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作者：Khan, A; Thomas, JK
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：Recent empirical analysis has found nonlinearities to be important in understanding aggregated investment. Using an equilibrium business cycle model, we search for aggregate nonlinearities arising from the introduction of nonconvex capital adjustment costs. We find that, while such costs lead to nontrivial nonlinearities in aggregate investment demand, equilibrium investment is effectively unchanged. Our finding, based on a model in which aggregate fluctuations arise through exogenous changes ...
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作者：Bullard, J; Smith, BD
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：We study dynamic economies in which agents may have incentives to hold both privately-issued (a.k.a. inside) and publicly-issued (a.k.a. outside) circulating liabilities as part of an equilibrium. Our analysis emphasizes spatial separation and limited communication as frictions that motivate monetary exchange. We isolate conditions under which a combination of inside and outside money does and does not allow the economy to achieve a first-best allocation of resources. We also study the extent ...
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作者：Prescott, ES; Weinberg, JA
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：Alternative payment instruments are studied in an economy with private information, delayed communication, and limited commitment. Attention is restricted to checks and bank drafts, which differ in resource cost and communication characteristics. Checks are less costly but settlement delays create a limited commitment constraint. We find that drafts dominate at low wealths and checks at higher wealths. Applications to 19th century and modern payment systems are discussed. (C) 2003 Elsevier Sci...
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作者：Heller, D; Lengwiler, Y
作者单位：Swiss National Bank (SNB); University of Basel
摘要：We develop a model in which a bank's demand for reserves depends on the joint distribution of transactions, reserve requirements, and the interest rate. By devoting resources to its liquidity management, a bank can save on costly reserves required to settle its payments on time. We test the model with data from the largest banks in the Swiss Interbank Clearing system. We find that the turnover ratio (the speed with which a bank turns over its reserves in the payment system) depends largely on ...
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作者：Lacker, JM; Weinberg, JA
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：The five papers that follow this essay were presented at the Federal Reserve Bank of Richmond's Conference on Payment Economics held October 23-24, 2000, in Williamsburg, Virginia. The conference was motivated by the convergence of lines of research in monetary and banking theory that are focused on the institutional arrangements that facilitate exchange. At the same time, central bank policymakers concerned about the efficiency implications of their involvement in and regulation of clearing a...
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作者：Mukoyama, T
作者单位：Concordia University - Canada; Universite de Montreal
摘要：This paper analyzes the interaction of innovation and imitation in the growth process. Technology is assumed to be cumulative: only leaders can conduct next-round innovation. Outsiders can become leaders by imitation. Our results show that subsidizing imitation may increase the economy-wide rate of technological progress. There are cases where competition and growth exhibit positive correlation. In these cases, promoting imitation enhances not only the static efficiency but also the dynamic pe...
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作者：Williamson, SD
作者单位：University of Iowa
摘要：A dynamic spatial model is constructed where there is a role for money and for centralized payments arrangements, and where there are aggregate fluctuations driven by fluctuations in aggregate productivity. With decentralized monetary exchange and no centralized payments arrangements, there is price level indeterminacy, and the equilibrium allocation is inefficient. A private clearinghouse arrangement improves efficiency but produces a real indeterminacy. The pricing of daylight overdrafts is ...
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作者：Bils, M; Chang, YS
作者单位：University of Rochester; National Bureau of Economic Research; University of Pennsylvania
摘要：We examine the impact of wage stickiness when employment has an effort as well as hours dimension. Despite wages being predetermined, the labor market clears through the effort margin. Consequently, welfare costs of wage stickiness are potentially much, much smaller. (C) 2003 Elsevier Science B.V. All rights reserved.
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作者：Weber, WE
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities
摘要：This paper investigates antebellum interbank relationships using previously unknown data for Pennsylvania banks from 1851 to 1859 that disaggregate the amounts due from other banks by debtor bank. It finds that country banks, banks outside of Philadelphia and Pittsburgh, dealt almost exclusively with financial center banks. Most had a large, highly stable relationship with a single correspondent bank. The location of a country bank's correspondent was consistent with trade patterns, particular...
