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List of Participants, Index This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Rational Expectations and Economic Policy Volume Author/Editor: Stanley Fischer, editor Volume Publisher: University of Chicago Press Volume ISBN: 0-226-25134-9 Volume URL: http://www.nber.org/books/fisc80-1 Publication Date: 1980 Chapter Title: List of Participants, Index Chapter Author: Stanley Fischer Chapter URL: http://www.nber.org/chapters/c6268 Chapter pages in book: (p. 285 - 294) List of Participants Professor Costas Azariadis Department of Economics University of Pennsylvania Philadelphia, PA 19174 Professor Robert Barro Department of Economics University of Rochester Rochester, NY 14627 Professor Olivier Blanchard Department of Economics Harvard University Cambridge, MA 021 38 Professor Alan Blinder Department of Economics Princeton University Princeton, NJ 08540 Professor Karl Brunner Graduate School of Management University of Rochester Rochester, NY 14627 Professor Phillip Cagan Department of Economics Columbia University New York, NY 10027 Professor Rudiger Dornbusch Department of Economics Massachusetts Institute of Technology Cambridge, MA 02139 285 286 List of Participants Professor Martin Feldstein Department of Economics Harvard University Cambridge, MA 02138 Professor Stanley Fischer Department of Economics Massachusetts Institute of Technology Cambridge, MA 02139 Professor Jacob Frenkel Department of Economics University of Chicago Chicago, IL 60637 Professor Benjamin Friedman Department of Economics Harvard University Cambridge, MA 02138 Professor Robert Gordon Department of Economics Northwestern University Evanston, IL 60201 Professor Jerry Green Department of Economics Harvard University Cambridge, MA 0213 8 Professor Herschel Grossman Department of Economics Brown University Providence. RI 02912 Professor Robert Hall Department of Economics Stanford University Stanford, CA 94305 Professor Peter Howitt Department of Economics University of Western Ontario London, Ontario Canada Dr. John Kraft National Science Foundation Washington, DC 20550 Dr. David Lindsey Board of Governors of the Federal Reserve System Washington, DC 20551 287 List of Participants Professor Robert Lucas Department of Economics University of Chicago Chicago, IL 60637 Professor Bennett McCallum Department of Economics University of Virginia Charlottesville, VA 22901 Dr. Charles McLure National Bureau of Economic Research Cambridge, MA 02139 Dr. Frank Morris President, Federal Reserve Bank of Boston Boston, MA 02106 Professor Charles Nelson Department of Economics University of Washington Seattle, WA 98195 Dr. Dan Newlon National Science Foundation Washington, DC 20550 Professor Michael Parkin Department of Economics University of Western Ontario London, Ontario Canada Professor Edmund Phelps Department of Economics New York University New York. NY 10003 Professor James Pierce Department of Economics University of California, Berkeley Berkeley, CA 94720 Professor William Poole Department of Economics Brown University Providence, RI 029 12 Professor Edward Prescott Graduate School of Industrial Administration Carnegie-Mellon University Pittsburgh, PA 15213 288 List of Participants Professor Michael Rothschild Department of Economics University of Wisconsin Madison, WI 53706 Mr. Mark Rush Department of Economics University of Rochester Rochester, NY 14627 Professor Robert Russell Council on Wage and Price Stability Washington, DC Professor Paul Samuelson Department of Economics Massachusetts Institute of Technology Cambridge, MA 02139 Dr. Frank Schiff Committee for Economic Development Washington, DC 20006 Professor Robert Shiller Department of Economics University of Pennsylvania Philadelphia, PA 19 174 Professor Robert Solow Department of Economics Massachusetts Institute of Technology Cambridge, MA 02139 Professor John Taylor Department of Economics Columbia University New York, NY 10027 Professor Neil Wallace Department of Economics University of Minnesota Minneapolis, MN 55455 Dr. Robert Weintraub House Banking Committee Washington, DC 205 15 Dr. Mark Willes President, Federal Reserve Bank of Minneapolis Minneapolis, MN 55480 Index Adaptive expectations, 87 Blinder, Alan A., 49-54, 5711, 6311, 90, Aggregate demand, determinants of, 106, 114, 195, 243, 283 76-80, 254; dynamics of, 88 Box-Jenkins forecasting technique, 147- Aggregate supply, determinants of, 81- 48 84, 105-6. See also Lucas supply Brock, W. A., 216 function; Output equation; Supply Brookings Papers on Economic Activ- function ity, 249, 280n Agricultural prices, 251 Brunner, Karl, 244 Anticipated inflation, 214-18; effect on Bryant, J., 21511 investment, 217; and real balances, Buchanan, J. M., 20911, 244 216 Bulow, J., 22n Anticipated money shocks: defined, 82; Burbidge, John B., 259n effect on real output, 2, 213-18; ef- Bureau of Labor and Statistics, 4711, 147 fect on price level, 82-100; measured, 24 Cagan, Phillip, 82, 87, 157-60, 244, 283 Arbitrage conditions, 80, 111, 165 Calvo, A. G., 114, 170, 232n, 236 Arrow-Debreu model, 264 Capital goods, price of, 79, 