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" Rational" Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule

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TJ Sargent… - The Journal of Political Economy, 1975 - JSTOR
Alternative monetary policies are analyzed in an ad hoc macroeconomic model in which the
public's expectations about prices are rational. The ad hoc model is one in which there is
long-run neutrality, since it incorporates the aggregate supply schedule proposed by ...
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[PDF] Some unpleasant monetarist arithmetic

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TJ Sargent… - Federal Reserve Bank of Minneapolis …, 1981 - mpls.frb.org
In his presidential address to the American Economic Association (AEA), Milton Friedman
(1968) warned not to expect too much from monetary policy. In particular, Friedman argued
that monetary policy could not permanently influence the levels of real output, ...
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[BOOK] Rational expectations and the theory of economic policy

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TJ Sargent, N Wallace - 1976 - darkwing.uoregon.edu
There is no longer any serious debate about whether monetary policy should be conducted
according to rules or discretion. Quite appropriately, it is widely agreed that monetary policy
should obey a rule, that is, a schedule expressing the setting of the monetary authority's ...
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Rational expectations and the dynamics of hyperinflation

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TJ Sargent… - International Economic Review, 1973 - JSTOR
THIS IS A STUDY of some theoretical difficulties and estimation problems that arise in
economic models in which current expectations of future values of some of the endogenous
variables enter in an essential way. 2 Such models are common, especially in monetary ...
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[PDF] The overlapping generations model of fiat money

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N Wallace - Models of monetary economies, 1980 - minneapolisfed.org
In contrast to intrinsic uselessness one might say that inconvertibility is not something to be
argued about. Either the institution under investigation displays this property or it does not.
But some care must be taken. As I use it, inconvertibility means that it is known with ...
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On the indeterminacy of equilibrium exchange rates

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J Kareken… - The Quarterly Journal of Economics, 1981 - qje.oxfordjournals.org
Abstract In this paper we consider a particular international economic policy regime: the
laissez-faire regime, the distinguishing features of which are unrestricted portfolio choice
and floating exchange rates. And as we show, this regime, although favored by many ...
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Deposit insurance and bank regulation: A partial-equilibrium exposition

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JH Kareken… - Journal of Business, 1978 - JSTOR
In this paper we examine the equilibrium of the banking industry under various regulatory
schemes. There are several critical assumptions: There are complete contingent-claims
markets; the banking industry is a monopoly supplier of deposit services, but is otherwise" ...
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The stability of models of money and growth with perfect foresight

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TJ Sargent… - Econometrica: Journal of the Econometric Society, 1973 - JSTOR
It is often claimed that models of money and growth which assume perfect foresight are
dynamically unstable. If the system is initially in a steady state with zero inflation, it is claimed
that a once-and-for-all increase in the money supply will set off a process of ever- ...
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[PDF] Another attempt to explain an illiquid banking system: The Diamond and Dybvig model with sequential service taken seriously

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N Wallace - Federal Reserve Bank of Minneapolis …, 1988 - research.mpls.frb.fed.us
A pervasive feature of banking system portfolios is that they are illiquid: short-term
obligations cannot be met unless a sufficient amount are renewed or rolled over. For two
centuries, solutions have been proposed and policies implemented to try to solve the ...
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The real-bills doctrine versus the quantity theory: A reconsideration

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TJ Sargent… - The Journal of Political Economy, 1982 - JSTOR
Two competing monetary policy prescriptions are analyzed within the context of overlapping
generations models. The real-bills prescription is for unfettered private intermediation or
central bank operations designed to produce the effects of such intermediation. The ...
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A Modigliani-Miller theorem for open-market operations

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N Wallace - The American Economic Review, 1981 - JSTOR
Monetary policy determines the composition of the government's portfolio. Fiscal policy, in
particular, the size of the deficit on current account, determines the path of net government
indebtedness. In this paper I will show that alternative paths of the government's portfolio ...
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Whither monetary economics?

