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Imperfect monitoring and the discounting of inside money

David C. Mills, Jr. - Federal Reserve Board (Board of Governors of the … - 2007

One of the fundamental questions concerning inside money is whether its issuers should be regulated and how. This paper … evaluates the efficiency of one prevalent regulatory recommendation -- a requirement that private issuers redeem inside money on … demand at par -- in a random-matching model of money where the issuers of inside money are only imperfectly monitored. I find …

Persistent link: https://www.econbiz.de/10005393963

Solving stochastic money-in-the-utility-function models

Nesmith, Travis D. - Federal Reserve Board (Board of Governors of the … - 2005

This paper analyzes the necessary and sufficient conditions for solving money-in-the-utility-function models when …

Persistent link: https://www.econbiz.de/10005394065

Currency ratios and U.S. underground economic activity

Porter, Richard D.; Weinbach, Gretchen C. - Federal Reserve Board (Board of Governors of the … - 1998

Cagan's classic currency ratio suggests that underground economic activity in the U.S. surged starting in 1994. In contrast, we show that a ratio adjusted to take care of two distorting developments -- retail sweep programs and overseas demand for U.S. currency -- did not surge, and that...

Persistent link: https://www.econbiz.de/10005394168

Is reallocation related to the cycle? A look at permanent and temporary job flows

Figura, Andrew - Federal Reserve Board (Board of Governors of the … - 2002

How much of aggregate employment fluctuations is due to plants destroying and then recreating the same jobs over the cycle and how much is due to some plants permanently destroying jobs in a recession and other plants permanently creating jobs in an expansion? This paper decomposes plant level...

Persistent link: https://www.econbiz.de/10005512973

What's good for GM...? Using auto industry stock returns to forecast business cycles and test the Q-theory of investment

Duffee, Gregory R.; Prowse, Steven D. - Federal Reserve Board (Board of Governors of the … - 1996

We examine the ability of auto industry stock returns to forecast quarterly changes in the growth rates of real GDP, consumption, and investment. We find that auto stock returns are superior to aggregate stock market returns in predicting growth rates of GDP and various forms of consumption. The...

Persistent link: https://www.econbiz.de/10005512996

Labor reallocation over the business cycle: new evidence from internal migration

Saks, Raven E.; Wozniak, Abigail - Federal Reserve Board (Board of Governors of the … - 2007

This paper establishes the cyclical properties of a novel measure of worker reallocation: long-distance migration rates within the U.S. This internal migration offers a bird's eye view of worker reallocation in the economy, as long-distance migrants often change jobs or employment status. We...

Persistent link: https://www.econbiz.de/10005513010