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Historically, countries have relied on seigniorage. In this paper, we explore a set of features in which a benevolent government will rely on seigniorage. We use a simple overlapping generations model with return-dominated money. Money is valued because of a reserve requirement. The government...
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affiliates in diverse foreign markets. We use the Great Recession as an opportunity to identify the balance-sheet shocks to … parent banks in the United States and then explore which features of foreign affiliates are associated with protecting, for … example, their status as important locations in sourcing funding or as destinations for foreign investment activity. We show …
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Since the Federal Open Market Committee (FOMC) began announcing its policy decisions in 1994, U.S. stock returns have on average been more than thirty times larger on announcement days than on other days. Surprisingly, these abnormal returns are accrued before the policy announcement. The excess...
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Remarks at the Central Reserve Bank of Peru on the Foreign Sovereign Immunities Act and Central Bank Immunity in the …
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