Narrow search
Showing 1 - 10 of 149
Cover Image
Money and capital
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
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
Deep recessions, fast recoveries, and financial crises: evidence from the American record
Bordo, Michael D.; Haubrich, Joseph G. - Federal Reserve Bank of Cleveland - 2012
investment, a variable that is usually a key predictor of recessions and recoveries. …
Persistent link: https://www.econbiz.de/10011133744
Cover Image
A monetary approach to asset liquidity
Rocheteau, Guillaume - Federal Reserve Bank of Cleveland - 2009
money coexists with a real asset, and no restrictions are imposed on payment arrangements. The liquidity of the real asset …
Persistent link: https://www.econbiz.de/10004994159
Cover Image
Information and liquidity: a discussion
Rocheteau, Guillaume - Federal Reserve Bank of Cleveland - 2009
I extend and discuss the model of asset liquidity by Lester, Postlewaite, and Wright (2007, 2008). I consider a model with decentralized trades in which claims on a real and divisible asset serve as means of payment. A recognizability problem is introduced by assuming that the claims on the...
Persistent link: https://www.econbiz.de/10004994162
Cover Image
On the recognizability of money
Dutu, Richard; Nosal, Ed; Rocheteau, Guillaume - Federal Reserve Bank of Cleveland - 2005
This paper develops a model of currency circulation under asymmetric information. Agents are heterogeneous and trade in bilateral matches. Coins are intrinsically valuable and are available in two weights, light and heavy. We characterize the equilibrium under complete information and under...
Persistent link: https://www.econbiz.de/10005728985
Cover Image
Money and dynamic credit arrangements with private information
Aiyagari, S. Rao; Williamson, Stephen D. - Federal Reserve Bank of Cleveland - 1998
The authors construct a model with private information in which consumers write dynamic contracts with financial intermediaries.
Persistent link: https://www.econbiz.de/10005729020