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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

Discount Factors and Monetary Policy : Evidence from Dual-Listed Stocks

Vandeweyer, Quentin; Yang, Minghao; Yannelis, Constantine - National Bureau of Economic Research - 2024

listed simultaneously in Hong Kong and Mainland China, and thereby control for revisions in cash-flow expectations. We find …

Persistent link: https://www.econbiz.de/10014544777

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

Breaks in the Phillips Curve : Evidence from Panel Data

Smith, Simon C.; Timmermann, Allan; Wright, Jonathan H. - National Bureau of Economic Research - 2023

We revisit time-variation in the Phillips curve, applying new Bayesian panel methods with breakpoints to US and European Union disaggregate data. Our approach allows us to accurately estimate both the number and timing of breaks in the Phillips curve. It further allows us to determine the...

Persistent link: https://www.econbiz.de/10014250170

Real Effects of Stabilizing Private Money Creation

Xu, Chenzi; Yang, He - National Bureau of Economic Research - 2022

We show that decentralized privately created money with unstable values can hinder the traded, more transaction-friction sensitive, sector of the economy. We do so in the context of the NationalBanking Act of 1864 in the United States that created a new federally-regulated, fully-backed currency...

Persistent link: https://www.econbiz.de/10013210088

Monetary Transmission Through Bank Securities Portfolios

Greenwald, Daniel; Krainer, John; Paul, Pascal - National Bureau of Economic Research - 2024

We study the transmission of monetary policy through bank securities portfolios using granular supervisory data on U.S. bank securities, hedging positions, and corporate credit. Banks that experienced larger losses on their securities during the 2022-2023 monetary tightening cycle extended less...

Persistent link: https://www.econbiz.de/10014544727

The Extent of the Market for Early American Bank Notes

Bodenhorn, Howard - National Bureau of Economic Research - 2023

How far did antebellum bank notes travel? Up to now, we did not know. Using previously overlooked data on interbank holdings of bank notes and the records of a small-time note broker, I find that most bank notes circulated within about 50 miles of the issuing banks. Few notes were observed from...

Persistent link: https://www.econbiz.de/10014437017

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 … to measure economic activity including in the informal sector; debit/credit cards and e-wallet transactions data; and …

Persistent link: https://www.econbiz.de/10012481018

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