Federal Reserve Bank of Minneapolis Quarterly Review
Another Attempt to Explain an Illiquid Banking System: The Diamond and Dybvig Model With Sequential Service Taken Seriously [статья]
Опубликовано на портале: 17-03-2005Neil Wallace Federal Reserve Bank of Minneapolis Quarterly Review. 1988. Vol. 12. No. 4.
To help readers understand Diamond and Dybvig's explanation of an illiquid banking system and my explanation of the sequential service constraint, I descrbe my model twice. First I describe the model in a more-or-less way and summarize its results. Although some of the results that distinguish my model from Diamond and Dybving's cannot be fully described in this context, the main ingredients of our models can. A more complete and necessarily more technical description of my model and results follows. This requires previous exposure to economic theory at the level of a rigorous intermediate microeconomics theory course and to calculus.
Опубликовано на портале: 05-10-2004Gary D. Hansen, Randall Wright Federal Reserve Bank of Minneapolis Quarterly Review. 1992. Vol. 16. No. 2.
The standard real business cycle model fails to adequately account for two facts found in the U.S. data: the fact that hours worked fluctuate considerably more than productivity and the fact that the correlation between hours worked and productivity is close to zero. In this paper, in a unified framework, the authors describe and analyze four extensions of the standard model, by introducing nonseparable leisure, indivisible labor, government spending, and household production.