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Author:Wallace, Neil 

Journal Article
Why the Fed should consider holding M0 constant

Quarterly Review , Volume 1 , Issue Sum

Journal Article
S. Rao Aiyagari: my student and my teacher

This essay briefly reviews the professional life and work of economist S. Rao Aiyagari, who died after a heart attack on May 20, 1997, at the age of 45. Aiyagari is described as ?one of the ablest economists of his generation.? The essay is accompanied by a complete list of Aiyagari?s published work and reprints of three of his articles in the Federal Reserve Bank of Minneapolis Quarterly Review: ?Deflating the Case for Zero Inflation? (Summer 1990), ?On the Contribution of Technology Shocks to Business Cycles? (Winter 1994), and ?Macroeconomics With Frictions? (Summer 1994).
Quarterly Review , Volume 21 , Issue Sum , Pages 2-4

Journal Article
SPDAs and GICs: like money in the bank?

We argue that changes in the life insurance industry have created a nontrivial moral hazard. We document the industry's shift from sales of life insurance to sales of mainly rate-of-return oriented investments like single premium deferred annuities (SPDAs) and guaranteed investment contracts (GICs). We describe the system of explicit and implicit guarantees that state governments and the industry provide to SPDA and GIC investors. We argue that these guarantees create moral hazards that have contributed to insurance company failures and misallocation of resources. We summarize reformers' ...
Quarterly Review , Volume 16 , Issue Sum , Pages 2-17

Journal Article
An Attractive Monetary Model with Surprising Implications for Optima: Two Examples

Ex ante optima are described for two examples of a monetary model with random meetings, some perfectly monitored people, and some nonmonitored people. One example describes optimal inflation, the other optimal seasonal policy. Although the numerical examples are arbitrary in most respects, the results are consistent with three general conclusions: if the model is known, then intervention is desirable; even the qualitative aspects of optimal intervention are not obvious; and optimal intervention depends on the details of the model. The results are therefore reminiscent of the conclusions of ...
Quarterly Review , Issue March , Pages 1-16

Journal Article
International monetary reform: the feasible alternatives

Quarterly Review , Volume 2 , Issue Sum

Journal Article
Another attempt to explain an illiquid banking system: the Diamond and Dybvig model with sequential service taken seriously

Quarterly Review , Volume 12 , Issue Fall , Pages 3-16

Journal Article
Knowledge of individual histories and optimal payment arrangements.

This article reviews recent work that generalizes a random matching model of money to permit there to be a mix of transactions: some accomplished through the use of tangible media of exchange and the rest through some form of credit. The generalizations are accomplished by specifying assumptions about common knowledge of individual histories that are intermediate between no common knowledge and complete common knowledge. One of the specifications permits a simple representation of the sense in which more common knowledge is beneficial. The other permits a comparison between using outside ...
Quarterly Review , Volume 24 , Issue Sum , Pages 11-21

Journal Article
Speculations about the speculation against the Hong Kong dollar

Quarterly Review , Volume 7 , Issue Fall

Journal Article
Why markets in foreign exchange are different from other markets

This paper, originally published in the fall 1979 Quarterly Review, explains why unfettered markets cannot determine a price at which the currency of one country exchanges for that of another. In effect, any price will work--something which is not true in other markets. The paper then argues that the only feasible regimes for these special markets are floating exchange rates with capital controls or fixed exchange rates with monetary and budget policy coordination. ; Originally published in Quarterly Review, Fall 1979.
Quarterly Review , Volume 14 , Issue Win , Pages 12-18

Journal Article
Why markets in foreign exchange are different from other markets

Quarterly Review , Volume 3 , Issue Fall

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