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Conference Paper
Private money
Conference Paper
Do informational frictions justify federal credit programs?
Conference Paper
Payment systems with random matching and private information
Working Paper
Money and dynamic credit arrangements with private information
The authors construct a model with private information in which consumers write dynamic contracts with financial intermediaries.
Conference Paper
Sequential markets and the suboptimality of the Friedman rule
Journal Article
Quantitative Easing: How Well Does This Tool Work?
Evaluating the effects of monetary policy is difficult, even in the case of conventional interest rate policy. With unconventional monetary policy, the difficulty is magnified, as the economic theory can be lacking, and there is a small amount of data available for empirical evaluation. With respect to QE, there are good reasons to be skeptical that it works as advertised, and some economists have made a good case that QE is actually detrimental.
Journal Article
Interest Rate Control Is More Complicated Than You Thought
Setting the fed funds rate is just one step. The Fed also has to deal with the discount rate and the interest rate paid on reserves. Throw in a floor system (with a subfloor!) and overnight reverse repos, and you?ve got a process that is anything but simple.
Journal Article
Neo-Fisherism: A Radical Idea, or the Most Obvious Solution to the Low-Inflation Problem?
Central banks around the world are struggling with inflation rates that are below their targets. According to conventional central banking wisdom, interest rate cuts should increase inflation, but that?s not working. Maybe?by Irving Fisher?s logic?increasing nominal interest rates increases inflation.
Journal Article
New monetarist economics: methods
This essay articulates the principles and practices of New Monetarism, the authors' label for a recent body of work on money, banking, payments, and asset markets. They first discuss methodological issues distinguishing their approach from others: New Monetarism has something in common with Old Monetarism, but there are also important differences; it has little in common with Keynesianism. They describe the principles of these schools and contrast them with their approach. To show how it works in practice, they build a benchmark New Monetarist model and use it to study several issues, ...