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Working Paper
The business cycles of currency speculation: a revision of the Mundellian framework

In his seminal 1960 study on the dynamics of alternative exchange rate regimes, Robert Mundell proposed a theory of balance-of-payments crises in which speculators base their actions on the observed holdings of central bank foreign reserves. We examine the quantitative implications of this view from the perspective of an equilibrium business cycle model in which rational expectations of a devaluation are conditioned on foreign reserves. The model explains some of the empirical regularities of the business cycle associated with temporary fixed-exchange-rate regimes. In turn, these cyclical ...
International Finance Discussion Papers , Paper 617

Working Paper
Money, income, prices and interest rates after the 1980s

Working Paper Series, Macroeconomic Issues , Paper 90-11

Journal Article
New currency design will sport more colors

Financial Update , Volume 15 , Issue Oct , Pages 4

Working Paper
Demandable debt as a means of payment: banknotes versus checks

We examine the question of whether transactable forms of privately issued, demandable debt are better used as "banknotes" or "checks." The distinction between the two is that a check must be redeemed by the issuing bank with each use, whereas a banknote can circulate. We find that the answer to the question depends critically on the cost of early redemption. If this cost is small, banknotes will not circulate, so the question is moot. If this cost is large, incentive problems will prevent the issue of banknotes. For intermediate values of the early redemption cost, the option of early ...
FRB Atlanta Working Paper , Paper 98-5

Conference Paper
Country risk and the structure of international financial intermediation


Societal benefits of nominal bonds

In this paper, I provide a possible explanation of why nominally risk-free bonds are essential in monetary economies. I argue that the role of nominal bonds is to serve as record-keeping devices in intertemporal exchanges of money. I show that bonds can only serve this role if they are illiquid (costly to exchange for goods). Finally, I show that in economies in which nominal bonds are essential, welfare and nominal interest rates are both positively associated with the supply of illiquid bonds (if that supply is small).
Staff Report , Paper 275

Journal Article
Is M1 ruined?--part II

FRBSF Economic Letter

Journal Article
Statement to Congress, May 3, 1995(benefits and cost of substituting a $ 1 coin for the $1 bank note)

Federal Reserve Bulletin , Issue Jul

Journal Article
Following the yellow brick road: how the United States adopted the gold standard

The United States, with some difficulty, adopted the gold standard in the late nineteenth century, thus pegging the dollar to the pound sterling and other currencies. Some have argued it was mistake, others that it was inevitable. This article recounts the historical background and uses a model to shed light on the choices faced by policymakers of the time.
Economic Perspectives , Volume 26 , Issue Q II , Pages 42-58



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anonymous 31 items

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