[...]These political considerations may seem tangential to thesubject of price hedonics, but the events following fromGreenspan’s remark have linked the two issues. First, theSenate Finance Committee consulted a panel of experts, andthat panel reached a consensus supporting...

[...]The final force of change is the continual evolution of thedelivery channels through which financial services are offered.This has occurred in many ways and in several stages. First, theuse of postal services substituted for physical market presence;this was followed by increased use of...

This paper presents a brief overview of developmentscurrently taking place in the Australian banking sectorrelating to the measurement and management of creditrisk. Section I provides, as background, a sketch of thestructure of banking in Australia. Section II considers someof the forces...

We consider a general equilibrium model with frictions in credit markets used by households. Inour economy, houses provide housing services to consumers and serve as collateral to lower borrowingcost.We show that this amplifies and propagates the effect of monetary policy shocks on...

This paper presents a two-country dynamic general equilibrium model with imperfectcompetition and nominal price rigidities in which productivity shocks coexist withmarkup shocks. After analyzing the features of the optimal cooperative solution, we showthat this allocation can be implemented in a...