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Working Paper
Interest Rates and M2 in an Error-Correction Macro Model

With annual data, real M2 is shown to have a surprisingly strong contemporaneous and leading relationship to GDP, that is robust to the inclusion of other explanatory variables. When combined and tested with parsimonious error correction equations for money demand, price determination, and a monetary policy reaction function, an overall macroeconometric model is revealed with an unusually good fit aside from a velocity shift adjustment needed for the early 1990s and better inflation performance than expected of late. A regime shift is evident in the stronger response of the Federal Reserve to ...
Finance and Economics Discussion Series , Paper 1997-59

Journal Article
The quest for sound money: currency boards to the rescue

Some countries with high inflation have adopted another nations more stable currency: Panama uses the U.S. dollar, gaining price stability and easier trade with its primary partner. But this arrangement grants an interest-free loan to the government whose currency is used. And the nation using the currency forgoes any income on the foreign currency holdings. ; One alternative, a currency board, achieves the other countrys monetary stability without these costs. Currency boards issue a domestic currency in return for the foreign currency, at a fixed exchange rate. Boards also hold assets ...
New England Economic Review , Issue Nov , Pages 14-24

Journal Article
Currency boards: once and future monetary regimes?

A currency board can allow a developing economy to establish its domestic currency relatively promptly and efficiently by fixing the value of its currency to that of another country and guaranteeing that its currency is backed by sufficient foreign exchange reserves. Currency boards not only provide a foundation that encourages traders and investors to accept new currencies, they also do not require sophisticated money markets and central banking operations in order to be effective. Because of these attributes, currency boards have attracted more attention, particularly in the wake of ...
New England Economic Review , Issue May , Pages 21-37

Journal Article
Anatomy of a currency crisis

Regional Review , Issue Fall , Pages 8-13

Journal Article
Money and art: the issue of representation in commerce and culture

Regional Review , Issue Fall , Pages 20-24

Journal Article
Making money keeps getting easier

Regional Review , Volume 10 , Issue Q2

Discussion Paper
What Makes a Safe Asset Safe?

Over the last decade, the concept of ?safe assets? has received increasing attention, from regulators and private market participants, as well as researchers. This attention has led to the uncovering of some important details and nuances of what makes an asset ?safe? and why it matters. In this blog post, we provide a review of the different aspects of safe assets, discuss possible reasons why they may be beneficial for investors, and give concrete examples of what these assets are in practice.
Liberty Street Economics , Paper 20171127

Journal Article
The household demand for money: estimates from cross-sectional data

Quarterly Review , Volume 12 , Issue Spr

Journal Article
On the non-neutrality of money

Quarterly Review , Volume 18 , Issue Spr

Journal Article
Money demand--some long-run properties

Quarterly Review , Volume 13 , Issue Spr



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