Search Results
Working Paper
The transition from barter to fiat money
Ritter, Joseph A.
(1994)
How did it become possible to exchange apparently valueless pieces of paper for goods? This paper provides an equilibrium account of the transition between barter and fiat money regimes. The explanation relies on the intervention of a self-interested government which must be able to promise credibly to limit the issue of money. To achieve credibility, the government must offset the benefits of seigniorage by internalizing some of the macroeconomic externalities generated by the issue of fiat money. The government's patience and the extent of its involvement in the economy are key determinants ...
Working Papers
, Paper 1994-004
Briefing
Essentiality of Money: A Historical Perspective
Sultanum, Bruno
(2024-01)
In this article, I explore the historical development of the concept of essentiality of money, as well as monetary theory more broadly. I begin by introducing the concept of money and its role in facilitating economic activity. I delve into the evolution of monetary theory, starting with the classical theory and the marginal revolution and moving to the division between microeconomics and macroeconomics. Then I discuss the microfoundation revolution in macroeconomics and the debate over the essentiality of money. Finally, I examine the New Keynesian School (which uses reduced-form tools to ...
Richmond Fed Economic Brief
, Volume 24
, Issue 01
Journal Article
The link between money and prices : 1971-76
Karnosky, Denis S.
(1976-06)
Review
, Volume 58
, Issue Jun
, Pages 17-23
Journal Article
$100 bill gets facelift
anonymous
(1995-07)
Financial Update
, Volume 8
, Issue Jul
, Pages 1, 4-5
Journal Article
Signals from M1 and M2
Trehan, Bharat; Furlong, Frederick T.
(1985)
FRBSF Economic Letter
Working Paper
Private and public circulating liabilities
Smith, Bruce; Azariadis, Costas; Bullard, James B.
(2000)
Changes in the legal and technological environment in the U.S. have created the possibility of private banknote issue, or its electronic equivalent. We wish to understand the implications of this possibility for economic performance. Accordingly, we construct and analyze a dynamic general equilibrium model in which privately-issued liabilities may circulate, either by themselves, or alongside a stock of outside money. In each case we provide results on the existence and multiplicity of equilibria, and we characterize local dynamics in a neighborhood of a steady state. Our results support ...
Working Papers
, Paper 2000-012
Working Paper
The effects of cash management practices on the demand for demand deposits
Dotsey, Michael
(1983)
During the mid-1970s standard regressions explaining the demand for money underwent a well documented shift. This shift was largely attributed to the adoption of a more sophisticated methods of cash management practices by firms. ; A version of this work was published in the Federal Reserve Bank of Richmond's Economic Review, 1984, Vol. 70, No. 5
Working Paper
, Paper 83-02
Working Paper
Real-time gross settlement and the costs of immediacy
Roberds, William; Kahn, Charles M.
(1999)
Using a neoclassical monetary model, we investigate the welfare cost of a payment system that operates as a real-time gross settlement (RTGS) system. We illustrate how the cost of such systems does not ultimately derive from factors such as "payments gridlock" but instead from the credit constraints imposed by RTGS. We also investigate the welfare consequences of various approaches to the allocation of daylight credit by central banks. The two most popular approaches, collateralization and charging an administered intraday interest rate, are shown to be effective along some dimensions but ...
FRB Atlanta Working Paper
, Paper 98-21
Working Paper
A model of monetary policy shocks for financial crises and normal conditions
Smith, Andrew Lee; Valcarcel, Victor J.; Keating, John W.; Kelly, Logan J.
(2014-10-01)
In late 2008, deteriorating economic conditions led the Federal Reserve to lower the federal funds rate to near zero and inject massive liquidity into the financial system through novel facilities. The combination of conventional and unconventional measures complicates the challenging task of characterizing the effects of monetary policy. We develop a novel method of identifying these effects that maintains the classic assumptions that a central bank reacts to output and the price level contemporaneously and may only affect these variables with a lag. A New-Keynesian DSGE model augmented with ...
Research Working Paper
, Paper RWP 14-11
Journal Article
Bucking the counterfeits
Schneider, Martha
(1995-01)
The United States has introduced a redesigned $100 bill, which bears a new likeness of Ben Franklin, in hopes of thwarting counterfeiters.
Cross Sections
, Volume 12
, Issue Win
, Pages 21-22
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