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We study price posting with undirected search in a search-theoretic monetary model with divisible money and divisible goods. Ex ante homogeneous buyers experience match s[...]
2011 | Text | Staff Working Paper - Document de travail du personnel |
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2.
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Recent studies on counterfeiting in a monetary search framework show that counterfeiting does not occur in a monetary equilibrium. These findings are inconsistent with th[...]
2011 | Text | Staff Working Paper - Document de travail du personnel |
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3.
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The effectiveness of monetary policy depends, to a large extent, on market expectations of its future actions. In a standard New Keynesian business-cycle model with ratio[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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4.
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We examine the safety of government bonds in the presence of Knightian uncertainty amongst financial market participants. In our model, the information insensitivity of g[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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Bank liability guarantee schemes have traditionally been viewed as costless measures to shore up investor confidence and prevent bank runs. However, as the experiences of[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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6.
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Recent studies in monetary theory show that if buyers can use lotteries to signal the quality of bank notes, counterfeiting does not occur in a pooling equilibrium. In th[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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7.
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We conduct experiments with human subjects in a model with a positive production externality in which productivity is a non-decreasing function of the average level of em[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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8.
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Consider the monetary model of Lagos and Wright (JPE 2005) but with general preferences and general production. I show that preferences satisfying UXXUHH – (UXH)2 = 0 is [...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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We survey several key mechanisms that explain the composition of international capital flows: foreign direct investment, foreign portfolio investment and debt flows (bank[...]
2010 | Text | Staff Working Paper - Document de travail du personnel |
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10.
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This paper studies the interaction between adverse selection, liquidity risk and beliefs about systemic risk in determining market liquidity, asset prices and welfare. Ev[...]
2010 | Text | Staff Working Paper - Document de travail du personnel |
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