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This paper investigates the nature of U.S. fiscal policy in the aftermath of 9/11. We argue that the recent dramatic fall in the government surplus and the large fall in tax rates cannot be accounted for by either the state of the U.S. economy as of 9/11 or as the typical response of fiscal...
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We develop a model of commodity money and use it to analyze the following two questions motivated by issues in monetary history: What are the conditions under which Gresham's Law holds? And, what are the mechanics of a debasement (lowering the metallic content of coins)? The model contains light...
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Several recent studies have recommended greater reliance on subordinated debt as a tool to discipline bank risk taking …
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risk-free rate has been attributed by some authors to frictions, transaction costs or durability. However, such frictions … risk-free rate. We find that time-separable preferences fail at all horizons, and none of the models perform well at the … more success matching the first and second moments of the observed risk-free rate. A major unresolved issue is to …
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