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Search-Based Models of Money and Finance: An Integrated Approach
Wright, Randall; Trejos, Alberto - Federal Reserve Bank of Minneapolis - 2014
Many applications of search theory in monetary economics use the Shi-Trejos-Wright model, hereafter STW, while …
Persistent link: https://www.econbiz.de/10011026889
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Trade Dynamics in the Market for Federal Funds
Afonso, Gara M.; Lagos, Ricardo - Federal Reserve Bank of Minneapolis - 2014
have to search for a suitable counterparty, and once they meet, both parties negotiate the size of the loan and the …
Persistent link: https://www.econbiz.de/10010754944
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The Over-the-Counter Theory of the Fed Funds Market: A Primer
Afonso, Gara M.; Lagos, Ricardo - Federal Reserve Bank of Minneapolis - 2014
We present a dynamic over-the-counter model of the fed funds market and use it to study the determination of the fed funds rate, the volume of loans traded, and the intraday evolution of the distribution of reserve balances across banks. We also investigate the implications of changes in the...
Persistent link: https://www.econbiz.de/10010765393
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Coordination and Crisis in Monetary Unions
Aguiar, Mark; Amador, Manuel; Farhi, Emmanuel; … - Federal Reserve Bank of Minneapolis - 2015
We study fiscal and monetary policy in a monetary union with the potential for rollover crises in sovereign debt markets. Member-country fiscal authorities lack commitment to repay their debt and choose fiscal policy independently. A common monetary authority chooses inflation for the union,...
Persistent link: https://www.econbiz.de/10011277950
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On the Stability of Money Demand
Lucas, Robert E.; Nicolini, Juan Pablo - Federal Reserve Bank of Minneapolis - 2015
Regulation Q, can explain the apparent instability of money demand during the same period. We evaluate the effects of the …
Persistent link: https://www.econbiz.de/10011160718
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A unified framework for monetary theory and policy analysis
Lagos, Ricardo; Wright, Randall - Federal Reserve Bank of Minneapolis - 2004
Search-theoretic models of monetary exchange are based on explicit descriptions of the frictions that make money …
Persistent link: https://www.econbiz.de/10005712308
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Societal benefits of nominal bonds
Kocherlakota, Narayana R. - Federal Reserve Bank of Minneapolis - 2000
argue that the role of nominal bonds is to serve as record-keeping devices in intertemporal exchanges of money. I show that …
Persistent link: https://www.econbiz.de/10005712334
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Seigniorage and the welfare cost of inflation: evidence from an intertemporal model of money and consumption
Eckstein, Zvi; Leiderman, Leonardo - Federal Reserve Bank of Minneapolis - 1991
relations between consumption, money holdings, inflation and assets’ returns using quarterly data for the high-inflation economy … in Israel, 1970–1988. The model considered includes money in agents’ utility function. A set of the estimated parameters …
Persistent link: https://www.econbiz.de/10005712951
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New Monetarist Economics: methods
Williamson, Stephen D.; Wright, Randall - Federal Reserve Bank of Minneapolis - 2010
This essay articulates the principles and practices of New Monetarism, our label for a recent body of work on money …
Persistent link: https://www.econbiz.de/10008468113
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New Monetarist Economics: models
Williamson, Stephen D.; Wright, Randall - Federal Reserve Bank of Minneapolis - 2010
body of recent work on money, banking, payments systems, asset markets, and related topics. A key principle in New … inflation, the relationship between money and capital accumulation, and the Phillips curve. We also extend the benchmark model …
Persistent link: https://www.econbiz.de/10008468116