In order to invent, develop, and build the technology of space, now and in the future, we need billions and billions of dollars to finance a massive research, innovation, and development drive. I argue that humanity's space potential is closely tied to humanity's financial wisdom, such that...

This paper investigates the transmission channel of macroprudential instruments in a closed economy DSGE model with a rich set of financial frictions. Banks' decisions on risky retail loan concessions are based on borrowers' capacity to settle their debt with labor income. We also introduce...

German Abstract: Wir argumentieren, dass die Entschuldung der Regierungen über eine ultra-lockere Geldpolitik bzw. finanzielle Repression, den Wohlstand in den Industrieländern nicht sichert. Der mit der ultra-lockeren Geldpolitik einhergehende graduelle Fall der Produktivitätsgewinne und die...

This paper considers whether eliminating the stock of government debt outstanding would reduce welfare. It models an economy with three assets - currency, government bonds, and storage, a transactions role for money, and a demand for liquidity and thus a role for banks. The Friedman rule is not...

This study examined the effect of auditor independence on financial reporting quality of deposit money banks in Nigeria with Financial Reporting Quality as the dependent variable; Audit Fee, Audit Firm Size and Audit Meeting as independent variables, Debt Ratio as control variable. The sample...

Sargent and Wallace (1981) published "Some Unpleasant Monetarist Arithmetic" 40 years ago. Their central message was that a central bank may not have the power to determine the long-run rate of inflation without fiscal support. In a policy regime where the fiscal authority is non-Ricardian, an...

The banks are central elements of a market economy. In more than one way, they facilitate business transactions by acting as depositor and lender for many actors in the domestic and international economy. The banking industry in Nigeria has expanded in size in terms of assets in the last 60...

While the U.S. economic position today is unlike any period in modern U.S. history, understanding the cyclical nature of financial regulation and economic behavior patterns delivers valuable insights for mitigating risk in the current environment. Spanish philosopher George Santayana is credited...