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作者：Wallace, N
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：An earlier analysis of Cavalcanti and Wallace showing that the set of allocations achievable using outside (government) money is a subset of those achievable using inside (private) money is extended. Here, the class of outside-money allocations is enriched by allowing the planner to make transfers in the form of outside money. At the same time, punishments for defection are weakened. It is shown that the subset result continues to hold, although for a different reason than in the Cavalcanti an...
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作者：Kahn, CM; McAndrews, J; Roberds, W
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Federal Reserve System - USA; Federal Reserve Bank - New York; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：An extensive literature in monetary theory has emphasized the role of money as a record-keeping device. Money assumes this role in situations where using credit would be too costly, and some might argue that this role will diminish as the cost of information and thus the cost of credit-based transactions continues to fall. In this article we investigate another use for money, the provision of privacy. That is, a money purchase does not identify the purchaser, whereas a credit purchase does. In...
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作者：Shi, SY
作者单位：University of Toronto
摘要：In this article, I integrate the microfoundation of monetary theory with the model of limited participation to analyze the competition between nominal bonds and money. The market for government nominal bonds is centralized and Walrasian, whereas the goods market is modeled as random matches. The government imposes a legal restriction that requires all government goods to be purchased with money but not with bonds. By contrast, private agents can exchange between themselves with both money and ...
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作者：Ireland, PN
作者单位：Boston College; National Bureau of Economic Research
摘要：In models with heterogeneous agents, issues of distribution and redistribution jump to the fore, raising the question: Which policies-monetary or fiscal-work most effectively in transferring income between groups'? From Townsend's turnpike model, two basic results emerge to help answer this question. First, the zero lower bound on nominal interest rates often appears as an obstacle to redistribution by monetary means. Second, assumptions about the government's ability to raise tax revenue with...
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作者：Green, EJ; Zhou, RL
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We investigate the efficiency property of a monetary economy with spot trade. We prove a conjecture that is essentially due to Bewley (Models of Monetary Economies (1980); Econometrica 51 (1983), 1485-504). The gist is that monetary spot trading is nearly efficient ex ante in an environment where very patient agents can accumulate large enough money stocks to be completely self-insured. We also study examples where a nonmonetary mechanism is preferred ex ante to any monetary mechanism in a sta...
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作者：Cavalcanti, RD; Erosa, A; Temzelides, T
作者单位：Getulio Vargas Foundation; University of Toronto; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We build on our earlier model of money in which bank liabilities circulate as a medium of exchange. We investigate optimal bank behavior and the resulting provision of liquidity under a range of central bank regulations. In our model, banks issue inside money under fractional reserves, facing the possibility of excess redemptions. Banks consider the float resulting from money creation and make reserve-management decisions that affect aggregate liquidity conditions. Numerical examples demonstra...
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作者：He, P; Huang, LX; Wright, R
作者单位：University of Pennsylvania; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; City University of Hong Kong
摘要：We develop anew theory of money and banking based on the old story in which goldsmiths start accepting deposits for safe keeping, then their liabilities begin circulating as media of exchange, then they begin making loans. We first discuss the history. We then present a model where agents can open bank accounts and write checks. The equilibrium means of payment may be cash, checks, or both. Sometimes multiple equilibria exist. Introducing banks increases the set of parameters for which money i...
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作者：Wright, R
作者单位：University of Pennsylvania
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作者：Kocherlakota, NR
作者单位：Stanford University; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research
摘要：In this article, I examine the current state of knowledge about optimal monetary policy. I distinguish between two literatures, basic and applied. The basic literature is explicit about the frictions that generate a positive value for money and make it socially beneficial. The applied literature is not. I describe the recent lessons about monetary policy that we have learned from each literature and discuss how the two distinct approaches may be usefully combined.
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作者：Berentsen, A; Camera, G; Waller, C
作者单位：University of Notre Dame; Purdue University System; Purdue University; University of Basel
摘要：Recent monetary models with explicit microfoundations are made tractable by assuming that agents have access to centralized markets after one round of decentralized trade. Given quasi-linear preferences, this makes the distribution of money degenerate-which keeps the models simple but precludes the discussion of distributional effects of monetary policy. We generalize these models by assuming two rounds of trade before agents can readjust their money holdings to study a range of new distributi...
