We describe a stochastic economic environment in which the mix of money and trade credit used as means of payment is … find that the equilibrium prices of arbitrary contingent claims to future currency differ from those from one-good cash … monetary policy and for time series analysis using money and trade credit. …

We study discretionary equilibrium in the Calvo pricing model for a monetary authority that chooses the money supply …-period Taylor model, discretionary policy in the Calvo model does not accommodate predetermined prices in a way that inevitably …

multiplicity is a form of policy complementarity. Specifically, prices set in the current period embed expectations about future … policy, and actual future policy responds to these same prices. For a range of values of the fundamental state variable — a … ratio of predetermined prices — there is complementarity between actual and expected policy, and multiple equilibria occur …

preliminary conclusions. Equity prices are a misleading guide for interest rate policy. Monetary policy tactics protect market …

price of energy (government spending) is -0.55 (0.09). The Solow residual confounds movements in energy prices and … occurrence of shocks to 'true' technology, energy prices, and government spending, the model economy accounts for 76 or 89 …

Various laws and policy proposals call for regulators to make use of the information reflected in market prices. We … focus on a leading example of such a proposal, namely that bank supervision should make use of the market prices of traded … market prices, prices adjust to reflect this use and potentially become less revealing. We show that the feasibility of this …