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N Wallace - International Economic Review, 2001 - Wiley Online Library
2. Abstract I argue that monetary economics should be pursued by applying implementation
theory to models which contain explicit frictions that make money essential. The argument
has two parts. First, I argue that models in which real balances are assumed to be ...
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[PDF] A legal restrictions theory of the demand for money'

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N Wallace - Federal Reserve Bank of Minneapolis, Quarterly …, 1983 - cid.bcrp.gob.pe
In this paper, I discuss a simple theory that explains the coexistence of alternative assets,
some of which have significantly higher yields or remms than others.'The theory attributes
such a paradoxical pattem of remms among assets to legal restrictions on private ...
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Inside and outside money as alternative media of exchange

RO Cavalcanti… - Journal of Money, Credit and Banking, 1999 - JSTOR
We study a random-matching model of money in which a subset of people, called bankers,
have known histories and the rest, called nonbankers, have unknown histories. Earlier, we
showed that if there are no outside assets, then an optimal arrangement has bankers ...
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A model of private bank-note issue

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RO Cavalcanti… - Review of Economic Dynamics, 1999 - Elsevier
A random-matching model (of money) is formulated in which there is complete public
knowledge of the trading histories of a subset of the population, called the banking sector,
and no public knowledge of the trading histories of the complement of that subset, called ...
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[PDF] Incomplete record-keeping and optimal payment arrangements

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N Kocherlakota… - Journal of Economic Theory, 1998 - upi-yptk.ac.id
Technological developments, especially during the past two or three decades, have greatly
enhanced our ability to keep up-to-date records of transactions. Although most observers of
such developments would agree that they have the potential to improve well-being ...
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Coexistence of money and interest-bearing securities

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S Rao Aiyagari, N Wallace… - Journal of Monetary Economics, 1996 - Elsevier
A random matching model with money is used to study the nominal yield on small
denomination, bearer, safe, discount securities issued by the government. There is always
one steady state with matured securities circulating at par and, for some parameters, ...
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Existence of steady states with positive consumption in the Kiyotaki-Wright model

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SR Aiyagari… - The Review of Economic …, 1991 - restud.oxfordjournals.org
Abstract We prove the general existence of steady states with positive consumption in an N
goods and fiat money version of the Kiyotaki-Wright model by admitting mixed strategies. We
also show that there always exists a steady state in which everyone accepts a least costly- ...
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Optimal open market strategy: The use of information variables

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JH Kareken, T Muench… - The American Economic Review, 1973 - JSTOR
Undeniably, the Federal Open Market Committee (FOMC), which decides and executes
open market policy for the Federal Reserve System, is much of the time in the dark about
what has been going on in the economy. In saving this, we do not mean to be at all ...
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[PDF] A banking model in which partial suspension is best

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N Wallace - Federal Reserve Bank of Minneapolis Quarterly …, 1990 - minneapolisfed.org
Bank suspensions occurred in the United States several times in the second half of the 19th
century and the early part of the 20th century, and they were widely viewed as both
undesirable and avoidable. The view that bank suspensions should and could be avoided ...
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[CITATION] Models of monetary economies: proceedings of

JH Kareken… - 1986 - Federal reserve bank of Minneapolis
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[PDF] Narrow banking meets the Diamond-Dybvig model

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N Wallace - Federal Reserve Bank of Minneapolis Quarterly …, 1996 - mpls.frb.org
Abstract A version of the Diamond-Dybvig model of banking is used to evaluate the narrow
banking proposal, the idea that banks should be required to back demand deposits entirely
by safe short-term assets. It is shown that the mere existence of an amount of safe short- ...
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A price discrimination analysis of monetary policy

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J Bryant… - The Review of Economic Studies, 1984 - restud.oxfordjournals.org
Abstract Monetary policy is analysed within a model that appeals to legal restrictions on
private intermediation to explain the coexistence of currency and interest-bearing default-
free bonds. The interaction between such legal restrictions and monetary policy is ...
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[PDF] A dictum for monetary theory

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N Wallace - Federal Reserve Bank of Minneapolis Quarterly …, 1998 - mpls.frb.org
Abstract This essay argues that monetary theories should not contain an undefined object
labeled money. Among existing theories that do not satisfy that dictum are models which
assume that real balances are arguments of utility or production functions and models ...
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The inefficiency of interest-bearing national debt

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J Bryant… - The Journal of Political Economy, 1979 - JSTOR
The coexistence of money and default-free interest-bearing government bonds is explained
by transaction costs; the private sector absorbs money with less real difficulty than it absorbs
bonds. Under the assumption that the costs of issuing money and issuing bonds are ...
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[CITATION] Inflation and the government budget constraint

