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Monetary policy in a channel system
Berentsen, Aleksander; Monnet, Cyril - 2007
Channel systems for conducting monetary policy are becoming increasingly popular. Despite their popularity, the consequences of implementing policy with a channel system are not well understood. We develop a general equilibrium framework of a channel system and investigate the optimal policy. A...
Persistent link: https://www.econbiz.de/10010264077
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Credit and Money in a Search Model with Divisible Commodities
Shi, Shouyong - 1995
This paper examines the competition between money and credit in a search model with divisible commodities. It is shown … of money from below by that of credit. In so doing it eliminates the weak monetary equilibrium found in previous search … that flat money can be valuable even though it yields a lower rate of return than the coexisting credit. The competition …
Persistent link: https://www.econbiz.de/10011940576
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Nonlinear unemployment effects of the inflation tax
Lahcen, Mohammed Ait; Baughman, Garth; Rabinovich, Stanislav - 2021
unemployment is higher. We show that these correlations arise in a standard monetary search model with two shocks - productivity …
Persistent link: https://www.econbiz.de/10012631633
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Data breaches and identity theft
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
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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
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Monetary policy, parameter uncertainty and optimal learning
Wieland, Volker - 1999
reunification. A policy that separates learning from control may induce a persistent upward bias in money growth and inflation, just …
Persistent link: https://www.econbiz.de/10010301199
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Exit strategies for monetary policy
Berentsen, Aleksander; Kraenzlin, Sébastien; Müller, … - 2018
In response to the financial crisis of 2007/08, all major central banks decreased interest rates to historically low levels and created large excess reserves. Central bankers and academics currently discuss how to implement monetary policy, going forward. We find that paying interest on reserves...
Persistent link: https://www.econbiz.de/10011969181
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Endogenously (non-)Ricardian beliefs
Branch, William A.; Gasteiger, Emanuel - 2019
This paper develops a theory of endogenously (non-)Ricardian beliefs. That is, whether Ricardian Equivalence holds in an equilibrium depends on endogenous private sector beliefs. The novelty here is a restricted perceptions viewpoint: in complex forecasting environments, agents forecast...
Persistent link: https://www.econbiz.de/10011992751
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Competing currencies in the laboratory
Jiang, Janet Hua; Zhang, Cathy - 2017
between human subjects. We design a laboratory experiment based on a simple two-country, two-currency search model to study …
Persistent link: https://www.econbiz.de/10012014438
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Wealth as a signal in the search model of money
Okumura, Tsunao - 2005
This paper investigates the possibility that wealth (holdings of money) serves as a signal of ability to produce high …
Persistent link: https://www.econbiz.de/10010266277