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Aruoba, S. Boragan; Waller, Christopher J.; Wright, Randall - Federal Reserve Bank of Cleveland - 2007

We revisit classic questions concerning the effects of money on investment in a new framework: a two-sector model where …

Persistent link: https://www.econbiz.de/10005729016

State-dependent pricing, inflation, and welfare in search economies

Craig, Ben R.; Rocheteau, Guillaume - Federal Reserve Bank of Cleveland - 2005

analyze an economy where there is no transaction demand for money balances: Money is a mere unit of account. We determine a … transaction role for money. In the absence of menu costs, the Friedman rule is optimal. In the presence of menu costs, the optimal …

Persistent link: https://www.econbiz.de/10005729075

Money and competing assets under private information

Rocheteau, Guillaume - Federal Reserve Bank of Cleveland - 2008

I study random-matching economies where at money coexists with real assets, and no restrictions are imposed on payment … the usefulness of at money. The liquidity of the real asset, as measured by its transaction velocity, is shown to depend …

Persistent link: https://www.econbiz.de/10005526649

Thinking about monetary policy without money: a review of three books: Inflation Targeting, Monetary Theory and Policy, and Interest and Prices

Carlstrom, Charles T.; Fuerst, Timothy S. - Federal Reserve Bank of Cleveland - 2004

goal of targeting inflation rates. A central theme of all three works is the desirability of abstracting from money demand … in the analysis of monetary policy. In our review we focus the bulk of our discussion on the absence of money in these …

Persistent link: https://www.econbiz.de/10005428279

Bargaining and the value of money

Rocheteau, Guillaume; Waller, Christopher - Federal Reserve Bank of Cleveland - 2005

model with divisible money, we show how this choice matters for important results such as the ability of the optimal …

Persistent link: https://www.econbiz.de/10005428388

Credit crises, money, and contractions: A historical view

Bordo, Michael D.; Haubrich, Joseph G. - Federal Reserve Bank of Cleveland - 2009

timing, duration, amplitude, and comovement of cycles in money, credit, and output. Regressions show that financial distress …

Persistent link: https://www.econbiz.de/10008636220

Dynamic optimal fiscal and monetary policy in a business cycle model with income redistribution

Lansing, Kevin J. - Federal Reserve Bank of Cleveland - 1993

An estimation of an optimal program of distortionary taxes, money growth, and borrowing to finance a stream of …

Persistent link: https://www.econbiz.de/10005729027

Expectations, credibility, and disinflation in a small macroeconomic model

Huh, Chan G.; Lansing, Kevin J. - Federal Reserve Bank of Cleveland - 1997

A study of the effects of expectations and central bank credibility on the economy's dynamic transition path during a disinflation. Using a version of the Fuhrer-Moore model, it compares simulations under different specifications that vary according to the way expectations are formed and the...

Persistent link: https://www.econbiz.de/10005729054

Oil prices, monetary policy, and counterfactual experiments

Carlstrom, Charles T.; Fuerst, Timothy S. - Federal Reserve Bank of Cleveland - 2005

Recessions are associated with both rising oil prices and increases in the federal funds rate. Are recessions caused by the spikes in oil prices or by the sharp tightening of monetary policy? This paper discusses the difficulties in disentangling these two effects.

Persistent link: https://www.econbiz.de/10005729094

Monetary shocks, agency costs, and business cycles

Carlstrom, Charles T.; Fuerst, Timothy S. - Federal Reserve Bank of Cleveland - 2000

This paper integrates money into a real model of agency costs. Money is introduced by imposing a cash …

Persistent link: https://www.econbiz.de/10005526626

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