TJ Sargent… - Economic Policy in Theory and Practice, 1987 - Macmillan
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The determinants of investment revisited

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Z Griliches… - International Economic Review, 1965 - JSTOR
SUMMARIZING his detailed and very skillful analysis of the investment behavior of 11 large
US corporations during the years 1935-1954, Grunfeld [8] concluded," that the role of profits
(in explaining investment behavior) is probably that of a surrogate variable.*. there are ...
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[BOOK] Introduction to dynamic macroeconomic theory: an overlapping generations approach

GT McCandless… - 1991 - books.google.com
This book grew out of a series of lecture notes that we used at the University of Minnesota,
University of Chicago, Universidad Central de Venezuela, and Centro de Estudios
Macroeconomicos de Argentina. Our objective here is to provide relatively easy access to ...
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Nonfundamental uncertainty and exchange rates

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RG King, N Wallace… - Journal of International Economics, 1992 - Elsevier
Abstract This paper shows that there can be equilibria in which exchange rates display
randomness unrelated to fundamentals. This is demonstrated in the context of a two-
currency, one-good model, with three agent types and cash-in-advance constraints. A ...
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Fiat money in the Kiyotaki-Wright model

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SR Aiyagari… - Economic Theory, 1992 - Springer
Summary We study versions of the Kiyotaki-Wright (1989) model with fiat money and show
that:(1) The use of a low storage cost fiat money may be necessary for specialization and
trade,(2) there can be valued fiat money steady states which are indeterminate,(3) there ...
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[PDF] Another example in which lump-sum money creation is beneficial

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A Deviatov… - Advances in Macroeconomics, 2001 - nes.ru
Abstract A probabilistic version of lump-sum money creation is studied in a random matching
model with indivisible money and individual holdings bounded at 2 units. Sufficient
conditions are obtained for an ex ante optimum from among implementable steady states ...
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[PDF] Some of the choices for monetary policy

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N Wallace - Federal Reserve Bank of Minneapolis Quarterly …, 1984 - sites.google.com
Almost daily, the Federal Reserve is offered conflicting advice about how to conduct
monetary poUcy. Some people, such as the members of the Shadow Open Market
Committee, advise the Fed to gradually slow the growth of money and let interest rates ...
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Government transaction policy, the medium of exchange, and welfare

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SR Aiyagari… - Journal of economic theory, 1997 - Elsevier
Policy regarding what the government accepts in transactions is embedded in a version of
the Kiyotaki–Wright model of media of exchange. In an example with two goods and one fiat
money, the policies that are consistent with fiat money as the unique medium of exchange ...
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A suggestion for further simplifying the theory of money

J Bryant… - Staff Report, 1980 - ideas.repec.org
Our suggestion consists of three postulates: assets are valued only in terms of their payoffs,
perfect foresight, and complete and costless markets under laissez-faire. Together these
postulates imply that the crucial anomaly, rate-of-return dominance of “money,” is to be ...
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Portfolio autarky: a welfare analysis

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J Kareken… - Journal of International Economics, 1977 - Elsevier
Abstract A variant of the standard Heckscher-Ohlin model, a model of a two-country world
economy populated by Samuelsonian overlapping generations, is presented and then used
in a welfare analysis of two international economic policy regimes: A laissez-faire regime, ...
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Interest on reserves

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T Sargent… - Journal of Monetary Economics, 1985 - Elsevier
Abstract In a general equilibrium setting, we study versions of the proposal to pay interest on
reserves at the market rate. We argue that the proposal makes the demand for total reserves
indeterminate, whether interest is paid on total reserves or on required reserves only. One ...
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[PDF] Absence-of-double-coincidence models of money: a progress report

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N Wallace - Federal Reserve Bank of Minneapolis Quarterly …, 1997 - minneapolisfed.org
Abstract This study describes a model built on the long-held view that the use of money as a
medium of exchange is the result of an absence of double coincidence of wants. The model
can account for two of the most challenging observations facing monetary theory: the ...
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A Model of (the Threat of) Counterfeiting