111, 173; Assets markets, 77, 79-81 Tobin’s q, 9, 104, 112 Asymptotic sampling theory, 126 Capital-output ratio, 175 Capital stock: and corporate tax rate, Backward induction, determining equi- 173-75, 189; and investment credit librium, 182 rate, 173, 189; golden rule, 216 Bagehot, W.,224 Carlson, J. A., 147-48 Bailey, S. K., 201 Census X-11 program, 126 Barro, Robert, 1, 3, 8, 11-13, 15-19, Consumption, determinants of, 76-78 75, 78, 8311, 102, 149, 152-53, 157, Consumption function, 104 162, 172, 195, 206, 211, 213, 218, Consumption loans model, 215 22011, 22111, 223, 235, 254 Cooper, J. P., 55n Becker, G. S., 177, 22211 Corrado, C., 87, 89 Bellman’s principle of optimality, 17011, Council of Economic Advisors: estab- 181 lished, 201; and benchmark unem- Bicksler, J. L., 147 ployment rate, 256. See also Employ- Blanchard, Olivier Jean, 2, 18-19, 50 ment Act of 1946 289 290 Index Cross equation restrictions, 69-70, 100, Fixed investment equation, 77-79 162; and unanticipated money growth Fixed money growth rule, institutional hypothesis, 28-30 framework for, 208-9. See also Pol- icy rules vs. discretionary policy; Darby, M. R., 124 Political process Debreu, G., 185n Flexible accelerator mechanism, 193 Demand for money equation, 84, 125- Forward solutions, to dynamic pro- 27, 130-31; elasticity of, 79 cesses, 86 Diamond, P. A., 185n Friedman, Benjamin, 71, 282 Dillar, S., 140 Friedman, Milton, 7, 47n, 132, 154, Disequilibrium models, 14, 225, 236 159, 186, 199-202, 207, 212, 218n, Drazen, A., 216 223, 22411, 227, 229, 232, 242 Dynamic models: stability of, 85; of Friedman program, 199-200, 206-9 aggregate demand, 88 Froyen, Richard T., 52 Furstenberg, G. M. von, 8411, 104 Eckstein, O., 228, 282 Econometric models: annual vs. quar- General Maximum Price Regulation, terly data, 39-48; predictive ability 134 and parameter invariance, 2, 5, 17, Germany, David, 21911 102-3, 192-93, 222-29; simulations, Ghez, G. R., 177, 222n 87-100 Gibson’s Paradox, 144n Economic Stabilization Agency, 174 Glass, Carter, 136, 138 Efficient taxation, 185 Gordon, D. F., 266 Elasticity: of labor supply, 3, 183; of Gordon, Robert J., 3, 18, 55-63, 114, demand for money, 79; of output 21111, 244, 283 supply, 27, 63, 79; of price level, 27 Government: behavior as solution to a Employment Act of 1946, 200-203, 208 maximum process, 8, 13, 16; and abil- Equilibrium, definition of, 180-82 ity to control fluctuations, 6; ability Expectations equilibria, 119, 135 of democratic process to control, 205; and reaction speed compared with Fair, Ray C., 51, 10311 private agents, 19, 212. See also Po- Fama, E. F., 118, 120, 143-44, 146, litical process 161 Government bonds, as components of Federal expenditure, 24, 30, 33 wealth, 77-78 Federal funds rate, 270 Granger, C. W. I., 146 Federal Reserve system: the Accord of Granger-Sims causality, 149, 153, 155 March 1951, 138; Act of 1913, 135; Gray, J. M., 16 independence of, 9; as a lender of Great Depression, and monetary insta- last resort, 231; performance of, 135- bility, 207, 227, 232. See also Mone- 43; reaction function of, 51, 54, 67n, tary policy 70-71 112-13, 117, 125-28 Green, Jerry, 164, 187, 244 Feldstein, Martin, 124, 146, 163-64, Grossman, Herschel I., 1, 27, 56, 165, 16911, 187-89, 21711 243-44, 254 Fiat money, 224 Fiscal policy: during 1971-74, 273; ef- Hall, Robert E., 20, 71, 114, 165, 175- fectiveness of systematic policy, 15- 76, 190-91, 195, 22111, 235-38, 282 16, 276; nonneutrality of, 2; rules for, Hanson, J., 15 169-70, 186-87. See also Policy rules Harberger, A., 18511 vs. discretionary rules Hatanaka, M., 105 Fischer, Stanley, 14-15, 19, 50, 52-53, Hercowitz, Z., 2, 13, 15 55x1, 6311, 6611, 81, 90, 106, 119 Hess, P. J., 147 Fisher effect, 159, 162 Hicks, J. R., 256 Fisher, I., 214n Hodrick, R. J., 192n 291 Index Howitt, Peter, 241-43 Lessard, D., 217x1 Human capital, as a component of Lilien, D., 236 wealth, 76 Lindsey, David E., 111-13 Hynes, A., 266 Liquidity effect, 132 Hyperinflations, 122-23 LM curve, 107-10 Lucas, Robert E., Jr., 2-3, 11-12, 14- Identification problems, 59-62, 100, 15, 17, 20, 27, 49-50, 53, 55, 75, 102, 104-5, 126 118, 170, 172, 175, 177, 184, 188, Index bonds, 121-22, 124, 160 192,218,222,22611,228,264,266-67 Inflation: effect on capital stock, 174, Lucas-Sargent-Wallace hypothesis, 50, 217; cost-push, 69, 261-62; interac- 53, 55-70, 118; and stabilization pol- tion with tax system, 217; repressed, icy, 55-57 and unemployment, 255; anticipated, Lucas supply function, 51-53, 118, 214-18 22 1-22 Inflationary expectations, 6-7, 11-12, 126; in steady state, 84-85; and real McCallum, Bennett T., 14-15, 19, 50n, interest rates, 50, 67 102-6, 111 Inflation tax, 217-18 McCauley, F. R., 136 Information: costs of acquiring, and McFadden, D. L., 18511 price inflexibility, 10; and nonneu- Malinvaud, E., 253-55, 262 trality hypothesis, 12-15, 243-44 Mancke, Richard B., 27411 Interest rates: as predictors of inflation, Markets: existence of, 266; clearing vs. 118-56; and interactions with tax nonclearing, 3, 7-8, 14-15, auction rates, 163-64; seasonal fluctuations vs.
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