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Quantitative Easing as a Highway to Hyperinflation
Moosa, Imad A - World Scientific Publishing Co. Pte. Ltd.
hyperinflation or depression. It dispels the proposition that quantitative easing is benign</li> <li>The analysis combines theory … quantitative easing is used to boost the economy, is conducive to the emergence of hyperinflation. This is a controversial and … to hyperinflation and argues that hyperinflation, or at least high inflation, is likely to appear eventually. The book …
Persistent link: https://www.econbiz.de/10011156380
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Stability problems in hyperinflation models
Zink, Helmut - Fachbereich Wirtschaftswissenschaften, Universität Konstanz - 1993
Traditional monetary models of hyperinflation suffer from severe stability problems: equilibria with realistic … develop a model of hyperinflation which is based on an analysis of firms' payment behavior and which uses a weaker concept of …
Persistent link: https://www.econbiz.de/10010956839
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Trade and Tax Reforms in a Cash-in-Advance Economy
Palivos, Theodore; Tsakiris, Nikos - 2010
We examine the effects of both tariff-only and coordinated trade-tax reforms on market access, government revenue and welfare for a small monetary economy, under the assumption that a certain fraction of purchases of each good must be ?nanced with cash held in advance. We show that if the cash...
Persistent link: https://www.econbiz.de/10008620618
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Another look at yield spreads: Monetary policy and the term structure of interest rates
Kim, Dong-heon - Deutsche Bank Research - 1998
Liquidity plays an important role in explaining how banks determine their allocation of funds. This paper analyses whether this fact can explain the term structure of interest rates and yield spreads. The paper models banks' demand for liquidity in a manner similar to that used to study...
Persistent link: https://www.econbiz.de/10008677319
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Can growth-enhanced monetary policy improve welfare when people seek social status?
Lee, Hsiu-Yun; Wang, Yu-Lin; Chang, Wen-Ya - In: Journal of Economics 110 (2013) 3, pp. 257-272
This paper examines the growth and welfare effects from an increase in the rate of money supply in an Ak type growth model with a relative wealth-enhanced social status motive, production externalities, and liquidity constraints. When only consumption is constrained by liquidity, fast money...
Persistent link: https://www.econbiz.de/10010863064
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Sunspot Bubbles
Bosi, Stefano - Centre d'Études des Politiques Économiques (EPEE), … - 2005
Bubbles and money holding can reabsorb capital overaccumulation and restore the MGR in exogenous growth OLG economies. In contrast, under productive externalities and endogenous growth, bubbles and monetary saving can worsen an already inefficient underaccumulation. Under a simple credit market...
Persistent link: https://www.econbiz.de/10010655966
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On Rational Exuberance
Bosi, Stefano; Seegmuller, Thomas - HAL - 2009
In his seminal contribution, Tirole (1985) shows that an overlapping generations economy may monotonically converges to a steady state with a positive rational bubble, characterized by the dynamically efficient golden rule. The issue we address is whether this monotonic convergence to an...
Persistent link: https://www.econbiz.de/10010738685
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Cash-in-advance constraints, bubbles and monetary policy
Michel, Philippe; Wigniolle, Bertrand - HAL - 2005
In this paper, we study the equilibrium dynamics of an overlapping generations model with capital, money and cash-in-advance constraints. At each period, the economy can experience two different regimes: either the cash-inadvance constraint is binding and money is a dominated asset, or the...
Persistent link: https://www.econbiz.de/10010750619
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Endogenous Specialization and Factor Substitution in a Monetary Growth Model
Jurkat, Anne; Klump, Rainer - Institut for Miljø og Erhvervsøkonomi, Syddansk … - 2009
We study the effects of monetary policy on the choice of production technology and specialization. The level of output specialization is represented by the elasticity of substitution between capital and labor within a CES production function. A higher degree of specialization increases trading...
Persistent link: https://www.econbiz.de/10011123993
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Cash-in-advance constraint with status and endogenous growth
Kawagishi, Taketo; Kaminoyama, Ken-ichi - Volkswirtschaftliche Fakultät, … - 2014
This paper explores a one-sector AK model with a cash-in-advance (CIA) constraint that itself depends on relative income, which implies status (we call this constraint the “CIA-status constraint”). The CIA-status constraint means that agents with higher income are more creditworthy and can...
Persistent link: https://www.econbiz.de/10011109613