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Working Paper
Optimal monetary policy in a model of money and credit

The authors investigate the extent to which monetary policy can enhance the functioning of the private credit system. Specifically, they characterize the optimal return on money in the presence of credit arrangements. There is a dual role for credit: It allows buyers to trade without fiat money and also permits them to borrow against future income. However, not all traders have access to credit. As a result, there is a social role for fiat money because it allows agents to self-insure against the risk of not being able to use credit in some transactions. The authors consider a (nonlinear) ...
Working Papers , Paper 11-28

Working Paper
Absolute priority rule violations, credit rationing, and efficiency

A demonstration that violations of the absolute priority rule exacerbate credit rationing problems by reducing the payment lenders receive in default states.
Working Papers (Old Series) , Paper 9710

Journal Article
Recent business and credit developments

Federal Reserve Bulletin , Issue Dec

Conference Paper
Available evidence indicates that black-owned firms are often denied equal access to credit

Proceedings , Paper 758

Journal Article
Credit card borrowing, delinquency, and personal bankruptcy

Credit card delinquencies and personal bankruptcy rates increased during the mid 1990s, despite the strength of the U.S. economy. Even though per capita income rose during that period, household borrowing grew at an even faster pace. The rise in revolving debt-mainly credit card loans-was especially noticeable, and the increase in personal bankruptcy rates was also substantial. This article examines the relationship between consumer credit card borrowing, delinquency rates, and personal bankruptcies. The author looks at developments involving borrowers, the demand side, and lenders, the ...
New England Economic Review , Issue Jul , Pages 15-30

Working Paper
Estimating the price of default risk

A firm's instantaneous probability of default is modeled as a square-root diffusion process. The parameters of these processes are estimated for 188 firms, using both the time series and cross-sectional (term structure) properties of the individual firms' bond prices. Although the estimated models are moderately successful at bond pricing, there is strong evidence of misspecification. The results indicate that single factor models of instantaneous default risk face a significant challenge in matching certain key features of actual corporate bond yield spreads. In particular, such models have ...
Finance and Economics Discussion Series , Paper 96-29

Conference Paper
Evidence on the impact of monetary policy on bank credit risk

Proceedings , Paper 1100

Discussion Paper
Asymmetric information, bank lending, and implicit contracts: a stylized model of continuing relationships

Special Studies Papers , Paper 221

Journal Article
Money, credit and velocity

Review , Volume 64 , Issue May , Pages 21-34

Journal Article
Statement to Congress, July 2, 1992(availability of credit and bank capital standards)

Federal Reserve Bulletin , Issue Sep , Pages 670-672



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