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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

Beans as a Medium of Exchange

Fried, Harold; Levy, Daniel - EconWPA - 2005

This note describes an experiment, which is an extension of the experiment proposed by Levy and Bergen (1993). The experiment is designed to simulate an environment where something that is very similar to fiat money (i.e., is homogenous, durable, portable, storable, divisible, has no intrinsic...

Persistent link: https://www.econbiz.de/10005119382

The Dynamics of Currency Substitution, Asset Substitution and De facto Dollarization and Euroization in Transition Countries

Feige, Edgar L. - EconWPA - 2003

This paper presents new evidence on the dynamics of dollarization and euroization for twenty-five transition countries. Estimates of the amount of foreign currency in circulation (FCC) in transition countries are used to develop a new comprehensive dollarization index (CDI) and separate indices...

Persistent link: https://www.econbiz.de/10005076758

La Política Monetaria y el Corto en México

Díaz-Bautista, Alejandro; Seyffert, Diego Prieto; … - EconWPA - 2004

El corto es un instrumento de política monetaria que utiliza el Banco de México para abatir la inflación. El corto ha sido un instrumento muy útil para Banco de México en la conducción de la política monetaria, porque ha permitido que los choques a los mercados se distribuyan y se...

Persistent link: https://www.econbiz.de/10005076789

The Time Consistency of Optimal Monetary Policy with Heterogeneous Agents

Albanesi, Stefania - EconWPA - 2002

This paper studies the structure and time consistency of optimal monetary policy from a public finance perspective in an economy where agents differ in preference for liquidity and holdings of nominal assets. I find that the presence of distributional effects breaks the link between time...

Persistent link: https://www.econbiz.de/10005126192

Asset Prices and Monetary Policy: Some Notes

Cai, Junning - EconWPA - 2003

Three issues regarding asset prices and monetary policy are clarified. First, increases in asset prices due to monetary expansion, despite their “paper” wealth nature, tend to make current consumers as a whole wealthier. Second, the weaker (stronger) effect of monetary policy on investment...

Persistent link: https://www.econbiz.de/10005126230

U.S. Domestic Money, Inflation and Output

Aksoy, Yunus; Piskorski, Tomasz - EconWPA - 2004

Recent empirical research found that the strong short-term relationship between monetary aggregates and US real output and inflation, as outlined in the classical study by M. Friedman and Schwartz, mostly disappeared since the early 1980s. In the light of the B. Friedman and Kuttner (1992)...

Persistent link: https://www.econbiz.de/10005126378

Fractional Reserve Banking as Economic Parasitism: A Scientific, Mathematical & Historical Expose, Critique, and Manifesto

Nuri, Vladimir Z. - EconWPA - 2002

This paper looks at the history of money and its modern form from a scientific and mathematical point of view. The approach here is to emphasize simplicity. A straightforward model and algebraic formula for a large economy analogous to the ideal gas law of thermodynamics is proposed. It may be...

Persistent link: https://www.econbiz.de/10005126382

Taylor rules, omitted variables, and interest rate smoothing in the US

Castelnuovo, Efrem - EconWPA - 2004

We test for the presence of interest rate smoothing in forward looking Taylor rules in first differences. We also consider financial and asymmetric preferences indicators. We find that interest rate smoothing is not induced by an omitted variable bias.

Persistent link: https://www.econbiz.de/10005126414

THE THEORY AND MEASUREMENT OF CASH PAYMENTS; A CASE STUDY OF THE NETHERLANDS

Feige, Edgar L. - EconWPA - 2005

One of the more intractable problems in the area of monetary economics is the measurement of cash payments. Whereas the … methods for estimating the average velocity of currency and the denomination specific velocity of cash employing data for the … Netherlands. Estimates of the volume of cash payments are necessary to meaningfully measure the volume of total payments [MV] in …

Persistent link: https://www.econbiz.de/10005126438

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