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Working Paper
Inside money and monetary neutrality
Walsh, Carl E.; Hartley, Peter R. (1986)
This paper examines the interaction between the financial and real sectors of the economy within the framework of a stochastic, rational expectation model that distinguishes between inside and outside money. The model also can be used to study the impact of variations in the degree of intermediation, measured by the elasticity of bank deposit supply. In contrast to earlier work which emphasized confusion between monetary and real shocks, we focus on the role played by confusion between inside and outside money and temporary and permanent base money disturbances. Financial sector disturbances, ...
Working Papers in Applied Economic Theory , Paper 86-01

Working Paper
Money and capital: a quantitative analysis
Aruoba, S. Boragan; Wright, Randall; Waller, Christopher J. (2009)
We study the effects of money (anticipated inflation) on capital formation. Previous papers on this topic adopt reduced-form approaches, putting money in the utility function or imposing cash in advance, but use otherwise frictionless models. We follow a literature that is more explicit about the frictions making money essential. This introduces several new elements, including a two-sector structure with centralized and decentralized markets, stochastic trading opportunities, and bargaining. We show how these elements matter qualitatively and quantitatively. Our numerical results differ from ...
Working Papers , Paper 2009-031

Working Paper
The role of credit market imperfections in the monetary transmission mechanism: arguments and evidence
Gilchrist, Simon; Gertler, Mark (1993)
Finance and Economics Discussion Series , Paper 93-5

Journal Article
Some not-so-unpleasant monetarist arithmetic
Dotsey, Michael (1996-10)
Economic Quarterly , Issue Fall , Pages 73-91

Journal Article
Is why we use money important?
Li, Victor E. (2001-01)
Money and its underlying function as a medium of exchange play a central role in determining the course of macroeconomic activity. However, many of the models used to evaluate fundamental questions relating money and monetary policy to economic activity simply assume currency is valued and overlook the important properties of money that influence the way it is used and how its supply affects the economy. ; Search and matching models of money identify the characteristic assumptions for motivating the use of money in carrying out transactions by explicitly capturing the trade frictions that ...
Economic Review , Volume 86 , Issue Q1 , Pages 17-30

Working Paper
Determinacy, learnability, and monetary policy inertia
Mitra, Kaushik; Bullard, James B. (2003)
We document that monetary policy inertia can help alleviate problems of indeterminacy and non-existence of stationary equilibrium observed for some commonly-studied monetary policy rules. We also find that inertia promotes learnability of equilibrium. The context is a simple, forward-looking model of the macroeconomy widely used in the rapidly expanding literature in this area. We conclude that this might be an important reason why central banks in the industrialized economies display considerable inertia when adjusting monetary policy in response to changing economic conditions.
Working Papers , Paper 2000-030

Working Paper
The evolution of small change
Velde, Francois R.; Sargent, Thomas J. (1997)
Western Europe was plagued with currency shortages from the 14th to the 19th century, at which time a `standard formula' had been devised to cure the problem. We document the evolution of mon- etary theory, policy experiments and minting tech- nology over the course of six hundred years. In a companion paper, we use a cash-in-advance model of commodity money to provide an analytical frame- work for the problem of small change.
Working Paper Series, Macroeconomic Issues , Paper WP-97-13

Journal Article
The interdependence of national monetary policies
Bisignano, Joseph (1975-04)
Economic Review , Issue Spr , Pages 41-48

Speech
Improving the international monetary and financial system : a speech at the Banque de France International Symposium, Paris, France, March 4, 2011
Yellen, Janet L. (2011)
a speech at the Banque de France International Symposium, Paris, France, March 4, 2011
Speech , Paper 565

Conference Paper
Purchasing power parity as a monetary standard
Ohno, Kenichi; McKinnon, Ronald I. (1988)
Proceedings

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