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In light of the recently passed 2010 Dodd-Frank Act, we assess the effect of margin changes on prices, the risk-sharing between speculators and hedgers, and the price stability of 20 commodity futures markets. We find that margin increases decrease the rate at which prices change, yet they...
Persistent link: https://www.econbiz.de/10011381003
The positive relationship between real exchange rates and natural resource income is well understood and studied. However, climate change and the transition to a lower-carbon economy now challenges this relationship. We document this by proposing a novel news media-based measure of climate...
Persistent link: https://www.econbiz.de/10012661572
. As such, it can be described as the first true central bank. The debut of central bank money did not result from any …
Persistent link: https://www.econbiz.de/10010292266
This paper presents a monetary-theoretic model to study the implications of networks' collection of personal identifying data and data security on each other's incidence and costs of identity theft. To facilitate trade, agents join clubs (networks) that compile and secure data. Too much data...
Persistent link: https://www.econbiz.de/10010292313
A controversial aspect of payment cards has been the 'no-surcharge rule.' This rule, which is part of the contract between the card provider and a merchant, states that the merchant cannot charge a customer who pays by card more than a customer who pays by cash. In this paper we consider the...
Persistent link: https://www.econbiz.de/10010292352
Entrepreneurs need cash to finance their real investments. Since cash is costly to hold, entrepreneurs will underinvest. If entrepreneurs can access financial markets prior to learning about an investment opportunity, they can sell some of their less liquid assets for cash and, as a result,...
Persistent link: https://www.econbiz.de/10010352181
We hope to model financial fragility and money in a way that captures much of what is crucial in Hyman Minsky …
Persistent link: https://www.econbiz.de/10011545299
integrated analysis of money, finance and macroeconomics and its application to changing institutional and historical …
Persistent link: https://www.econbiz.de/10011565324
money and credit coexist. An increase in inflation affects unemployment through two channels: the matching channel and the …
Persistent link: https://www.econbiz.de/10011969183
The fact that money, banking, and financial markets interact in important ways seems self-evident. The theoretical … for government money, where the terms of bank deposit contracts are constrained by the liquidity insurance available in …
Persistent link: https://www.econbiz.de/10011969184