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Money or Power? Financial Infrastructure and Optimal Policy
Berkouwer, Susanna B.; Biscaye, Pierre E.; Hsu, Eric; … - National Bureau of Economic Research - 2021
In response to the Covid-19 crisis, 186 countries implemented direct cash transfers to households, and 181 introduced … in-kind programs that lowered the cost of utilities such as electricity, water, transport, and mobile money. Do cash or … line with economic theory favoring direct cash transfers, in a randomized experiment in Kenya 95% of urban recipients …
Persistent link: https://www.econbiz.de/10012599376
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Income, Liquidity, and the Consumption Response to the 2020 Economic Stimulus Payments
Baker, Scott R. - 2020
The 2020 CARES Act directed large cash payments to households. We analyze house-holds' spending responses using high …
Persistent link: https://www.econbiz.de/10012481681
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The Forecasting Ability of Money Market Fund Managers and its Economic Value
Kane, Alex - 1983
The model proposed by Merton(1981) to determine the value of forecasting ability is adapted to investigate whether money market fund managers successfully anticipate changes in the yield curve by adjusting the average maturity of their portfolios in the right direction. The potential economic...
Persistent link: https://www.econbiz.de/10012477854
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The Unintended Consequences of the Zero Lower Bound Policy
Maggio, Marco Di - 2016
We study the impact of the zero lower bound interest rate policy on the industrial organization of the U.S. money fund industry. We find that in response to policies that maintain low interest rates, money funds: change their product offerings by investing in riskier asset classes; are more...
Persistent link: https://www.econbiz.de/10012456325
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Tri-Party Repo Pricing
Hu, Grace Xing - 2015
In this paper, we examine the pricing determinants in the systemically important tri-party repo market. Taking advantage of the recently available N-MFP reports filed by money market funds, we construct a novel dataset that contains tri-party repo transactions between money market funds and...
Persistent link: https://www.econbiz.de/10012457166
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Trade Dynamics in the Market for Federal Funds
Afonso, Gara - 2014
We develop a model of the market for federal funds that explicitly accounts for its two distinctive features: banks have to search for a suitable counterparty, and once they meet, both parties negotiate the size of the loan and the repayment. The theory is used to answer a number of positive and...
Persistent link: https://www.econbiz.de/10012458247
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How Important are Investment Indivisibilities for Development? Experimental Evidence from Uganda
Kaboski, Joseph Paul; Lipscomb, Molly; Midrigan, Virgiliu; … - National Bureau of Economic Research - 2022
, and lead agents to become risk-loving. Using experimental cash grants involving a choice between a safer, low payoff and a …
Persistent link: https://www.econbiz.de/10012938742
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Making Money
Gorton, Gary; Ross, Chase P.; Ross, Sharon Y. - National Bureau of Economic Research - 2022
It is difficult for private agents to produce money that circulates at par with no questions asked. We study two cases of privately-produced money: pre-Civil War U.S. private banknotes and modern stablecoins. Private monies are introduced when there are no better alternatives, but they initially...
Persistent link: https://www.econbiz.de/10012814485
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Cash and the Economy : Evidence from India's Demonetization
Chodorow-Reich, Gabriel - 2018
% of cash in circulation illegal tender overnight, with new notes gradually introduced over the next several months. We … present a model of demonetization where agents hold cash both to satisfy a cash-in-advance constraint and for tax evasion …
Persistent link: https://www.econbiz.de/10012481018
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Learning to Navigate a New Financial Technology : Evidence from Payroll Accounts
Breza, Emily - 2020
receive wages in cash, with a subset also receiving an account without automatic wage payments. We find that exposure to …
Persistent link: https://www.econbiz.de/10012482467