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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

Credit markets, limited commitment, and government debt

Williamson, Stephen; Carapella, Francesca - Federal Reserve Bank of St. Louis - 2014

A dynamic model with credit under limited commitment is constructed, in which limited memory can weaken the effects of punishment for default. This creates an endogenous role for government debt in credit markets, and the economy can be non-Ricardian. Default can occur in equilibrium, and...

Persistent link: https://www.econbiz.de/10010754948

Scarcity of Safe Assets, Inflation, and the Policy Trap

Andolfatto, David; Williamson, Stephen - Federal Reserve Bank of St. Louis - 2015

We construct a model in which all consolidated government debt is used in transactions, with money being more widely …

Persistent link: https://www.econbiz.de/10011133768

Scarce collateral, the term premium, and quantitative easing

Williamson, Stephen - Federal Reserve Bank of St. Louis - 2014

A model of money, credit, and banking is constructed in which the differential pledgeability of collateral and the …

Persistent link: https://www.econbiz.de/10011027330

Keynesian inefficiency and optimal policy: a new monetarist approach

Williamson, Stephen - Federal Reserve Bank of St. Louis - 2014

A simple model of monetary/labor search is constructed to study Keynesian indeterminacy and optimal policy. In the model, economic agents have trouble splitting the surplus from exchange appropriately, and we consider monetary and fiscal policies that correct this Keynesian inefficiency. A...

Persistent link: https://www.econbiz.de/10010784193

Central Bank Purchases of Private Assets

Williamson, Stephen D. - Federal Reserve Bank of St. Louis - 2014

A model is constructed in which consumers and banks have incentives to fake the quality of collateral. Conventional monetary easing can exacerbate these problems, in that the mispresentation of collateral becomes more profitable, thus increasing haircuts and interest rate differentials. Central...

Persistent link: https://www.econbiz.de/10010938568

Channels of monetary policy : proceedings of the Nineteenth Annual Economic Policy Conference of the Federal Reserve Bank of St. Louis

In: Review / Federal Reserve Bank of St. Louis 77 (1995) 3

Persistent link: https://www.econbiz.de/10001187699

The U.K.'s rocky road to stability

Batini, Nicoletta (contributor); Nelson, Edward (contributor) - 2005

"This paper provides an overview, using extensive documentary material, of developments in U.K. macroeconomic policy in the last half-century. Rather than focusing on well-known recent changes in policy arrangements (such as the introduction of inflation targeting in 1992 or central bank...

Persistent link: https://www.econbiz.de/10003053139

Money and capital: a quantitative analysis

Aruoba, S. Boragan; Waller, Christopher J.; Wright, Randall - Federal Reserve Bank of St. Louis - 2009

literature that is more explicit about the frictions making money essential. This introduces several new elements, including a …We study the effects of money (anticipated inflation) on capital formation. Previous papers on this topic adopt reduced …-form approaches, putting money in the utility function or imposing cash in advance, but use otherwise frictionless models. We follow a …

Persistent link: https://www.econbiz.de/10005077876

Private and public circulating liabilities

Azariadis, Costas; Bullard, James; Smith, Bruce - Federal Reserve Bank of St. Louis - 2000

, either by themselves, or alongside a stock of outside money. In each case we provide results on the existence and …

Persistent link: https://www.econbiz.de/10005352978

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