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Journal Article
Regulation, bank competitiveness, and episodes of missing money
Duca, John V. (1993-04)
John Duca reviews three episodes of "missing money," periods during which one of the monetary aggregates was unusually weak. Duca finds that in each of these episodes, an increased regulatory burden on banks encouraged households and firms to bypass the banking system in favor of nonbank financial liabilities and assets. Using a standard analytical framework, he shows how these shifts by investors can lead to cases of missing money and declines in banks' role in providing credit. Duca further shows that increases in bank regulatory burden can create potential problems for analysts in using ...
Economic and Financial Policy Review , Issue Apr , Pages 1-23

Working Paper
Money and the transmission mechanism in the optimizing IS-LM specification
Nelson, Edward (2003)
This paper discusses criticisms of the IS-LM framework in the macroeconomic literature of the last 40 years, and how the modern optimizing version of IS-LM addresses those criticisms. It is argued that many of the criticisms had been addressed by best-practice traditional IS-LM. Relative to this traditional setup, the optimizing IS-LM version gives full recognition to the intertemporal nature of households' saving decisions. Like traditional IS-LM, however, the optimizing version remains vulnerable to the monetarist critique: by recognizing an insufficient number of distinct assets, the IS-LM ...
Working Papers , Paper 2003-019

Working Paper
Nonlinear Unemployment Effects of the Inflation Tax
Ait Lahcen, Mohammed; Baughman, Garth; Rabinovich, Stanislav; van Buggenum, Hugo (2021-06-29)
We argue that long-run inflation has nonlinear and state-dependent effects on unemployment, output, and welfare. Using panel data from the OECD, we document three correlations. First, there is a positive long-run relationship between anticipated inflation and unemployment. Second, there is also a positive correlation between anticipated inflation and unemployment volatility. Third, the long-run inflation-unemployment relationship is not only positive, but also stronger when unemployment is higher. We show that these correlations arise in a standard monetary search model with two shocks – ...
Finance and Economics Discussion Series , Paper 2021-040

Working Paper
A transitional analysis of the welfare cost of inflation
Burdick, Clark A. (1997)
This paper applies new computational methods for studying nonstationary dynamics to reevaluate the welfare cost of inflation. A dynamic stochastic general equilibrium model with heterogeneous agents is studied. Incomplete markets induce agents to hold a fiat currency as insurance against idiosyncratic income fluctuations. Rather than comparing steady state equilibria, I measure the welfare cost of inflation by explicitly modeling the transitional dynamics that arise following a change in monetary policy. Transitional dynamics are shown to increase the welfare cost of inflation substantially. ...
FRB Atlanta Working Paper , Paper 97-15

Working Paper
Will electronic money be adopted in the United States?
Good, Barbara A. (1998)
Although the cashless society that has been predicted for at least 20 years has not yet materialized, the new forms of card- and software-based electronic money may be a partial alternative to current forms of payments. This paper examines some of the factors that will influence the adoption of electronic money, primarily in the United States.
Working Papers (Old Series) , Paper 9822

Journal Article
The debasement puzzle: an essay on medieval monetary history
Weber, Warren E.; Rolnick, Arthur J.; Velde, Francois R. (1997-10)
This study establishes several facts about medieval monetary debasements: they were followed by unusually large minting volumes and by increased seigniorage; old and new coins circulated concurrently; and, at least some of the time, coins were valued by weight. These facts constitute a puzzle because debasements provide no additional inducements to bring coins to the mint. On theoretical and empirical grounds, the authors reject explanations based on by-tale circulation, nominal contracts, and sluggish price adjustment. They conclude that debasements pose a challenge to monetary economics. ...
Quarterly Review , Volume 21 , Issue Fall , Pages 8-20

Report
Money, interest rates, and exchange rates with endogenously segmented markets
Kehoe, Patrick J.; Alvarez, Fernando; Atkeson, Andrew (2000)
This paper analyzes the effects of money injections on interest rates and exchange rates in a model in which agents must pay a Baumol-Tobin style fixed cost to exchange bonds and money. Asset markets are endogenously segmented because this fixed cost leads agents to trade bonds and money only infrequently. When the government injects money through an open market operation, only those agents that are currently trading absorb these injections. Through their impact on these agents? consumption, these money injections affect real interest rates and real exchange rates. We show that the model ...
Staff Report , Paper 278

Journal Article
Monetary policy in a deregulated world
Keeley, Michael C. (1986)
FRBSF Economic Letter

Journal Article
Statement to Congress, May 28, 1992(effect on the Federal Reserve System of substituting a one-dollar coin for the one-dollar bank note)
Allison, Theodore E. (1992-07)
Federal Reserve Bulletin , Issue Jul , Pages 529-531

Conference Paper
Inside and outside money as alternative media of exchange
Wallace, Neil; Cavalcanti, Ricardo de O. (1999)
Proceedings

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