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E Nosal… - Journal of Monetary Economics, 2007 - Elsevier
A simple matching-model of money with the potential for counterfeiting is constructed. In
contrast to the existing literature, lotteries are included. These provide scope for the
operation of the intuitive criterion of Cho and Kreps. The application of that refinement is ...
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[PDF] Tests for Structural Change and Prediction Intervals for the Reduced Forms of Two Structural Models of the US: The FRB-MIT and Michigan Quarterly Models

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T Muench, A Rolnick… - 1974 - nber.org
In this paper we report the results of statistical tests for a variety of structural change ill the
cocfticients of two quarterly models of the US economy: the" old"'FRB-MIT model and the
Michigan mode!.! We test for structural change between two periods, the period over ...
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Short-run and long-run effects of changes in money in a random-matching model

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N Wallace - Journal of Political Economy, 1997 - JSTOR
A random-matching model of money is used to deduce the effects of a once-for-all change in
the quantity of money. It is shown that the change has short-run effects that are
predominantly real and long-run effects that are in the direction of being predominantly ...
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A suggestion for oversimplifying the theory of money

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N Wallace - The Economic Journal, 1988 - JSTOR
In his well-known paper'A Suggestion for Simplifying the Theory of Money', Hicks (I 935) said
that the main challenge facing monetary theory is to face up to the frictions that lead people
to hold low-yielding, monetary-like assets. Today I want to discuss ways of meeting a ...
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Pairwise trade and coexistence of money and higher-return assets

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T Zhu… - Journal of Economic Theory, 2007 - Elsevier
A new theory of coexistence of money and higher-return assets is set out. It applies to any
setting in which some trade involves an exchange of goods for assets and occurs between
two people—a buyer and a seller. We show that there exists a function mapping the ...
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[PDF] Optimal allocations with incomplete record-keeping and no commitment

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N Kocherlakota… - Journal of Economic Theory, 1998 - mpls.frb.org
ABSTRACT We study a random-matching, absence-of-double-coincidence environment in
which people cannot precommit and in which there are two imperfect ways of keeping track
of what other people have done in the past: money and a public record of all past actions ...
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A matching model with bounded holdings of indivisible money

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A Taber… - International Economic Review, 1999 - Wiley Online Library
2. Abstract Recent versions of pairwise random matching models of money with divisible
and perishable goods are amended to allow individuals to hold more than one unit of an
indivisible asset. The asset resembles a fiat asset, except that nominal holdings of it yield ...
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[CITATION] Why markets in foreign exchange are different from other markets

N Wallace - Quarterly Review, 1979 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks. Why
markets in foreign exchange are different from other markets. Neil Wallace. Quarterly Review,
1979, issue Fall. Date: 1979 View citations in EconPapers Track citations by RSS feed. ...
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A model of a currency shortage

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N Wallace… - Journal of Monetary Economics, 1997 - Elsevier
Until the mid-19th century, shortages of currency were common. Moreover, a frequent policy
response was a prohibition on the export of coins. We use a random matching model with
indivisible money to explain a shortage and to judge the desirability of a prohibition on the ...
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A benefit of uniform currency

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B Ravikumar… - 2002 - mpra.ub.uni-muenchen.de
The role of distinct currencies is studied using a random-matching model with randomized
trades. The equilibrium concept is the pairwise core in meetings. We show that there exist
equilibria in which home and foreign currency play distinct roles and in which the ...
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Modeling denomination structures

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M Lee, N Wallace… - Econometrica, 2005 - Wiley Online Library
Previous work on the denomination structure of currency treats as exogenous the
distribution of transactions and the denominations held by people. Here, by way of a
matching model, both are endogenous. In the model, trades in pairwise meetings ...
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Open-market operations in a model of regulated, insured intermediaries

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J Bryant… - The Journal of Political Economy, 1980 - JSTOR
In" The Inefficiency of Interest-bearing National Debt"(JPE [April 1979]), we argued that
private sector transaction costs are needed in order to explain interest on government debt.
It follows that if the government's transaction costs do not depend on its portfolio, then, ...
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Market Transaction Costs, Asset Demand Functions, and the Relative Potency of Monetary and Fiscal Policy

