Remarks at the 2015 U.S. Monetary Policy Forum, New York City.

RESUMEN El presente artículo tiene por objetivo estudiar el control del comportamiento caótico de un sistema dinámico de hiperinflación empleando el método propuesto por Ott, Grebogy y Yorke (1990) (método OGY), el cual busca controlar la dinámica caótica de un sistema perturbando...

The paper models strategic monetary-fiscal interactions in the aftermath of the global financial crisis - in a single country as well as a monetary union. It depicts both the short- term (stabilization) perspective and the long-term (sustainability) perspective, and the link between them. This...

The sustained elevated gold price domestically, hovering persistently above the global market price, underscores the peculiar nature of the gold market in Vietnam and the resiliently strong demand for gold in the local market. In particular, the movements in the price of gold seem to lead a...

It is well-known that there is a large degree of uncertainty around Rogoff's (1996) consensus half-life of the real exchange rate. To obtain a more efficient estimator, we develop a system method that combines the Taylor rule and a standard exchange rate model to estimate half-lives. Further, we...

Many search models of money rely on the double coincidence of real wants problem to generate a role for money and, for the sake of tractability, assume money to be indivisible. In this article, we study the implications of these two assumptions for the formation of the terms of trades and the...

In search-theoretic models of monetary economies, equivalence between money and memory is referred to gift-giving economies. Kocherlakota and Iwai obtain on this basis interesting results. In this paper it is argued that such results should not be interpreted as their authors suggest it. As soon...

In this paper, we consider unemployment equilibria as the result of coordination failures problems. The existence of coordination failures is here based on the realisation of decentralised exchanges. We propose then to investigate the links between the realisation of exchanges and the...

This article addresses the difficulty introducing a new currency into a domestic economy. The aim is to study how a government can influence private agents in their decision to accept, or reject a new fiat currency. Different historical examples teach us that some conditions must be fulfilled...

In this paper, a critical assessment of dsge models, which are the theoretical basis for the monetary policy currently carried out by central banks, is the starting point for reconsidering the nature of fluctuations and giving arguments in favour of an out-of-equilibrium approach. This approach...