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Endogenous Matching and Money with Random Consumption Preferences

Hogan, Thomas L. - 2018

Current money matching models employ either random matching or endogenous matching processes, both of which … consumption preferences. We offer an endogenous matching model of money with random consumption preferences. Our model preserves … nonmonetary equilibria to other endogenous matching and random matching models. We then consider the effects of government …

Persistent link: https://www.econbiz.de/10012938017

The Political Economy of Bitcoin

Hendrickson, Joshua R.; Hogan, Thomas L.; Luther, William J. - 2018

governments have already taken steps to ban or discourage the use of bitcoin. In a model with endogenous matching and random … the matching process …

Persistent link: https://www.econbiz.de/10014140240

Sources of macroeconomic fluctuations: A regime-switching DSGE approach

Liu, Zheng; Waggoner, Daniel F.; Zha, Tao - 2010

We examine the sources of macroeconomic economic fluctuations by estimating a variety of medium-scale DSGE models within a unified framework that incorporates regime switching both in shock variances and in the inflation target. Our general framework includes a number of different model features...

Persistent link: https://www.econbiz.de/10010292241

Liquidity creation without a lender of last resort: Clearinghouse loan certificates in the banking panic of 1907

Tallman, Ellis W.; Moen, Jon R. - 2007

We employ a new data set comprised of disaggregate figures on clearinghouse loan certificate issues in New York City to document how the dominant national banks were crucial providers of temporary liquidity during the Panic of 1907. Clearinghouse loan certificates were essentially bridge loans...

Persistent link: https://www.econbiz.de/10010292254

An economic explanation of the early Bank of Amsterdam, debasement, bills of exchange, and the emergence of the first central bank

Quinn, Stephen; Roberds, William - 2006

The Bank of Amsterdam, founded in 1609, was the first public bank to offer accounts not directly convertible to coin. As such, it can be described as the first true central bank. The debut of central bank money did not result from any conscious policy decision, however, but instead arose almost...

Persistent link: https://www.econbiz.de/10010292266

How Amsterdam got fiat money

Quinn, Stephen; Roberds, William - 2010

We investigate a fiat money system introduced by the Bank of Amsterdam in 1683. Using data from the Amsterdam Municipal Archives, we partially reconstruct changes in the bank's balance sheet from 1666 through 1702. Our calculations show that the Bank of Amsterdam, founded in 1609, was engaged in...

Persistent link: https://www.econbiz.de/10010292282

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

Issues in central bank finance and independence

Stella, Peter; Lonnberg, Åke - 2008

Conventional economic policy models focus only on selected elements of the central bank balance sheet, in particular monetary liabilities and sometimes foreign reserves. The canonical model of an independent central bank assumes that it chooses money (or an interest rate) unconstrained by a need...

Persistent link: https://www.econbiz.de/10010292319

Asymmetric expectation effects of regime shifts and the great moderation

Liu, Zheng; Waggoner, Daniel F.; Zha, Tao - 2007

The possibility of regime shifts in monetary policy can have important effects on rational agents' expectation formation and equilibrium dynamics. In a dynamic stochastic general equilibrium model where the monetary policy rule switches between a dovish regime that accommodates inflation and a...

Persistent link: https://www.econbiz.de/10010292340

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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