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

9617576琼斯这个项目更新了关于公共政策的综合效应和均衡选择的研究，该研究始于之前的国家科学基金会奖。该项目的第一部分考察了信息结构--即买方和卖方获得的信息的差异--与货币政策变异性对经济表现的影响之间的关系。事实证明，货币政策的这一新维度具有重要和可预见的影响。这项工作被扩展到具有生产和库存决策的动态设置。初步结果表明，当变异性很大时，现有的通胀福利成本模型将大大低估通胀的成本。第二部分考察了集体决策机制在政策选择方面的表现。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，用于分析序贯投票环境下的动态政策选择。这一框架被用来研究分配问题的性质(收入分配、技能分配、特定于行业的人力资本的分配)在什么情况下会阻碍采取有效的政策。

9617576 Jones This project renews researah 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.