Search Results
Conference Paper
Taking intermediation seriously
Working Paper
Inflation, financial markets, and capital formation
Journal Article
James Madison's monetary economics
An analysis of Madison's essay, "Money," and a presentation of a model giving rise to equilibria that mimic general observations about the consequences of government policies like the one Madison describes for limiting inflation.
Working Paper
Organizations in economic analysis
Three economic environments are reviewed, and in each organizations play an essential role. For an adverse selection insurance economy, we find that when mutual insurance arrangements are permitted an equilibrium necessarily exists and is optimal. This example, and the two others, illustrate the problems that may result from imposing organizational structure on an environment rather than permitting the structure to be determined endogenously.
Working Paper
Inflation and financial market performance
Conference Paper
Inflation, financial markets and capital formation
Journal Article
Inflation, financial markets and capital formation
Journal Article
Monetary policy and financial market evolution
Journal Article
In order to form a more perfect monetary union
Why did states agree to a U.S. Constitution that prohibits them from issuing their own money? This article argues that two common answers to this question?a fear of inflation and a desire to control what money qualifies as legal tender?do not fit the facts. The article proposes a better answer: a desire to form a viable monetary union that both eliminates the variability of exchange rates between various forms of money and avoids the seigniorage problem that otherwise occurs in a fixed exchange rate system. Supporting evidence is offered from three periods of U.S. history: the colonial period ...