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Wealth as a signal in the search model of money
Okumura, Tsunao (contributor) - 2005
This paper investigates the possibility that wealth (holdings of money) serves as a signal of ability to produce high … would otherwise arise. -- Random matching ; Money holdings ; Signaling ; Distribution of wealth ; Welfare ; Divisible money …
Persistent link: https://www.econbiz.de/10003779289
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A tractable monetary model under general preferences
Wong, Tsz-Nga - 2013
equilibrium with degenerate money distribution. I solve for the entire class of exact solutions to the above non-linear second …
Persistent link: https://www.econbiz.de/10009718496
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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/10010466014
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Liquidity and Asset Market Dynamics
Rocheteau, Guillaume - 2010
We study economies with an essential role for liquid assets in transactions. The model can generate multiple stationary equilibria, across which asset prices, market participation, capitalization, output and welfare are positively related. It can also generate a variety of nonstationary...
Persistent link: https://www.econbiz.de/10013135202
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Liquidity and the Threat of Fraudulent Assets
Li, Yiting - 2011
We study an over-the-counter (OTC) market with bilateral meetings and bargaining where the usefulness of assets, as means of payment or collateral, is limited by the threat of fraudulent practices. We assume that agents can produce fraudulent assets at a positive cost, which generates endogenous...
Persistent link: https://www.econbiz.de/10013119877
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Financial Frictions, the Housing Market, and Unemployment
Branch, William - 2014
We develop a two-sector search-matching model of the labor market with imperfect mobility of workers, augmented to incorporate a housing market and a frictional goods market. Homeowners use home equity as collateral to finance idiosyncratic consumption opportunities. A financial innovation that...
Persistent link: https://www.econbiz.de/10013064308
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Counterfeiting, Screening and Government Policy
Kang, Kee-Youn - 2018
We construct a search theoretic model of money in which counterfeit money can be produced at a cost, but agents can … screen for fake money also at a cost. Counterfeiting can occur in equilibrium when both costs and the inflation rate are … circulation of counterfeit money differs from the conventional mechanism that holds in the model when counterfeiting does not …
Persistent link: https://www.econbiz.de/10012936218
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Exit Strategies for Monetary Policy
Berentsen, Aleksander - 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/10012934628
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A Model of Retail Banking and the Deposits Channel of Monetary Policy
Choi, Michael; Rocheteau, Guillaume - 2021
We develop a dynamic, search-theoretic model of bank deposit and loan markets where relationships are bilateral, the demand for liquid assets is microfounded, and consumers are privately informed about their liquidity needs. As the policy rate rises, the deposit spread widens, and aggregate...
Persistent link: https://www.econbiz.de/10013216021
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A Monetary Approach to Asset Liquidity
Rocheteau, Guillaume - 2010
fiat money coexists with a real asset, and no restrictions are imposed on payment arrangements. The liquidity of the real …
Persistent link: https://www.econbiz.de/10013144528