Collaborative Research: On Aggregate Effects and Equilibrium Selection of Public Policies

这个项目更新了公共政策的总体效应和均衡选择的研究，该研究是在之前的国家科学基金会奖下开始的。该项目的第一部分考察了信息结构之间的关系，即买方和卖方所获得的信息的差异，以及货币政策变化对经济表现的影响。事实证明，货币政策的这种新维度具有重要且可预测的影响。这项工作扩展到生产和库存决策的动态设置。初步结果表明，现有的通货膨胀福利成本模型在变异性较大时大大低估了其成本。第二部分考察了集体决策机制在政策选择方面的作用。它探讨了内生政策选择的替代模型对数据的影响。该项目开发了一个新的通用框架，用于分析顺序投票设置下的动态政策选择。该框架用于研究分配问题（收入分配、技能分配、特定行业人力资本的分配）的性质会阻碍有效政策的采用的条件。

9618619 Manuelli This project renews research on the aggregate effects and equilibrium selection of public policies begun under a previous NSF award. The first part of the project examines the relationship between the structure of information, i.e., differences in the information acquired by buyers and sellers, and the effect of monetary policy variability on economic performance. This new dimension of monetary policy is shown to have important and predictable effects. This work is extended to dynamic settings with production and inventory decisions. Preliminary results suggest that existing models of the welfare costs of inflation will substantially underestimate its costs when variability is high. The second part examines how collective decision making mechanisms fare in terms of policy choice. It explores the implications for the data of alternative models of endogenous policy choice. The project develops a new general framework for the analysis of dynamic policy choice in settings with sequential voting. This framework is used to study the conditions under which the nature of distributive problems (income distribution, skill distribution, distribution of industry specific human capital) can prevent the adoption of efficient policies.