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Internal Versus External Convertibility and Developing-Country Financial

Paolera, Gerardo della; Taylor, Alan M. - EconWPA - 2000

device and no ceiling on lender-of-last-resort actionsinnovations with painful long-run consequences for inflation …

Persistent link: https://www.econbiz.de/10005561092

Will the New $100 Bill Decrease Counterfeiting?

Green, Edward J.; Weber, Warren - EconWPA - 1996

A current U.S. policy is to introduce a new style of currency that is harder to counterfeit, but not immediately to withdrawal from circulation all of the old-style currency. This policy is analyzed in a random-matching model of money, and its potential to decrease counterfeiting in the long run...

Persistent link: https://www.econbiz.de/10005561130

The History and Sustainability of the CBA in Estonia

Sepp, Urmas; Lättemäe, Raoul; Randveer, Martti - EconWPA - 2002

participation in the EMU, inter alia, during Estonia’s participation in ERM 2. Therefore, it is necessary to analyse the reasons for … arrangement before Estonia’s entry to the third stage of the EMU. …

Persistent link: https://www.econbiz.de/10005561193

Australia's Cash Economy: Are the estimates credible?

Breusch, Trevor - EconWPA - 2005

The method of "excess sensitivity" of Bajada (1999, 2001, 2002) indicates a large underground economy in Australia, with estimates of unrecorded income around 15 per cent of official GDP. These estimates concern policymakers, especially those agencies responsible for national accounts, tax...

Persistent link: https://www.econbiz.de/10005561252

Optimum currency area theory: A selective review

Horvath, Julius - EconWPA - 2004

The first part of this paper is a review of significant papers in the vast literature on optimum currency area (OCA) theory. The author focuses on the main classical contributions, then considers modern treatment of OCA theory. The second part considers empirical literature on the types of...

Persistent link: https://www.econbiz.de/10005561289

E-payments: modern complement to traditional payment systems

Heng, Stefan - EconWPA - 2004

The challenges of payment transactions in electronic commerce were initially underestimated, as is now clear in the light of technological progress and stricter legislation, meaning traditional business models are increasingly coming up against their limits. Only secure, user- friendly and...

Persistent link: https://www.econbiz.de/10005561569

Simulating a Multiproduct Barter Exchange Economy

Levy, Daniel; Bergen, Mark - EconWPA - 2005

We describe a multiproduct barter trading experiment in which students exchange real goods in an open market based on their own personal preference. The experiment is designed for simulating a pure exchange market in order to demonstrate the role of money and its functions in real economies by...

Persistent link: https://www.econbiz.de/10005125577

An Experimental Test Of Taylor-Type Rules With Inexperienced Central Bankers

Engle-Warnick, Jim; Turdaliev, Nurlan - EconWPA - 2005

inflation as their target. A large majority of subjects learn to successfully control inflation. We find that Taylor-type rules …

Persistent link: https://www.econbiz.de/10005126190

Inflation Premium and Oil Price Volatility

Castillo, Paul; Montoro, Carlos; Tuesta, Vicente - EconWPA - 2005

In this paper we establish a link between the volatility of oil price shocks and a positive expected value of inflation … in equilibrium (inflation premium). In doing so, we implement the perturbation method to solve up to second order a … relaxes certainty equivalence providing a link between the volatility of shocks and inflation premium. First, we obtain …

Persistent link: https://www.econbiz.de/10005126223

Europe’s Quest for Monetary Stability: Central Banking Gone Astray

Bibow, Jorg - EconWPA - 2005

This paper provides an overview of central banking arrangements in those European countries that have adopted the euro. Issues addressed include the structure of the “Eurosystem” and its central banking functions, the kind of independence granted to the system and the role of monetary policy...

Persistent link: https://www.econbiz.de/10005126453