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Atkeson, Andrew

Works: 73 works in 506 publications in 2 languages and 2,637 library holdings
Genres: History 
Roles: Author, Honoree
Classifications: HB1, 330
Publication Timeline
Publications about Andrew Atkeson
Publications by Andrew Atkeson
Most widely held works by Andrew Atkeson
Measuring organization capital by Andrew Atkeson( Book )
25 editions published between 2001 and 2002 in English and Dutch and held by 95 libraries worldwide
"Manufacturing plants have a clear life cycle: they are born small, grow substantially as they age, and eventually die. Economists have long thought that this life cycle is driven by the accumulation of plant-specific knowledge, here called organization capital. Theory suggests that where plants are in the life cycle determines the size of the payments, or dividends, plant owners receive from organization capital. These payments are compensation for the interest cost to plant owners of walting for their plants to grow. We build a quantitative growth model of the life cycle of plants and use it, along with U.S. data, to infer the overall size of these payments. They turn out to be quite large-more than one-third the size of the payments plant owners receive from physical capital, net of new investment, and more than 40% of payments from all forms of intangible capital."--Federal Reserve Bank of Minneapolis web site
The optimal degree of discretion in monetary policy by Susan Athey( Book )
32 editions published between 2002 and 2004 in English and held by 95 libraries worldwide
How much discretion should the monetary authority have in setting its policy? This question is analyzed in an economy with an agreed-upon social welfare function that depends on the randomly fluctuating state of the economy. The monetary authority has private information about that state. In the model, well-designed rules trade off society's desire to give the monetary authority discretion to react to its private information against society's need to guard against the time inconsistency problem arising from the temptation to stimulate the economy with unexpected inflation. Although this dynamic mechanism design problem seems complex, society can implement the optimal policy simply by legislating an inflation cap that specifies the highest allowable inflation rate. The more severe the time inconsistency problem, the more tightly the cap constrains policy and the smaller is the degree of discretion. As this problem becomes sufficiently severe, the optimal degree of discretion is none
The transition to a new economy after the Second Industrial Revolution by Andrew Atkeson( Book )
19 editions published between 2001 and 2003 in English and held by 84 libraries worldwide
Many view the period after the Second Industrial Revolution as a paradigmatic example of a transition to a new economy following a technological revolution and conjecture that this historical experience is useful for understanding other transitions, including that after the Information Technology Revolution. We build a model of diffusion and growth to study transitions. We quantify the learning process in our model using data on the life cycle of U.S. manufacturing plants. This model accounts quantitatively for the productivity paradox, the slow diffusion of new technologies, and the ongoing investment in old technologies after the Second Industrial Revolution. The main lesson from our model for the Information Technology Revolution is that the nature of transition following a technological revolution depends on the historical context: transition and diffusion are slow only if agents have built up through learning a large amount of knowledge about old technologies before the transition begins.--Federal Reserve Bank of Minneapolis web site
Money and interest rates with endogeneously segmented markets by Fernando Alvarez( Book )
18 editions published in 1999 in English and held by 82 libraries worldwide
This paper analyses the effects of open market operations on interest rates in a model in which agents must pay a fixed cost to exchange assets and cash. Asset markets are endogenously segmented in that some agents choose to pay the fixed cost and some do not. When the fixed cost is zero, the model reduces to the standard one in which persistent money injections increase interest rates, flatten the yield curve, and lead to a downward-sloping yield curve on average. In contrast sufficiently segmented, then persistent money injections decrease nominal interest rates, steepen or even twist the yield curve, and lead to an upward-sloping yield curve on average
The advantage of transparent instruments of monetary policy by Andrew Atkeson( Book )
21 editions published between 2001 and 2006 in English and held by 81 libraries worldwide
Monetary policy instruments differ in their tightness-how closely they are linked to inflation-and their transparency-how easily the public can monitor them. Tightness is always desirable in a monetary policy instrument. When is transparency desirable? We show it is desirable when a government cannot commit to follow a given monetary policy. We apply our argument to a classic question in international economics: Is the exchange rate or the money growth rate the better instrument of monetary policy? We show that if the two instruments are equally tight and a government cannot commit to a policy, then the greater transparency of the exchange rate gives it an advantage as a monetary policy instrument.--Federal Reserve Bank of Minneapolis web site
