seigniorage finance. This leads to an increase in inflation which, in turn, reduces capital accumulation and growth. At the …

In most monetary models of economic growth, higher long-run inflation is associated with a decline in the growth rate … inflation results in lower growth and employment in all three models, while, in the cash-credit good economy of Dotsey and …

We study differences in the price paid for liquidity across banks using price data at the individual bank level. Unique … to gauge the extent to which a bank is short or long liquidity. We find that the price a bank pays for liquidity depends … on the liquidity positions of other banks, as well as its own. There is evidence that liquidity squeezes occasionally …

to the share of the term in office elapsed, political and regime instability, the occurrence of elections, and inflation … independence. This is confirmed in models for cross-section inflation in which TOR becomes insignificant once its endogeneity is …

countries with high inflation, the output effects of monetary policies are significantly reduced. A lot of variation in the …

to the share of the term in office elapsed, political and regime instability, the occurrence of elections, and inflation … independence. This is confirmed in models for cross-section inflation in which TOR becomes insignificant once its endogeneity is …

Traditionally, aggregate liquidity shocks are modelled as exogenous events. Extending our previous work (Cao & Illing …, 2008), this paper analyses the adequate policy response to endogenous systemic liquidity risk. We analyse the feedback … between lender of last resort policy and incentives of private banks, determining the aggregate amount of liquidity available …

, thereby controlling inflation expectations, it can improve welfare by stabilizing short-run aggregate shocks. The optimal …