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Monetary stability and liquidity crises: The role of the lender of last resort

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G Antinolfi, E Huybens… - Journal of Economic Theory, 2001 - Elsevier
We evaluate the desirability of having an elastic currency generated by a lender of last resort
that prints money and lends it to banks in distress. When banks cannot borrow, the economy
has a unique equilibrium that is not Pareto optimal. The introduction of unlimited ...
Cited by 40 - Related articles - BL Direct - All 36 versions

[PDF] Dollarization as a monetary arrangement for emerging market economies

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G Antinolfi… - REVIEW-FEDERAL RESERVE BANK OF SAINT …, 2001 - Citeseer
Ecuador and El Salvador have recently adopted the US dollar as legal tender, replacing
their own national currencies. 1 This same move has received serious attention in policy
debates in both Argentina and Mexico. Abandoning the national currency is a decision ...
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Capital accumulation and real exchange rate behavior in a small open economy with credit market frictions

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G Antinolfi… - Economic Theory, 1998 - Springer
Summary. We consider the nature of the relationship between the real exchange rate and
capital formation. We present a model of a small open economy that produces and
consumes two goods, one tradable and one not. Domestic residents can borrow and lend ...
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Discount window policy, banking crises, and indeterminacy of equilibrium

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G Antinolfi… - Macroeconomic Dynamics, 2006 - Cambridge Univ Press
Abstract We study how discount window policy affects the frequency of banking crises, the
level of investment, and the scope for indeterminacy of equilibrium. Previous work has
shown that providing costless liquidity through a discount window has mixed effects in ...
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The optimal inflation target in an economy with limited enforcement

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G Antinolfi, C Azariadis… - 2007 - papers.ssrn.com
Abstract: We formulate the central bank's problem of selecting an optimal long-run inflation
rate as the choice of a distorting tax by a planner who wishes to maximize discounted
stationary utility for a heterogeneous population of infinitely-lived households in an ...
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[PDF] Monetary policy as equilibrium selection

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G Antinolfi, C Azariadis… - … RESERVE BANK OF …, 2007 - research.stlouisfed.org
This paper considers indeterminacy and monetary policy from a dynamic general
equilibrium perspective in order to study the robustness of activist monetary policy advice,
like that coming from the large literature on Taylor-type rules. 1 We find these results to be ...
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[CITATION] The optimal inflation target in an economy with limited enforcement, Federal Reserve Bank of St

G Antinolfi, C Azariadis… - 2007 - Louis Working Paper 2007# 037B
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Dollarization and the inflation threshold

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G Antinolfi, CM Landeo… - Canadian Journal of …, 2007 - Wiley Online Library
Abstract. Empirical evidence suggests non-linearity in the impact of inflation on financial
intermediation and real activity. Evidence also suggests that high inflation affects financial
intermediation through the substitution of dollars 'under the mattress' for savings in ...
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Options and sunspots in a simple monetary economy

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G Antinolfi… - Economic Theory, 1998 - Springer
Summary. We study sunspot immunity in a dynamic monetary economy in which consumers
are allowed to trade put and call option contracts on the general price level. We define the
concept of strong sunspot immunity to characterize economies that have no sunspot ...
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Growth dynamics and returns to scale: Bifurcation analysis

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G Antinolfi, T Keister… - Journal of Economic Theory, 2001 - Elsevier
We investigate the dependence of the dynamic behavior of an endogenous growth model
on the degree of returns to scale. We focus on a simple (but representative) growth model
with publicly funded inventive activity. We show that constant returns to reproducible ...
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Banks and markets in a monetary economy

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G Antinolfi… - Journal of Monetary Economics, 2008 - Elsevier
Modern financial sectors consist of banks, asset markets and a central bank. This paper
builds a model where these institutions provide different financial services, and their
interaction supports efficient allocations. When one institution is missing equilibria are, by ...
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Domestic financial market frictions, unrestricted international capital flows, and crises in small open economies

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G Antinolfi… - Recent Developments on Money and Finance, 2006 - Springer
We present an example of a small open economy for which small increases in the world
interest rate may induce a sharp decline in output and a precipitous depreciation of the
nominal and the real exchange rate (RER). Due to a costly state verification problem in ...
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Money, Real Exchange Rates, and Capital Accumulation in a Small Open Economy with Financial Market Frictions

G Antinolfi… - Working Papers, 1997 - ideas.repec.org
We consider a small open economy that produces and consumes two goods, one tradable
and one not. Domestic residents combine their own income with credit obtained either
abroad or at home to invest in capital production, which requires the tradable good. ...
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Commitment, banks and markets

