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The simple analytics of money and credit in a quasi-linear environment

Andolfatto, David - Federal Reserve Bank of St. Louis - 2011

Lagos and Wright (2005) demonstrate how the essential properties of a money-search model are preserved in an … markets under limited commitment and private information. The analysis demonstrates clearly how insurance, credit, and money … the Friedman rule. In particular, I find that the same frictions that render money essential may at the same time operate …

Persistent link: https://www.econbiz.de/10009357965

Rehypothecation

Andolfatto, David; Martin, Fernando M.; Zhang, Shengxing - Federal Reserve Bank of St. Louis - 2014

Rehypothecation refers to the practice of re-using (selling or pledging as collateral) an asset that has already been pledged as collateral for a loan. We develop a dynamic general equilibrium monetary model where an “asset shortage” motivates the rehypothecation of assets. We find that in...

Persistent link: https://www.econbiz.de/10011160737

Frontiers of real-time data analysis

Croushore, Dean - Federal Reserve Bank of Philadelphia - 2008

This paper describes the existing research (as of February 2008) on real-time data analysis, divided into five areas: (1) data revisions; (2) forecasting; (3) monetary policy analysis; (4) macroeconomic research; and (5) current analysis of business and financial conditions. In each area,...

Persistent link: https://www.econbiz.de/10005717345

A real-time data set for macroeconomists

Croushore, Dean; Stark, Tom - Federal Reserve Bank of Philadelphia - 1999

This paper presents the concept and uses of a real-time data set that can be used by economists for testing the robustness of published econometric results, for analyzing policy, and for forecasting. The data set consists of vintages, or snapshots, of the major macroeconomic data available at...

Persistent link: https://www.econbiz.de/10005717356

Is macroeconomic research robust to alternative data sets?

Croushore, Dean; Stark, Tom - Federal Reserve Bank of Philadelphia - 2002

This paper uses a real-time data set to analyze data revisions and to test the robustness of published econometric results. The data set consists of vintages, or snapshots, of the major macroeconomic data available at quarterly intervals in real time. The paper illustrates why such data may...

Persistent link: https://www.econbiz.de/10005389555

A real-time data set for marcoeconomists: does the data vintage matter?

Croushore, Dean; Stark, Tom - Federal Reserve Bank of Philadelphia - 1999

This paper presents a real-time data set that can be used by economists for testing the robustness of published econometric results, for analyzing policy, and for forecasting. The data set consists of vintages, or snapshots, of the major macroeconomic data available at quarterly intervals in...

Persistent link: https://www.econbiz.de/10005389694

Fiscal policy: ex ante and ex post

Croushore, Dean; van Norden, Simon - Federal Reserve Bank of Philadelphia - 2014

The surge in fiscal deficits since 2008 has put a renewed focus on the authors’ understanding of fiscal policy. The interaction of fiscal and monetary policy during this period has also been the subject of much discussion and analysis. This paper gives new insight into past fiscal policy and...

Persistent link: https://www.econbiz.de/10010930299

Monetary policy with asset-backed money

Andolfatto, David; Berentsen, Aleksander; Waller, … - Federal Reserve Bank of St. Louis - 2013

. Unlike physical capital, intermediated claims are assumed to be liquid-they constitute a form of asset-backed money. The … strictly positive inflation. While it is also possible to implement the first-best by introducing at money and a lump- sum tax …

Persistent link: https://www.econbiz.de/10010705757

On the social cost of transparency in monetary economies

Andolfatto, David - Federal Reserve Bank of St. Louis - 2010

I study a class of models commonly used to motivate monetary exchange, extended to include a physical asset whose expected short-run return is subject to exogenous news events, but whose expected long-run return is independent of this information. I show that there are circumstances in which the...

Persistent link: https://www.econbiz.de/10008583259

Data revisions and the identification of monetary policy shocks

Croushore, Dean; Evans, Charles L. - Federal Reserve Bank of Philadelphia - 2003

Monetary policy research using time series methods has been criticized for using more information than the Federal Reserve had available in setting policy. To quantify the role of this criticism, we propose a method to estimate a VAR with real-time data while accounting for the latent nature of...

Persistent link: https://www.econbiz.de/10005389542