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Money Matters : Broad Divisia Money and the Recovery of Nominal GDP from the COVID-19 Recession

Bordo, Michael D.; Duca, John V. - National Bureau of Economic Research - 2023

The rise of inflation in 2021 and 2022 surprised many macroeconomists who ignored the earlier surge in money growth because past instability in the demand for simple-sum monetary aggregates had made these aggregates unreliable indicators. We find that the demand for more theoretically-based...

Persistent link: https://www.econbiz.de/10014322692

The Demand for Money, Near-Money, and Treasury Bonds

Krishnamurthy, Arvind; Li, Wenhao - National Bureau of Economic Research - 2022

Bank-created money, shadow-bank money, and Treasury bonds all satisfy investors' demand for a liquid transaction medium and safe store of value. We measure the quantity of these three forms of liquidity and their corresponding liquidity premium over a sample from 1934 to 2016. We empirically...

Persistent link: https://www.econbiz.de/10013210079

A Luna-tic Stablecoin Crash

Uhlig, Harald - National Bureau of Economic Research - 2022

After remaining close to 1 US Dollar since its inception in November 2020, the algorithmic stablecoin UST crashed in the two weeks of May 9th to May 15th, 2022, leading to a price collapse of the underlying LUNA token and the erasure of more than 50 Billion U.S. Dollar or 90% in market value

Persistent link: https://www.econbiz.de/10013334473

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

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

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

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