Paper
Chaos, sunspots, and automatic stabilizers
Harrison, Sharon G.; Christiano, Lawrence J. (1996)
We study a one-sector growth model which is standard except for the presence of an externality in the production function. The set of competitive equilibria is large. It includes constant equilibria, sunspot equilibria, cyclical and chaotic equilibria, and equilibria with deterministic or stochastic regime switching. The efficient allocation is characterized by constant employment and a constant growth rate. We identify an income tax-subsidy schedule that supports the efficient allocation as the unique equilibrium outcome. That schedule has two properties: (i) it specifies the tax rate to be ...
Working Paper Series, Macroeconomic Issues , Paper WP-96-16

Working Paper
Labor mobility, unemployment and sectoral shifts: evidence from micro data
Loungani, Prakash; Sonn, Yang-Hoon; Rogerson, Richard (1989)
Working Paper Series, Macroeconomic Issues , Paper 89-22

Working Paper
Economic activity and the short-term credit markets: an analysis of prices and quantities
Kuttner, Kenneth N.; Friedman, Benjamin M. (1993)
Working Paper Series, Macroeconomic Issues , Paper 93-17

Working Paper
Consumer confidence and economic fluctuations
Matsusaka, John G.; Sbordone, Argia M. (1993)
Working Paper Series, Macroeconomic Issues , Paper 93-13

Working Paper
Investment and market imperfections in the U.S. manufacturing sector
Worthington, Paula R. (1992)
Working Paper Series, Macroeconomic Issues , Paper 92-4

Working Paper
The effect of state fiscal reform on population heterogeneity
Aaronson, Daniel (1996)
This paper tests whether state fiscal policy alters neighborhood income homogeneity. One implication of the Tiebout model is that within-community homogeneity declines as a result of an exogenous decrease in the ability of jurisdictions to set local tax and expenditure levels. The Property tax revolt and the school finance equalization reform of the 1970s and 1980s offer a test of the role of state fiscal reform on aggregate population sorting behavior. The results show that fiscal reform, especially tax and expenditure limitation laws and property tax reform, results in a small but ...
Working Paper Series, Macroeconomic Issues , Paper WP-96-29

Working Paper
The effects of monetary policy shocks: evidence from the Flow of Funds
Christiano, Lawrence J.; Evans, Charles L.; Eichenbaum, Martin S. (1994)
Working Paper Series, Macroeconomic Issues , Paper 94-2

Working Paper
Stock market dispersion and real economic activity: evidence from quarterly data
Rush, Mark; Loungani, Prakash; Tave, William (1990)
Working Paper Series, Macroeconomic Issues , Paper 90-15

Working Paper
Credit conditions and the cyclical behavior of inventories
Lamont, Owen A.; Kashyap, Anil K.; Stein, Jeremy C. (1993)
Working Paper Series, Macroeconomic Issues , Paper 93-7

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