Money, interest rates, and exchange rates with endogenously segmented asset markets by Fernando Alvarez( Book )
19 editions published in 2000 in English and held by 79 libraries worldwide
This paper analyzes the effects of money injections on interest rates and exchange rates in a model in which agents must pay a Baumol-Tobin style fixed cost to exchange bonds and money. Asset markets are endogenously segmented because this fixed cost leads agents to trade bonds and money only infrequently. When the government injects money through an open market operation, only those agents that are currently trading absorb these injections. Through their impact on these agents' consumption, these money injections affect real interest rates and real exchange rates. We show that the model generates the observed negative relation between expected inflation and real interest rates. With moderate amounts of segmentation, the model also generates other observed features of the data: persistent liquidity effects in interest rates and volatile and persistent exchange rates. A standard model with no fixed costs can produce none of these features
Industry evolution and transition : a neoclassical benchmark by Andrew Atkeson( Book )
12 editions published in 1997 in English and held by 71 libraries worldwide
Recently, a large number of countries have undertaken major reforms that have led to a large increase in the number of new enterprises. After these reforms, however, it has taken a number of years before output and productivity have begun to grow. The thesis of this paper is that the process of starting new enterprises is turbulent and time-consuming and as a result, it takes time before the benefits of reform show up in increases in measured output and productivity. To establish a neoclassical benchmark for reforming economies, we ask what the path of transition looks like in a reforming economy for which the process governing the growth of new enterprises looks like it does in the U.S., a well-functioning market economy. We find that it takes 5-7 years until measured output and productivity begin to grow rapidly following reform. This finding suggests that, even if all other aspects of the economy are perfect, the transition following economy-wide reforms should take a substantial amount of time
Social insurance and transition by Andrew Atkeson( Book )
19 editions published between 1992 and 1995 in English and held by 70 libraries worldwide
We study the general equilibrium effects of social insurance on the transition in a model in which the process of moving workers from matches in the state sector to new matches in the private sector takes time and involves uncertainty. We find that adding social insurance may slow transition. When there are incentive problems in this rematching process, the optimal social insurance scheme may involve forced layoffs and involuntary unemployment
Money and exchange rates in the Grossman-Weiss-Rotemberg model by Fernando Alvarez( Book )
11 editions published in 1996 in English and held by 64 libraries worldwide
Abstract: We examine the impact of monetary injections in the Grossman-Weiss-Rotemberg Model and show that monetary shocks can lead to nominal exchange rates that are more volatile than inflation, money growth or interest rate differentials. Moreover, movements in real exchange rates following monetary injections can be persistent and nearly as large as movements in nominal exchange rates nominal exchange rates
How Mexico lost its foreign exchange reserves by Andrew Atkeson( Book )
14 editions published between 1995 and 1996 in English and held by 62 libraries worldwide
Reconsidering the costs of business cycles with incomplete markets by Andrew Atkeson( Book )
12 editions published in 1994 in English and held by 61 libraries worldwide
Abstract: In this paper, we measure the potential welfare gains from counter-cyclical policy in an economy with incomplete markets. In the course of conducting this measurement, we focus on two questions as central to the determination of those potential gains: (1) what is the likely effect of counter-cyclical policy on the nature of the income risk faced by individuals in the economy, and (2) what are the likely general equilibrium effects brought about as asset prices change due to the implementation of counter-cyclical policies? In taking up the first question, we see it as critical to distinguish whether the main effect of counter-cyclical policy is to directly reduce the income risk faced by each individual or is simply to reduce the correlation across individuals in the income risk that they face. We present a model of the wage and employment risk faced by individuals over the cycle in which the levels of those risks are chosen endogenously. On the basis of that model, we argue that the main effect of counter- cyclical policy aimed at reducing aggregate fluctuations may be simply to remove the correlation across individuals in the unemployment risk that they face. We then use asset price data to argue that in an incomplete markets framework, the potential welfare gains from counter-cyclical policy are close to zero
