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作者：Blalock, Garrick; Gertler, Paul J.; Levine, David I.
作者单位：Cornell University; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：We investigate whether capital market imperfections constrain investment during an emerging market financial crisis. Both large currency devaluations and banking sector failures characterize recent crises. Although a currency devaluation should increase exporters' competitiveness and investment, a failing banking system may limit credit to these firms. Foreign-owned firms, which may have greater access to overseas financing but otherwise face the same investment prospects, provide an ideal con...
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作者：Monnet, Cyril; Roberds, William
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：Payments are increasingly being made with payment cards despite the fact that the cost of clearing a card payment Usually exceeds the cost of transferring cash. We examine this puzzle through the lens of monetary theory, We consider the design of ail optimal card-based payment system when cash is available as an alternative means of payment. We find that a feature akin to the controversial no-surcharge rule may be necessary to ensure the viability of the card payment system. This rule states t...
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作者：Levine, Paul; McAdam, Peter; Pearlman, Joseph
作者单位：European Central Bank; University of Surrey; London Metropolitan University
摘要：Our objectives are: to quantify the stabilization welfare gains from commitment; to examine how commitment to an optimal rule can be sustained as an equilibrium: to find a simple interest rate rule that approximates the optimal commitment one. We utilize an empirical micro-founded euro-area DSGE model, a quadratic approximation of household utility as the welfare criterion, employing a nominal interest rate lower bound. In contrast to previous studies, we find significant commitment stabilizat...
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作者：Shi, Shouyong
作者单位：University of Toronto
摘要：In a monetary search model with nominal bonds, agents face matching/taste shocks but they cannot insure, borrow or trade against such shocks. A government imposes a legal restriction that prohibits bonds from being used to buy a subset of goods. I show that this legal restriction can increase the society's welfare. In contrast to the literature this, efficiency role persists in the steady state and even when the households cannot trade assets after receiving the shocks. Moreover, it can exist ...
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作者：Klee, Elizabeth
作者单位：Federal Reserve System - USA
摘要：Empirical evidence based on grocery store transaction data shows that consumer payment behavior at the point of sale is important for understanding models of money demand. There are statistically significant effects of transaction costs, opportunity costs, and product characteristics on the choice of payment instrument, which then, in turn, affect money demand. These results emphasize the overlap between the work of empirical researchers in payment choice and theoretical modelers of monetary e...
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作者：Kahn, Charles M.; Roberds, William
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：The quintessential crime of the information age is identity theft, the malicious use of personal identifying data. In this paper we model identity and its use in credit transactions. Various types of identity theft occur in equilibrium, including new account fraud, existing account fraud, and friendly fraud. The equilibrium incidence of identity theft represents a tradeoff between a desire to avoid costly or invasive monitoring of individuals on the one hand, and the need to control transactio...
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作者：Devereux, Michael B.; Sutherland, Alan
作者单位：University of British Columbia; University of British Columbia; University of St Andrews
摘要：Recent data Show Substantial increases in the size of gross external asset and liability positions. The implications of these developments for optimal Conduct of monetary policy are analyzed in a standard open economy model which is augmented to allow for endogenous portfolio choice. The model shows that monetary policy takes on new importance due to its impact oil nominal asset returns. Nevertheless, the case for price stability as an optimal monetary rule remains. In fact, it is reinforced. ...
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作者：Eeckhoudt, Louis; Schlesinger, Harris
作者单位：University of Alabama System; University of Alabama Tuscaloosa; IESEG School of Management; University of Munich
摘要：How does risk affect saving? Empirical work typically examines the effects of detectible differences in risk within the data. How these differences affect saving in theoretical models depends on the metric one uses for risk. For labor-income risk, second-degree increases in risk require prudence to induce increased saving demand. However, prudence is not necessary for first-degree risk increases and not sufficient for higher-degree risk increases. For increases in interest-rate risk, a precaut...
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作者：Schorfheide, Frank
作者单位：University of Pennsylvania
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作者：Chowdhury, Ibrahim; Schabert, Andreas
作者单位：Swiss National Bank (SNB); Dortmund University of Technology; Tinbergen Institute
摘要：Federal Reserve nonborrowed reserve supply systematically responded to changes in inflation and in the output gap over the period 1969-2000. While the feedback from output gap is always negative, the response of money supply to changes in inflation varies considerably across time. Nonborrowed reserves decreased with inflation in the post1979 period and increased in the pre-1979 period. Applying a standard macro-model, the estimated reaction functions are shown to ensure equilibrium determinacy...
