Money and finance with costly commitment
Article Abstract:
Townsend postulated a model of an economic environment wherein spatial constraints and restricted communications prevent intertemporal contracts. The model explains how money can become a substitute for false private claims since agents are prevented from intertemporal contracts whatever the cost. A variation of Townsend's model was developed wherein agents have to spend on financial services to enforce commitment. It was argued that a costless commitment resulted in an Arrow sequential markets equilibrium while an expensive commitment resulted in a condition which resembled a Townsend equilibrium.
Publication Name: Journal of Monetary Economics
Subject: Economics
ISSN: 0304-3932
Year: 1996
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Aggregate metropolitan employment growth and the deconcentration of metropolitan employment
Article Abstract:
The way U.S. metropolitan areas of different densities absorbed the increase in aggregate metropolitan employment over the post World War II period is studied. It is shown that disparities in employment densities across U.S. metropolitan areas has lessened over the post World War II period. Absence of any changes in technology, preferences, and transportation policies would have deconcentrated the metropolitan employment more.
Publication Name: Journal of Monetary Economics
Subject: Economics
ISSN: 0304-3932
Year: 2001
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An open-economy new Keynesian Philips curve for the U.K
Article Abstract:
The employment adjustment costs and the openness of United Kingdom are captured by using new Keynesian Philips curve (NKPC).
Publication Name: Journal of Monetary Economics
Subject: Economics
ISSN: 0304-3932
Year: 2005
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