Putty-clay capital and energy by Andrew Atkeson( Book )
9 editions published in 1994 in English and held by 60 libraries worldwide
In this paper, we buitd a version of the putty-clay model in which there is a large variety of types of capital goods which are combined with energy in different fixed proportions. Our principal contribution is to establish easily checked conditions under which the problem of solving for the equilibrium of the model economy reduces to a dynamic programming problem with only two endogenous state variables, regardless of the number of different types of capital goods that are allowed. In appropriate applications, this result allows us to avoid the "curse of dimensionality" that typically plagues attempts to analyze the dynamics of economies with a wide variety of capital goods and binding non-negativity constraints on investment. We apply these results to study the equilibrium dynamics of value-added, investment, wages, and energy use in a simple model of energy use with putty-clay capital
Deflation and depression : is there and [sic] empirical link? by Andrew Atkeson( Book )
15 editions published in 2004 in English and held by 56 libraries worldwide
Are deflation and depression empirically linked? No, concludes a broad historical study of inflation and real output growth rates. Deflation and depression do seem to have been linked during the 1930s. But in the rest of the data for 17 countries and more than 100 years, there is virtually no evidence of such a link
Efficiency and equality in a simple model of efficient unemployment insurance by Andrew Atkeson( Book )
12 editions published in 1993 in English and held by 50 libraries worldwide
On the sluggish response of prices to money in an inventory-theoretic model of money demand by Fernando Alvarez( Book )
11 editions published in 2003 in English and held by 48 libraries worldwide
We exposit the link between money, velocity and prices in an inventory-theoretic model of the demand for money and explore the extent to which such a model can account for the short-run volatility of velocity, the negative correlation of velocity and the ratio of money to consumption, and the resulting stickiness' of the aggregate price level relative to a benchmark model with constant velocity. We find that an inventory-theoretic model of the demand for money is a natural framework for understanding these aspects of the dynamics of money, velocity and prices in the short run
Sophisticated monetary policies by Andrew Atkeson( Book )
22 editions published between 2008 and 2009 in English and held by 48 libraries worldwide
In standard approaches to monetary policy, interest rate rules often lead to indeterminacy. Sophisticated policies, which depend on the history of private actions and can differ on and off the equilibrium path, can eliminate indeterminacy and uniquely implement any desired competitive equilibrium. Two types of sophisticated policies illustrate our approach. Both use interest rates as the policy instrument along the equilibrium path. But when agents deviate from that path, the regime switches, in one example to money; in the other, to a hybrid rule. Both lead to unique implementation, while pure interest rate rules do not. We argue that adherence to the Taylor principle is neither necessary nor sufficient for unique implementation with pure interest rate rules but is sufficient with hybrid rules. Our results are robust to imperfect information and may provide a rationale for empirical work on monetary policy rules and determinacy
A dynamic theory of optimal capital structure and executive compensation by Andrew Atkeson( Book )
10 editions published in 2005 in English and held by 42 libraries worldwide
"We put forward a theory of the optimal capital structure of the firm based on Jensen's (1986) hypothesis that a firm's choice of capital structure is determined by a trade-off between agency costs and monitoring costs. We model this tradeoff dynamically. We assume that early on in the production process, outside investors face an informational friction with respect to withdrawing funds from the firm which dissipates over time. We assume that they also face an agency friction which increases over time with respect to funds left inside the firm. The problem of determining the optimal capital structure of the firm as well as the optimal compensation of the manager is then a problem of choosing payments to outside investors and the manager at each stage of production to balance these two frictions"--National Bureau of Economic Research web site
On the optimal choice of a monetary policy instrument by Andrew Atkeson( Book )
14 editions published in 2007 in English and held by 37 libraries worldwide