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TJ Sargent… - Journal of Money, Credit and Banking, 1971 - JSTOR
THERE HAS BEEN CONTROVERSY about the relative potency and efficacy of monetary
and fiscal policy slnce the Great Depression. At the risk of some over-simplification, it is
probably correct to say that the controversy has largely centered on empirical estimation of ...
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[PDF] A study of discretionary and nondiscretionary monetary and fiscal policies in the context of stochastic macroeconometric models

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Y Haitovsky… - 1972 - nber.org
In this paper we study stochastic or random versions of three quarterly representations or
models of the US economy: the FRB-MIT, Wharton, and Michigan econometric models.'For
each model, we examine the results of imposing a set of macroeconomic policy rules—— ...
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Output and price level effects of monetary uncertainty in a matching model

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B Katzman, J Kennan… - Journal of Economic Theory, 2003 - Elsevier
Monetary uncertainty and information lags are put into a random matching model so that the
resulting setting has some meetings in which producers are relatively informed and others in
which consumers are relatively informed. For that setting, the ex ante socially optimal way ...
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[PDF] General Features of Monetary Models and Their Significance."

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N Wallace - Unpublished manuscript, 2002 - snb.ch
Abstract The recent literature on models of money with nice micro foundations is reviewed
from the point of view of three general features:(i) the extent and kind of idiosyncratic
uncertainty (ii) the extent to which the past actions of people are common knowledge, the ...
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The term structure of interest rates and the maturity composition of the Federal Debt

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N Wallace - The Journal of Finance, 1967 - JSTOR
THE PURPOSE OF THIS PAPER is to draw attention to the gap between what can be
predicted a priori about the effects on interest rates of permanent changes in the maturity
composition of the federal debt and what recent empirical work suggests these effects to ...
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The role of independence in the Green-Lin Diamond-Dybvig model

[PDF] from upi-yptk.ac.id
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D Andolfatto, E Nosal… - Journal of Economic Theory, 2007 - Elsevier
Green and Lin study a version of the Diamond–Dybvig model with a finite number of agents,
independence (independent determination of each agent's type), and sequential service.
For special preferences, they show that the ex ante first-best allocation is the unique ...
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The Elasticity of Substitution and Cyclical Behavior of Productivity, Wages, and Labor's Share

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TJ Sargent… - The American Economic Review, 1974 - JSTOR
It is commonly asserted that the behavior of time series on output, capital and labor implies
almost nothing about the value of the elasticity of substitution between capital and labor, a. I
In what follows we show that in Robert E. Lucas's framework, the behavior of time series ...
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Samuelson's consumption-loan model with country-specific fiat monies

JH Kareken… - Staff Report, 1978 - ideas.repec.org
In this paper, we examine various exchange rate regimes, paying particular attention to what
difference the monetary-fiscal policy choices of governments make. The exchange rate may
be market-determined or fixed, and if fixed, either cooperatively or by one government ...
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A commodity-money refinement in matching models

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N Wallace… - Journal of Economic Theory, 2004 - Elsevier
We apply a commodity-money refinement to matching models in which people meet in pairs
and buyers make take-it-or-leave-it offers to sellers. The refinement is applied by attaching a
utility value to nominal money and letting that value approach zero. An equilibrium ...
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A hybrid fiat-commodity monetary system

N Wallace - Staff Report, 1980 - ideas.repec.org
In this paper I describe a “monetary” system in which backing is provided for the
government's liabilities by way of contingent resort to taxes. The system has some of the
features of a commodity money system with a large seignorage spread between bid and ...
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[PDF] International coordination of macroeconomic policies: A welfare analysis

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PJ Miller… - Federal Reserve Bank of Minneapolis Quarterly …, 1985 - mpls.frb.org
Coordination among countries of their monetary and budget policies has been proposed
recently as a way to improve the current system of floating exchange rates. This proposal
has been prompted by the apparent failure of the floating rate system to eliminate policy ...
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[PDF] Knowledge of individual histories and optimal payment arrangements

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N Wallace - Federal Reserve Bank of Minneapolis, Quarterly …, 2000 - minneapolisfed.org
Abstract This article reviews recent work that generalizes a random matching model of
money to permit there to be a mix of transactions: some accomplished through the use of
tangible media of exchange and the rest through some form of credit. The generalizations ...
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A model of the liquidity structure based on asset indivisibility

