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The Liquidity Premium of Near-Money Assets

Nagel, Stefan - 2014

Treasury bills and other near-money assets provide owners with liquidity service benefits that are reflected in prices … in the form of a liquidity premium. I relate time variation in this liquidity premium to changes in the opportunity cost … of money: The liquidity service benefits of near-money assets are more valuable when short-term interest rates are high …

Persistent link: https://www.econbiz.de/10012458401

A Simple Model of a Central Bank Digital Currency

Mishra, Bineet; Prasad, Eswar S. - National Bureau of Economic Research - 2023

We develop a general equilibrium model that highlights the trade-offs between physical and digital forms of retail central bank money. The key differences between cash and central bank digital currency (CBDC) include transaction efficiency, possibilities for tax evasion, and, potentially,...

Persistent link: https://www.econbiz.de/10014250215

National Accounts in Value Terms: The Social Wage and Profit Rate in Britain 1950-1986

Freeman, Alan - Volkswirtschaftliche Fakultät, … - 1991

This paper reproduces, for archival purposes, chapter 5, of the same name, which appeared in Dunne (1991). It represents one of the first systematic attempts that I know of, to present complete ‘Value National Accounts’, that is to say, accounts presenting social reproduction in terms of the...

Persistent link: https://www.econbiz.de/10011260853

What happens in recessions? A value-theoretic approach to Liquidity Preference

Freeman, Alan - Volkswirtschaftliche Fakultät, … - 1998

-theoretic treatment of liquidity preference in axiomatic form, based on a temporal analysis. It discusses why temporal analysis is …

Persistent link: https://www.econbiz.de/10005790140

What happens in crashes? a non-equilibrium, value-theoretic approach to liquidity preference

Freeman, Alan - Volkswirtschaftliche Fakultät, … - 1998

business cycle and suggests that they may also account for the phenomenon of liquidity preference. It suggests that the concept … of liquidity preference constitutes a potential common ground between value-theoretic and post-Keynesian schools of …

Persistent link: https://www.econbiz.de/10005836022

The Emperor's Tailor: The Economists and the Crash of ‘98

Freeman, Alan - Volkswirtschaftliche Fakultät, … - 1999

The paper examines the the profession of economics in the light of its disarray in the face of the financial crash of 1998 We subject the profession to a theoretical and historical enquiry, examining both its reaction to the empirical facts of its failures, and the manner in which its...

Persistent link: https://www.econbiz.de/10005836327

Time, the value of money and the quantification of value

Freeman, Alan - Volkswirtschaftliche Fakultät, … - 1998

This paper establishes, and illustrates for the case of the UK, a temporal method for calculating the labour values of outputs from any process or sector of a market economy. It exhibits the temporal calculation of the Monetary Equivalent of Labour Time (MELT), the general ratio between monetary...

Persistent link: https://www.econbiz.de/10005836395

Why Quantitative Marxism?

Freeman, Alan - Volkswirtschaftliche Fakultät, … - 1991

This paper was presented at a special conference of the Conference of Socialist Economists (CSE, publishers of Capital and Class) in 1987, on the topic of Quantitative Marxism. This eventually gave rise to an edited collection (Dunne 1992) in which this paper was developed (Freeman 1992) into a...

Persistent link: https://www.econbiz.de/10011257843

Money and Credit With Limited Commitment and Theft

Williamson, Stephen; Sanches, Daniel - Volkswirtschaftliche Fakultät, … - 2009

We study the interplay among imperfect memory, limited commitment, and theft, in an environment that can support monetary exchange and credit. Imperfect memory makes money useful, but it also permits theft to go undetected, and therefore provides lucrative opportunities for thieves. Limited...

Persistent link: https://www.econbiz.de/10008636471

The Transatlantic Economy Dollar vs Euro relations amid the Global Financial Crisis

Avellaneda, Maria Belen - Volkswirtschaftliche Fakultät, … - 2008

The present study intends to describe and analyze recent trends in foreign exchange markets, specifically the United States Dollar and the Euro relations as well as the fundamentals behind monetary assets. It brings to light the relationship between economic variables and monetary policy as well...

Persistent link: https://www.econbiz.de/10008565966