Money demand and the relative price of capital goods in hyperinflations

Article Abstract:

A dynamic general equilibrium model is used to show how monetary shocks may generate real effects through the relative price channel. The goal is to examine dynamic interactions between relative price movements and money demand behaviors during hyperinflations, with relative price changes seen as arising mainly from real disturbances. A structural vector autoregressive model is identified using data from the hyperinflations in post-World War I Germany and post-World War II China. Results affirm the observation that real and nominal shocks both have significant effects on the relative price and money demand during hyperinflationary episodes.

Industrial equipment, Prices and rates, Inflation (Finance), Money demand, Inflation (Economics)

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Redistribution through education and other transfer mechanisms

Article Abstract:

Education is compared with other tax-transfer schemes designed to achieve distributional objectives. A general equilibrium model of school attendance, labor supply, wage determination, and aggregate production is created and used to compare alternative redistribution devices in terms of both deadweight loss and distributional outcomes.

Administration of Education Programs, Education Programs, Education and state, Education policy

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Endogenous capacity utilization and macroeconomic persistence

Article Abstract:

An equilibrium model to explain demand uncertainty and distribution of capacity utilization rates of firms is discussed.

United Kingdom, Goods & services distribution, Channels of Distribution, Economic aspects, Distribution, Macroeconomics, Demand (Economics), Company distribution practices, Industrial capacity

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