The optimal choice of a monetary policy instrument depends on how tight and transparent the available instruments are and on whether policymakers can commit to future policies. Tightness is always desirable; transparency is only if policymakers cannot commit. Interest rates, which can be made endogenously tight, have a natural advantage over money growth and exchange rates, which cannot. As prices, interest and exchange rates are more transparent than money growth. All else equal, the best instrument is interest rates and the next-best, exchange rates. These findings are consistent with the observed instrument choices of developed and less-developed economies
Innovation, firm dynamics, and international trade by Andrew Atkeson( Book )
15 editions published between 2007 and 2010 in English and held by 33 libraries worldwide
We present a general equilibrium model of the decisions of firms to innovate and to engage in international trade. We use the model to analyze the impact of a reduction in international trade costs on firms' process and product innovative activity. We first show analytically that if all firms export with equal intensity, then a reduction in international trade costs has no impact at all, in steady-state, on firms' investments in process innovation. We then show that if only a subset of firms export, a decline in marginal trade costs raises process innovation in exporting firms relative to that of non-exporting firms. This reallocation of process innovation reinforces existing patterns of comparative advantage, and leads to an amplified response of trade volumes and output over time. In a quantitative version of the model, we show that the increase in process innovation is largely offset by a decline in product innovation. We find that, even if process innovation is very elastic and leads to a large dynamic response of trade, output, consumption, and the firm size distribution, the dynamic welfare gains are very similar to those in a model with inelastic process innovation
On the need for a new approach to analyzing monetary policy by Andrew Atkeson( Book )
13 editions published in 2008 in English and held by 27 libraries worldwide
We present a pricing kernel that summarizes well the main features of the dynamics of interest rates and risk in postwar U.S. data and use it to uncover how the pricing kernel has moved with the short rate in this data. Our findings imply that standard monetary models miss an essential link between the central bank instrument and the economic activity that monetary policy is intended to affect and thus we call for a new approach to monetary policy analysis. We sketch a new approach using an economic model based on our pricing kernel. The model incorporates the key relationships between policy and risk movements in an unconventional way: the central bank's policy changes are viewed as primarily intended to compensate for exogenous business cycle fluctuations in risk which threaten to push inflation off target. This model, while an improvement on standard models, is considered just a starting point for their revision. It leads to critical questions that researchers need to answer as they continue to revise their approach to monetary policy analysis
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Associated Subjects
Assets (Accounting)--Mathematical models Business cycles--Mathematical models Circular velocity of money--Mathematical models Corporations--Finance--Econometric models Deflation (Finance) Depressions Diffusion of innovations Economic conversion--Mathematical models Economic history Economics Equality--Econometric models Equilibrium (Economics) Equilibrium (Economics)--Econometric models Foreign exchange--Econometric models Foreign exchange rates--Econometric models Foreign exchange rates--Mathematical models Human capital--Mathematical models Industrial equipment--Econometric models Industrial management Industrial policy--Mathematical models Industrial productivity Industrial revolution Inflation (Finance)--Mathematical models Interest rates--Econometric models International trade Labor market Liquidity (Economics)--Econometric models Loans, Foreign--Econometric models Management Market segmentation--Econometric models Mexico Monetary policy Monetary policy--Econometric models Monetary policy--Evaluation Monetary policy--Mathematical models Money market--Econometric models Money supply--Econometric models New business enterprises--Mathematical models Organizational learning Power resources--Prices--Econometric models Prices--Mathematical models Privatization--Mathematical models Production functions (Economic theory) Resource allocation--Mathematical models Social security--Mathematical models Technological innovations--Econometric models Technological innovations--Economic aspects Technological innovations--Mathematical models Unemployment insurance--Mathematical models United States
Alternative Names
Andrew Atkeson economist (University of California-Los Angeles (UCLA); Federal Reserve Bank of Minneapolis)
Andrew Atkeson Wirtschaftswissenschaftler/in (University of California-Los Angeles (UCLA); Federal Reserve Bank of Minneapolis)
Atkeson, A. 1961-
Atkeson, Andrew G. 1961-
Atkeson, Andrew Granger 1961-
Granger Atkeson, Andrew 1961-
English (322)
Dutch (1)
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