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Roberds, William; Schreft, Stacey L. - 2008

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

Credit and the no-surcharge rule

Monnet, Cyril; Roberds, William - 2006

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

An analytical model of search and bargaining with divisible money

Kamiya, Kazuya; Kubota, So - In: Theoretical Economics 20 (2025) 2, pp. 713-761

We propose a standard search and bargaining model with divisible money, in which only the random matching market opens … tractable equilibrium, called a pay-all equilibrium , and prove its existence. Each buyer pays all the money holding as a corner … power parameter affects the distribution of the money holdings and possibly induces economic inefficiency. We propose a …

Persistent link: https://www.econbiz.de/10015419698

Monetary policy with imperfect signals: The target problem in a new monetarist approach

Draack, Hannes - 2018

information to the model of [Berentsen and Waller, 2011], a divide between an interest rate policy and a money stock policy …

Persistent link: https://www.econbiz.de/10011969207

Money Is the Root of Asset Bubbles

Awaya, Yu; Iwasaki, Kohei; Watanabe, Makoto - 2024

not created due to a hold-up problem. Monetary expansion increases buyers' money holdings, and then, dealers are willing …

Persistent link: https://www.econbiz.de/10014534470

Frictional asset reallocation under adverse selection

Madison, Florian - 2018

The aim of this paper is to study asset reallocation in financial markets subject to search, bargaining, and … consequence, a positive liquidity differential between money and real assets emerges, resulting in an increased demand for fiat … money, as observed since the eruption of the global financial crisis. A policy intervention replacing information sensitive …

Persistent link: https://www.econbiz.de/10011969185

Limited higher order beliefs and the welfare effects of public information

Cornand, Camille; Heinemann, Frank - 2013

In games with strategic complementarities, public information about the state of the world has a larger impact on equilibrium actions than private information of the same precision, because the former is more informative about the likely behavior of others. This may lead to welfare-reducing...

Persistent link: https://www.econbiz.de/10010331131

The optimal degree of monetary-discretion in a New Keynesian model with private information

Waki, Yuichiro; Dennis, Richard J.; Fujiwara, Ippei - In: Theoretical Economics 13 (2018) 3, pp. 1319-1368

This paper considers the optimal degree of monetary-discretion when the central bank conducts policy based on its private information about the state of the economy and is unable to commit. Society seeks to maximize social welfare by imposing restrictions on the central bank's actions over time,...

Persistent link: https://www.econbiz.de/10012010058

Currency boards as an economic stabilization tool: How they work and where they are adopted

Cappiello, Antonio - In: Quaderni di Studi Europei 1 (2006) 2006, pp. 41-61

In recent times, interest in currency boards has come back into vogue as a tool to stabilize the nominal exchange rate and accelerate the process of economic stabilization. The most important reasons for the renewed interest in currency boards must be found in the need to face the persistent...

Persistent link: https://www.econbiz.de/10014490850

New instruments for banking regulation and monetary policy after the crisis

Detzer, Daniel - 2012

reduce excessive asset price inflation by reducing the amount of credit money and investment flowing from financial …

Persistent link: https://www.econbiz.de/10010309122