Search Results

Showing results 1 to 10 of approximately 389.

(refine search)

Journal Article
Bad standards

An argument that what is essential in any arbitrary measure--including measures of value--is that they can be counted on to convey accurate and consistent information. When a central bank tolerates inflation, it reduces an economy's ability to make decisions based on value.
Economic Commentary , Issue Oct

Conference Paper
Banking and currency crises; how common are twins?

Proceedings , Issue Sep

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

Working Paper Series, Macroeconomic Issues , Paper 90-11

Working Paper
The value of inside and outside money

We study dynamic economies in which agents may have incentives to hold both privately-issued (a.k.a. inside) and publicly-issued (a.k.a. outside) circulating liabilities as part of an equilibrium. Our analysis emphasizes spatial separation and limited communication as frictions that motivate monetary exchange. We isolate conditions under which a combination of inside and outside money does and does not allow the economy to achieve a first-best allocation of resources. We also study the extent to which the use of private circulating liabilities alone, or the use of public circulating ...
Working Papers , Paper 2000-027

Journal Article
Rival notions of money

The year 1982 saw the publication of Nicholas Kaldors The Scourge of Monetarism. Kaldor claimed his antimonetarist tract was in the tradition of Keyness 1936 General Theory. This article shows that Kaldors antimonetarist doctrines as well as their rival monetarist counterpart long predate Keynes. Both have their roots in nineteenth century classical monetary theory.
Economic Review , Volume 74 , Issue Sep , Pages 3-9

Working Paper
Money demand and relative prices in the German hyperinflation

FRB Atlanta Working Paper , Paper 91-8

Money, interest rates, and exchange rates with endogenously segmented markets

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

Working Paper
Endogenous multiple currencies

I study a model of multiple currencies in which sellers can choose the currency they will accept. I provide conditions that are necessary and sufficient to avoid indeterminacy of the exchange rate. Under these assumptions, all stable equilibria have the property that all sellers in the same country accept the same currency. Thus stable equilibria are either single currency or national currencies equilibria. I also show that currency substitution occurs as an endogenous response to high growth in the stock of a currency.
Research Working Paper , Paper RWP 02-03

Journal Article
Measuring M

FRBSF Economic Letter



Working Papers 38 items

Review 32 items

FRBSF Economic Letter 31 items

Economic Review 30 items

Federal Reserve Bulletin 21 items

Working Papers (Old Series) 20 items

show more (44)

FILTER BY Content Type

Journal Article 201 items

Working Paper 135 items

Conference Paper 22 items

Report 16 items

Discussion Paper 8 items

Newsletter 4 items

show more (2)


anonymous 31 items

Wright, Randall 17 items

Rocheteau, Guillaume 11 items

Velde, Francois R. 10 items

Weber, Warren E. 9 items

Judd, John P. 8 items

show more (281)

FILTER BY Jel Classification

E40 7 items

E4 5 items

E5 5 items

E3 3 items

E50 3 items

D43 2 items

show more (19)

FILTER BY Keywords

Money 389 items

Monetary policy 43 items

Inflation (Finance) 24 items

Monetary policy - United States 21 items

Monetary theory 21 items

Coinage 17 items

show more (204)