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Journal Article
Monetary theory and electronic money : reflections on the Kenyan experience
Townsend, Robert M.; Suri, Tavneet; Jack, William (2010-01)
This article uses a class of models of money and the payments system to inform an analysis of "mobile banking" in the context of the rapid expansion of M-PESA, a new technology in Kenya that allows payments via mobile phones (even without any access to a bank account), and currently reaches close to 38 percent of Kenyan adults. The separation of households and firms in space and time suggests, in theory, from various separate models, a number of implications. These include (i) the potential gain, under some circumstances, from allowing net e-money credit creation, (ii) the impact that the ...
Economic Quarterly , Volume 96 , Issue 1Q , Pages 83-122

Journal Article
Means of payment, the unbanked, and EFT '99
Prescott, Edward Simpson; Tatar, Daniel D. (1999-10)
Economic Quarterly , Issue Fall , Pages 49-70

Journal Article
The Pursuit of Financial Stability: Essays from the Federal Reserve Bank of Richmond Annual Reports
Weinberg, John A. (2015-01)
These essays reflect much of the thinking we have done, some of it well before the financial crisis, on the sources of financial instability and the means by which public policy can promote stability. A unifying theme is that government interventions that protect creditors weaken the market discipline that might otherwise help to control risks in the financial system. This leaves us with recourse only to regulatory discipline. But as diligent and conscientious as we are in implementing financial regulation, our financial system will continue to face risks as financial market participants ...
Economic Quarterly , Issue 1Q , Pages 1-4

Journal Article
Bond price premiums
Wolman, Alexander L. (2006-10)
Economic Quarterly , Volume 92 , Issue Fall

Journal Article
Saving for Retirement with Job Loss Risk
Grochulski, Borys; Zhang, Yuzhe (2013-01)
This article studies a tractable theoretical model of optimal consumption and saving decisions with endogenous retirement. Particular attention is paid to the impact of an increase in the risk of losing one?s job on the optimal path of consumption and wealth accumulation. Even if one does not actually lose their job, an increase in the risk of a job loss is by itself sufficient to cause lower consumption, higher saving, and, through faster retirement, lower labor supply.
Economic Quarterly , Issue 1Q , Pages 45-81

Journal Article
Foreign exchange operations and the Federal Reserve
Goodfriend, Marvin; Broaddus, Alfred (1996-01)
Economic Quarterly , Issue Win , Pages 1-20

Journal Article
The cost of unanticipated household finance shocks : two examples
Neelakantan, Urvi; Athreya, Kartik B. (2011-10)
This article presents two simple calculations aimed at providing a first step in quantifying the costs of unanticipated financial shocks to a household. The two types of shocks considered are (1) an unanticipated drop in net worth and (2) an unexpected increase in the interest rate on borrowing. The shocks are faced by households in a life-cycle consumption-savings model and the costs are measured in terms of annual consumption. In general, for empirically plausible shocks, the results show that net worth shocks are substantially costlier than interest rate shocks. The costs of the shocks ...
Economic Quarterly , Volume 97 , Issue 4Q , Pages 431-450

Journal Article
A quantitative study of the role of wealth inequality on asset prices
Hatchondo, Juan Carlos (2008-01)
This article studies the equilibrium properties of asset prices in a Lucas tree model when agents display a concave coefficient of absolute risk tolerance. This preference specification introduces a role for wealth inequality even under the presence of complete markets. The article finds evidence suggesting that the role of wealth inequality on asset prices may be non-negligible. The equity premium in the unequal economy is between 24 and 47 basis points larger than the equity premium displayed in an egalitarian economy.
Economic Quarterly , Volume 94 , Issue Win , Pages 73-96

Journal Article
The rational expectations hypothesis of the term structure, monetary policy, and time-varying term premia
Otrok, Christopher; Dotsey, Michael (1995-01)
Economic Quarterly , Issue Win , Pages 65-81

Journal Article
The bond rate and actual future inflation
Mehra, Yash P. (1998-04)
Economic Quarterly , Issue Spr , Pages 27-47

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