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Author:Nosal, Ed 

Discussion Paper
The 2005 Summer Workshop on Money, Banking, and Payments: an overview

This PDP summarizes the papers presented at the 2005 Summer Workshop on Money, Banking, and Payments at the Cleveland Fed. Papers covered a wide variety of topics in monetary theory and policy, banking, and payments systems research. Topics ranged from optimal monetary policy, optimal bank contracts, the private supply of money, the coexistence of credit, money, and capital, the design of payment systems, and international currencies. Effort was made to calibrate models and bring them closer to the data. These contributions illustrate the progress made in the field of monetary theory.
Policy Discussion Papers , Issue Mar

Working Paper
An Interview with Neil Wallace

A few years ago we sat down with Neil Wallace and had two lengthy, free-ranging conversations about his career and, generally speaking, his views on economics. What follows is a distillation of these conversations.
Working Paper Series , Paper WP-2013-25

Journal Article
Infrastructure and the wealth of nations

Economies can?t grow without a sufficiently developed infrastructure, but how deep does the infrastructure have to be to make a difference? The authors take a look at some research from the Fraser Institute that examines the relationship between economic growth and economic infrastructure across 123 countries. They find that infrastructure is a bit of an all-or-nothing proposition.
Economic Commentary , Issue Jan

Journal Article
How well does the federal funds futures rate predict the future federal funds rate?

Contrary to popular belief, federal funds futures rates do not tell us precisely where the market thinks federal funds rates will be in the future. On average, futures rates overpredict future fed funds rates, and, depending on whether fed funds rates are falling or rising, the futures rate may consistently overestimate or underestimate the future fed funds rates. To obtain a reliable estimate of the future fed funds rate, one must adjust the fed funds futures rate appropriately to account for the bias and past movements of the fed funds rate.
Economic Commentary , Issue Oct

Working Paper
Limited liability and the development of capital markets

We study the consequences of the introduction of widespread limited liability for corporations. In the traditional view, limited liability reduces transactions costs and enhances investment incentives for individuals and firms. But this view does not explain several important stylized facts of the British experience, including the slow rate of adoption of limited liability by firms in the years following legal reforms. We construct an alternative model that accounts for this and other features of the nineteenth century British experience. In the model, project risk is private information, and ...
Working Papers (Old Series) , Paper 0703

Journal Article
A beautiful theory

It wasn?t A Beautiful Mind?the book or the movie?that made John Forbes Nash, Jr., famous. It was his work in game theory, a theory that models strategic interactions between people as games. Before Nash, the only games theorists could get a handle on were artificial ones with no real-world applications. Nash?s insights enabled economists to expand the use of game theory to interesting practical problems.
Economic Commentary , Issue Apr

Discussion Paper
Recent developments in monetary economics: a summary of the 2004 Workshop on Money, Banking, and Payments

We provide a summary and an overview of the papers presented at the Federal Reserve Bank of Clevelands 2004 Workshop on Money, Banking, and Payments, held during the weeks of August 3-7 and August 23-27, 2004.
Policy Discussion Papers , Issue Jan

Working Paper
Preventing Bank Runs

Diamond and Dybvig (1983) is commonly understood as providing a formal rationale for the existence of bank-run equilibria. It has never been clear, however, whether bank-run equilibria in this framework are a natural byproduct of the economic environment or an artifact of suboptimal contractual arrangements. In the class of direct mechanisms, Peck and Shell (2003) demonstrate that bank-run equilibria can exist under an optimal contractual arrangement. The difficulty of preventing runs within this class of mechanism is that banks cannot identify whether withdrawals are being driven by ...
Working Paper Series , Paper WP-2014-19

Working Paper
On the recognizability of money

This paper develops a model of currency circulation under asymmetric information. Agents are heterogeneous and trade in bilateral matches. Coins are intrinsically valuable and are available in two weights, light and heavy. We characterize the equilibrium under complete information and under imperfect information about the quality of coins. We determine a set of conditions under which the two currencies circulate and are traded according to different terms of trade. We study how output, welfare, and the velocity of currency are affected by the recognizability of coins. We show that society's ...
Working Papers (Old Series) , Paper 0512

Journal Article
Clearing over-the-counter derivatives

Prior to the financial crisis of 2008, the over-the-counter derivatives market was not required to ?clear? transactions. This changed with the signing of the new financial reform legislation, the Dodd?Frank Act on July 21, 2010. Going forward, most OTC derivatives will be cleared through a particular set of institutional arrangements: a regulated clearinghouse. This article provides an overview of how clearing works, the potential benefits of central clearing for OTC derivatives, and the optimal clearing structure.
Economic Perspectives , Volume 35 , Issue Q IV , Pages 137-145

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