Search Results
Working Paper
Currency portfolios and nominal exchange rates in a dual currency search economy
Craig, Ben R.; Waller, Christopher J.
(1999)
The authors analyze a dual-currency search model in which agents may hold multiple units of both currencies. They study equilibria in which the two currencies are identical and equilibria in which the two currencies differ according to the magnitude of the "inflation tax" risk associated with each. When one currency has the right amount of risk, equilibria exist in which the safe currency trades for multiple units of the risky one (pure currency exchange). As a result, the steady state has a distribution of nominal exchange rates. The mean and variance of this distribution typically change ...
Working Papers (Old Series)
, Paper 9916
Journal Article
The base money paradox
Dewald, William G.
(1981)
FRBSF Economic Letter
Journal Article
Alternative monetary constitutions and the quest for price stability
Wynne, Mark A.; Kydland, Finn E.
(2002)
This article reviews the various means through which governments and central banks have sought to guarantee long-run price stability. Finn Kydland and Mark Wynne argue that monetary regimes or standards can all be viewed as more or less successful attempts to overcome the well-known time-consistency problem in monetary policy. The classical gold standard, which prevailed in the late nineteenth and early twentieth centuries, can be interpreted as a monetary policy rule that delivered long-run price stability. The fiat monetary standard adopted by countries following the abandonment of gold ...
Economic and Financial Policy Review
, Volume 1
, Issue 1
Conference Paper
Narrow money, broad money, and the transmission of monetary policy
Goodfriend, Marvin
(2005)
Proceedings
Journal Article
Gresham's law or Gresham's fallacy?
Weber, Warren E.; Rolnick, Arthur J.
(1986-01)
In this article, the authors argue the answer to their title depends on whether a qualifier is added to the standard version of the law that "bad money drives out good." By examining several historical episodes, they find instances where bad money (valued more at the mint than in the market) failed to drive out good money (valued less at the mint than in the market). Rolnick and Weber next explain why the common qualifier to this law, which requires the mint to fix the rate of exchange at face value, does not reinstate the law. The common qualifier fails to give plausible reasons for how ...
Quarterly Review
, Volume 10
, Issue Win
, Pages 17-24
Working Paper
Money, credit, and fiscal policy in Mexico's \"lost decade.\"
Gunther, Jeffery W.; Moore, Robert R.
(1994)
Financial Industry Studies Working Paper
, Paper 94-5
Working Paper
Shortages of small change in early Argentina
Ennis, Huberto M.
(2003)
In this note I review evidence suggesting that shortages of small change occurred in the territory of Argentina during the end of the eighteenth and the beginning of the nineteenth centuries. For the colonial period (until 1810) the main pieces of evidence are: (i) the widespread use of informal means of payment, (ii) the difficulties faced in retiring from circulation low quality subsidiary coins, and (iii) the numerous official resolutions banning the exporting of fractional money from the colonies. For the period from 1810 to 1825, the episodes surrounding the introduction of copper coins ...
Working Paper
, Paper 03-12
Working Paper
Counterfeiting as private money in mechanism design
Nosal, Ed; Cavalcanti, Ricardo de O.
(2007)
We describe counterfeiting activity as the issuance of private money, one which is difficult to monitor. Our approach, which amends the basic random-matching model of money in mechanism design, allows a tractable welfare analysis of currency competition. We show that it is not efficient to eliminate counterfeiting activity completely. We do not appeal to lottery devices, and we argue that this is consistent with imperfect monitoring.
Working Papers (Old Series)
, Paper 0716
Journal Article
Deregulation and monetary reform
O'Driscoll, Gerald P.
(1986-07)
Economic and Financial Policy Review
, Issue Jul
, Pages 19-31
Journal Article
Responding to global crises: dollarization in Latin America
anonymous
(1999-04)
EconSouth
, Volume 1
, Issue Q2
, Pages 14-19
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