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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

Testing stock-adjustment specifications and other restrictions on money demand equations

Staff Memoranda , Paper 87-2

Working Paper
Does commodity money eliminate the indeterminacy of equilibria?

Previous studies have shown that a random-matching model with divisible at money and without constraint on agents' money inventories possesses a continuum of stationary single-price equilibria. Wallace [7] conjectured that the indeterminacy can be eliminated by the use of commodity money, just as the elimination of the contin- uum of dynamic (non-stationary) equilibria in models such asoverlapping generation or infnite-horizon money-in-utility-function. In contrast, I and that in a similar random-matching model with dividend-yielding commodity money, a continuum of stationary single-price ...
Working Paper Series , Paper WP-99-15

Working Paper
Price level uniformity in a random matching model with perfectly patient traders

This paper shows that one of the defining features of Walrasian equilibrium---law of one price---characterizes equilibrium in a non-Walrasian environment of (1) random trade matching without double coincidence of wants, and (2) strategic, price-setting conduct. Money is modeled as perfectly divisible and there is no constraint on agents' money inventories. In such an environment with discounting, the endogenous heterogeneity of money balances among agents implies differences in marginal valuation of money between distinct pairs of traders, which raises the question whether decentralized trade ...
Working Paper Series , Paper WP-01-17

Working Paper
Dynamic monetary equilibrium in a random-matching economy

This article concerns decentralized trading and efficiency. As in Gale (1986a, b), traders transfer endowments of divisible goods in random, pairwise meetings that take place in discrete time. Anonymity and absence of time preference forestall strategic power. As in Kiyotaki and Wright (1989), and in contrast to Gale, trade and consumption occur repeatedly. Absence of double coincidence of wants makes money essential. There is a continuum of welfare-ranked equilibria in which the level of economic activity is decreasing in the price level, from which Gale abstracts by focusing on relative ...
Working Paper Series , Paper WP-00-1



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