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

小行星9618619 该项目更新了对公共政策的总体效应和均衡选择的研究，该研究是在以前的NSF奖下开始的。 该项目的第一部分审查信息结构之间的关系，即，买方和卖方获得的信息的差异，以及货币政策可变性对经济表现的影响。 这一新的货币政策层面被证明具有重要和可预测的影响。 这项工作扩展到动态设置与生产和库存决策。 初步结果表明，通货膨胀的福利成本的现有模型将大大低估其成本时，可变性很高。 第二部分探讨集体决策机制如何在政策选择方面发挥作用。 它探讨了内生政策选择的替代模型的数据的影响。 该项目开发了一个新的一般框架，用于分析顺序投票设置中的动态政策选择。 该框架用于研究分配问题（收入分配、技能分配、行业特定人力资本分配）的性质可能阻碍采取有效政策的条件。

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.