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Keywords:Money 

Working Paper
The Collateral Premium and Levered Safe-Asset Production

Banks are vital suppliers of money-like safe assets, which they produce by issuing short-term liabilities and pledging collateral. But their ability to create safe assets varies over time as leverage constraints fluctuate. I present a model to describe private safe-asset production when intermediaries face leverage constraints. I measure bank leverage constraints using bank-intermediated basis trades. The collateral premium — a strategy long Treasuries used more often as repo collateral and short Treasuries used less often — has a positive expected return of 22 basis points per ...
Finance and Economics Discussion Series , Paper 2022-046

Journal Article
The link between money and prices : 1971-76

Review , Volume 58 , Issue Jun , Pages 17-23

Working Paper
Currency competition : a partial vindication of Hayek

This paper establishes the existence of equilibria for environments in which outside money is issued competitively. Such equilibria are typically believed not to exist because of a classic overissue problem: if money is valued in equilibrium, an issuer produces money until its value is driven to zero. By backward induction, money cannot have value in the first place. However, for any given finite amount of money outstanding, a monetary economy typically has two equilibria. In one, money has value; in the other, money is not valued because no one expects it to be valued. This paper takes this ...
Research Working Paper , Paper RWP 03-04

Journal Article
Lenders of the next-to-last resort: scrip issue in Georgia during the Great Depression

Economic Review , Issue Sep , Pages 16-30

Journal Article
The quantity theory of money

Monetary Trends , Issue Nov

Journal Article
A question of money

Econ Focus , Volume 11 , Issue Spr , Pages 32-36

Journal Article
Why is stable money such a big deal?

What do attempts to counterfeit an enemy?s currency during wartime have in common with decisions to adopt another country?s currency during peacetime? Both are inspired by the power of a stable monetary standard and, conversely, the consequences of losing it. Both illustrate why preserving the value of the nation?s currency is a central bank?s most important responsibility.
Economic Commentary , Issue May

Journal Article
Gresham's law or Gresham's fallacy?

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

Report
Money and interest rates with endogeneously segmented markets

This paper analyses the effects of open market operations on interest rates in a model in which agents must pay a fixed cost to exchange assets and cash. Asset markets are endogenously segmented in that some agents choose to pay the fixed cost and some do not. When the fixed cost is zero, the model reduces to the standard one in which persistent money injections increase nominal interest rates, flatten the yield curve, and lead to a downward-sloping yield curve on average. In contrast, if markets are sufficiently segmented, then persistent money injections decrease interest rates, steepen or ...
Staff Report , Paper 260

Working Paper
The P-star model and Austrian prices

In the P-star model the price level is determined by the money stock per unit of potential output and the long-run equilibrium level of the velocity of money. This article applies this model to Austria. Problems in identifying permanent shocks to potential output and/or velocity lead to the rejection of such models of the price level, but their first-difference version is not so suspect. While evidence is found of a long-run relationship between Austria inflation and money growth, even the first-difference version of the P-star model is rejected for Austria. Since Austria is a small economy, ...
Working Papers , Paper 1992-001

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