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Full-Text Articles in Macroeconomics

Greenspan’S Monetary Policy In Retrospect: Discretion Or Rules?, Jeffrey Rogers Hummel, David R. Henderson Nov 2008

Greenspan’S Monetary Policy In Retrospect: Discretion Or Rules?, Jeffrey Rogers Hummel, David R. Henderson

Faculty Publications

No abstract provided.


Toward A Libertarian Reconstruction Of Neoclassical Welfare Theory, Jeffrey Rogers Hummel Apr 2008

Toward A Libertarian Reconstruction Of Neoclassical Welfare Theory, Jeffrey Rogers Hummel

Faculty Publications

Many libertarians, especially those inclined toward the Austrian school of economics, counter the market-failure justification for government intervention by denying any legitimacy whatsoever to the neoclassical concept of efficiency. But properly interpreted, neoclassical efficiency, rather than providing an open-ended justification for all sorts of government intervention, provides one of the most powerful and comprehensive objections to government coercion in general.


The Consequences Of Information Revealed In Auctions, Brett E. Katzman, Matthew Rhodes-Kropf Mar 2008

The Consequences Of Information Revealed In Auctions, Brett E. Katzman, Matthew Rhodes-Kropf

Faculty Publications

This paper considers the ramifications of post-auction competition on bidding behavior under different bid announcement policies. In equilibrium, the auctioneer’s announcement policy has two distinct effects. First, announcement entices players to signal information to their post-auction competitors through their bids. Second, announcement can lead to greater bidder participation in certain instances while limiting participation in others. Specifically, the participation effect works against the signalling effect, thus reducing the impact of signalling found in other papers. Revenue, efficiency, and surplus implications of various announcement policies are examined.