Journal of Monetary Economics

最新文章

• Alternative central bank credit policies for liquidity provision in a model of payments AI翻译
  作者：Mills, David C., Jr.
  作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
  摘要：I explore alternative central bank policies for liquidity provision in a model of payments. I use a mechanism design approach so that agents' incentives to default are explicit and contingent on the credit policy designed. In the first policy, the central bank invests in costly enforcement and charges an interest rate to recover costs. I show that the second-best solution is not distortionary. In the second policy, the central bank requires collateral. If collateral does not bear an opportunit...
• Comment on: Globalization, returns to accumulation and the world distribution of output AI翻译
  作者：Eaton, Jonathan
  作者单位：New York University
• One monetary policy and 18 central bankers: The European monetary policy as a game of strategic delegation AI翻译
  作者：Fatum, R
  作者单位：University of Alberta
  摘要：This paper employs a multi-country delegation monetary policy model and argues that a decision-making mechanism based on the median voter theorem where intensity of preferences cannot play a role does not capture important aspects of policy setting in the European Monetary Union. Replacing the median voter mechanism with a less restrictive weighted mean mechanism, it is shown that strategic delegation can lead to a surprising degree of central bank inflation aversion. This finding supports the...
• Review of a History of the Federal Reserve. Volume I (2003) by Allan H. Meltzer AI翻译
  作者：Bordo, Michael D.
  作者单位：Rutgers University System; Rutgers University New Brunswick; National Bureau of Economic Research
  摘要：This is a book review of A History of the Federal Reserve. Volume 1 (2003) by Allan H. Meltzer. (c) 2006 Elsevier B.V. All rights reserved.
• Birth of the Federal Reserve: Crisis in the womb AI翻译
  作者：Silber, WL
  作者单位：New York University
  摘要：The outbreak of World War I shut the New York Stock Exchange for more than 4 months. The conventional explanation maintains that the closure prevented a collapse in stock prices that threatened a repetition of the Panic of 1907. This paper shows that the Wilson Administration encouraged the suspension of trading to pave the way for launching the Federal Reserve System, which was in the process of being born. Federal Reserve insiders considered an adequate stock of gold crucial to the success o...
• Deposit insurance, bank regulation, and financial system risks AI翻译
  作者：Pennacchi, G
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign
  摘要：Empirical evidence is presented to show that in modern times banks can hedge liquidity shocks but could not, do so prior to FDIC insurance. However, the government's limitations in properly pricing FDIC insurance are leading to many current examples of moral hazard. A model is presented to show that if insurance premiums are set to be actuarially fair, incentives for banks to take excessive systematic risks remain. Motivated by empirical evidence that money market Mutual funds also can hedge l...
• Comments on: David Dollar and Aart Kraay, neither a borrower nor a lender: Does China's zero net foreign asset position make economic sense? AI翻译
  作者：Wei, Shang-Jin
  作者单位：International Monetary Fund
• International risk sharing is better than you think, or exchange rates are too smooth AI翻译
  作者：Brandt, Michael W.; Cochrane, John H.; Santa-Clara, Pedro
  作者单位：University of Chicago; Duke University; University of California System; University of California Los Angeles
  摘要：Exchange rates depreciate by the difference between domestic and foreign marginal utility growth or discount factors. Exchange rates vary a lot. as Much as 15% per year. However. equity premia imply that marginal utility growth varies much more, by at least 50% per year. Therefore. marginal utility growth must be highly correlated across countries: international risk sharing is better than you think. Conversely, if risks really are not shared internationally. exchange rates should vary more th...
• Monetary policy signaling and movements in the term structure of interest rates AI翻译
  作者：Andersson, Malin; Dlllen, Hans; Sellin, Peter
  作者单位：Sveriges Riksbank; European Central Bank
  摘要：This paper examines how various monetary policy signals such as repo rate changes, inflation reports, speeches, and minutes from monetary policy meetings affect the term structure of interest rates. We find that unexpected movements in the short end of the yield curve are mainly driven by unexpected changes in the repo rate. However, published inflation reports and speeches also have some impact on short rates. Speeches are found to be a more important determinant for the longer end of the ter...
• The case for inflation stability AI翻译
  作者：Collard, Fabrice; Dellas, Harris
  作者单位：University of Bern; Centre National de la Recherche Scientifique (CNRS); Universite de Toulouse; Universite Toulouse 1 Capitole
  摘要：We evaluate the case for inflation stabilization in a New Keynesian (NNS) model that includes various frictions, capital accumulation and a variety of shocks. In such a model, price rigidity may provide the monetary authorities with an opportunity to improve upon the inefficient flexible price equilibrium via the suitable cyclical manipulation of real marginal costs. We find that such an opportunity is of limited value and that a strong case for perfect inflation stabilization remains. Policie...