Skip to main content

About Us

We serve the public by pursuing a growing economy and stable financial system that work for all of us.

What We Do

Who We Are

Work With Us

Overview & Mission

The Ninth District

Our History

Diversity & Inclusion

Tours

Contact Us

Region & Community

We examine economic issues that deeply affect our communities.

The Ninth District

Regional Economic Indicators

Community Development & Engagement

The Bakken Oil Patch

Beige Book

Research

We conduct world-class research to inform and inspire policymakers and the public.

Research Groups

Topics

Data & Reporting

Banking

We provide the banking community with timely information and useful guidance.

For Banks

Data & Reporting

Banking Topics

Contact Us

For Consumers

Large Bank Stress Test Tool

CDFIs

Banking in the Ninth archive

Policy

We explore policy topics that are important for advancing prosperity across our region.

Policy Topics

Monetary Policy

Racism & the Economy

Economic Research

Community Development & Engagement

Valuation Equilibria with Clubs

Working Paper 524 | Published March 1, 1994

Download PDF

Authors

photo of Edward C. Prescott
Edward C. Prescott Senior Monetary Advisor (former)
photo of Harold L. Cole
Harold L. Cole
Valuation Equilibria with Clubs