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G Antinolfi… - Journal of Monetary Economics, 2008 - Elsevier
We examine how banks and financial markets interact with one another to provide liquidity
to investors. The critical assumption is that financial markets are characterized by limited
enforcement of contracts, and in the event of default only a fraction of borrowers' assets ...
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[CITATION] Dollarization, Financial Intermediation and Real Activity: The Inflation Threshold (mimeo)

G Antinolfi, CM Landeo… - University of Alberta, 2005
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[BOOK] On Domestic Financial Market Frictions, Unrestricted International Capital Flows, and Crises in Small Open Economies

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G Antinolfi, E Huybens… - 1998 - daaem.itam.mx
Abstract We produce an example of a small open economy for which small increases in the
world interest rate may induce a sharp decline in output and a precipitous depreciation of
the nominal and the real exchange rate (RER). Due to a costly state verication (CSV) ...
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[CITATION] ESSAYS ON HUMAN CAPITAL

Y Zhang, P Wang, J Bullard, J Nachbar… - 2008
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[CITATION] Dissertation Proposal: Investment Portfolio and Productivity with Heterogeneous Entrepreneurs

RB Uras, P Wang, BC Petersen, G Antinolfi… - 2008
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[PDF] Banking and Markets in a Monetary Model

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EL Kawamura… - Working Papers, 2005 - gs.cornell.edu
Abstract We model a dynamic economy in which two types of aggregate shocks are present.
A liquidity shock affecting the demand for real balances, and a real shock that affecting the
outcome of investment. Banks arise to insure depositors against liquidity risk, which is by ...
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[PDF] Costly Monitoring, Dynamic Incentives, and Default

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G Antinolfi… - 2010 - virginia.edu
Abstract We study optimal dynamic financial contracts between a lender and a borrower in
the presence of costly state verification. The efficient contract is such that (1) interim
monitoring can prevent future inefficient liquidation of investment projects that are due to ...
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Advisory Editors

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K Adam, G Antinolfi… - Macroeconomic Dynamics, 2010 - Cambridge Univ Press
The US financial crisis, which followed from the downturn of the US real estate crisis in 2008,
was rapidly transmitted to the whole international financial systems. This financial crisis has
triggered a strong economic recession for several developed and emerging countries. The ...
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[PDF] Inflation, Dollarization and Endogenous Growth: The Threshold Effects.

[PDF] from eea-esem.com
G Antinolfi… - 2005 - eea-esem.com
Abstract The paper analyzes threshold effects in the relationship among inflation,
dollarization, financial intermediation and the real activity. We develop an endogenous
growth model that exhibits a positive relationship between inflation and growth by ...
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Advisory Editors

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LF Lee, A Pagan, R Townsend… - Macroeconomic …, 2011 - Cambridge Univ Press
Macroeconomic Dynamics Vol. 14, No. 4, September 2010 Pages 427–616 VOLUME 14, NUMBER
4, SEPTEMBER 2010 ... Editor: William A. Barnett, University of Kansas, Department of
Economics, 356 Snow Hall, 1460 Jayhawk Boulevard, Lawrence, KS 66045–7523, USA. ...
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In Memory of Bruce Smith

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G Antinolfi - Macroeconomic Dynamics, 2003 - Cambridge Univ Press
Bruce Smith was a brilliant economist who made important contributions in several fields,
most notably monetary and financial economics, monetary history, economic growth,
business cycle theory, and development economics. Bruce was a prolific author with ...
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The Inaugural Cass Memorial Lecture, SAET, Portugal, June 2011

G Antinolfi, J Bigelow, L Bossi… - … on Financial Fragility: …, 2009 - karlshell.com
Karl Shell has been the Thorne Professor of Economics at Cornell University since 1986.
Shell has been the editor of the Journal of Economic Theor y since its founding in 1968. In
2000, JET opened a second office to handle the increased editorial workload. The editor ...
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[CITATION] The optimal inflation target in an economy with limited enforcement

J Bullard, G Antinolfi… - Speech, 2008 - econpapers.repec.org
Related works: Working Paper: The optimal inflation target in an economy with limited enforcement
(2007) Journal Article: The optimal inflation target in an economy with limited enforcement
(2008) This item may be available elsewhere in EconPapers: Search for items with the ...
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[CITATION] Essays in dynamic macroeconomics

G Antinolfi - 1997 - en.scientificcommons.org
Publikationsansicht. 6298279. Essays in dynamic macroeconomics / (1997). Antinolfi,
Gaetano. Abstract. Thesis (Ph. D.)--Cornell University, 1997.. Vita.. Includes bibliographical
references (leaves 130-133).. Photocopy.. s. Details der Publikation. ...
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