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N Wallace - Journal of Monetary Economics, 2000 - Elsevier
Although the notion of a liquidity structure of asset yields is widely accepted, there do not
seem to be models of such a structure. Here, the liquidity of an asset is taken to be its
transaction velocity, the amount traded per unit time divided by the stock. Assets are ...
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[CITATION] Models of Monetary Economics

N Wallace - Minneapolis: Federal
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[PDF] Introduction to modeling money and studying monetary policy

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N Wallace - Journal of Economic Theory, 1998 - upi-yptk.ac.id
This symposium brings together nine papers on monetary theory and monetary policy. 1 The
papers are diverse in terms of how money is modeled and in terms of the kinds of monetary
policies the models are able to address. Moreover, there seems to be a pattern to this ...
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Circulating private debt: an example with a coordination problem

R Townsend… - Contractual Arrangements for …, 1987 - robertmtownsend.net
We use a model of pure, intertemporal exchange with spatially and informationally
separated markets to explain the existence of private securities that circulate and, hence,
play a prominent role in exchange. The model, which utilizes a perfect-foresight ...
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Lucas's signal-extraction model: A finite state exposition with aggregate real shocks

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N Wallace - Journal of Monetary Economics, 1992 - Elsevier
Abstract This is a version of Lucas's (1972)'Expectations and the Neutrality of Money'with
finite supports for the exogenous random variables and with aggregate real shocks. The
finite supports simplify the proofs and permit solutions for examples to be computed. The ...
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Coalition-proof trade and the Friedman rule in the Lagos-Wright model

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T Hu, J Kennan… - 2007 - nber.org
The Lagos-Wright model--a monetary model in which pairwise meetings alternate in time
with a centralized meeting--has been extensively analyzed, but always using particular
trading protocols. Here, trading protocols are replaced by two alternative notions of ...
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Float on a Note

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N Wallace… - Journal of Monetary Economics, 2007 - Elsevier
From 1863–1914, banks in the US could issue notes subject to full collateral, a tax on
outstanding notes, redemption of notes on demand, and a clearing fee per issued note
cleared through the Treasury. The system failed to satisfy a purported arbitrage condition: ...
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On Stabilization Policy: Goals and Models

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T Muench… - The American Economic Review, 1974 - JSTOR
Ordinarily various fields within economics are distinguished from one another by the
phenomena they seek to explain. Macroeconomics and monetary theory are different. While
there are special phenomena they seek to explain fluctuations in aggregate output, ...
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[CITATION] Existence of active trade steady states in the Kiyotaki-Wright model

R Aiyagari… - Federal Reserve Bank of Minneapolis Working Paper, …, 1991
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[PDF] SPDAs and GICs: like money in the bank?

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RM Todd… - Federal Reserve Bank of …, 1992 - greatdepressionbook.com
When I invested my hard-earned money 10 years ago, Executive Life was a health [y]
company, rated tops in security in the industry.... Well, we know what happened in the
meantime. The management of Executive Life took a lot of risks. They invested in things I ...
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Interest rates under the US national banking system

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B Champ, N Wallace… - Journal of Monetary Economics, 1994 - Elsevier
Abstract According to previous studies, the demand-liability feature of national bank notes
did not present a problem for note-issuing banks because the nonbank public treated notes
and other currency as perfect substitutes. However, that view, when combined with ...
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FROM PRIVATE BANKING TO CENTRAL BANKING: INGREDIENTS OF A WELFARE ANALYSIS*

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N Wallace - International Economic Review, 2005 - Wiley Online Library
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 ...
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Resolving the national bank note paradox

B Champ, N Wallace… - Quarterly Review, 1992 - ideas.repec.org
During the 1882_1914 period, US national banks could issue circulating notes backed by
specified government securities. Earlier attempts to explain yields on those securities by
costs of note issue discovered a paradox: yields were too high. We point out two ...
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[PDF] Why markets in foreign exchange are different from other markets

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N Wallace - Quarterly Review, 1990 - mpls.frb.org
In the United States today, a substantial majority of economists agrees that some or all of the
task of determining exchange rates should be left to private markets. The notion seems to be
that basic or fundamental factors determine equilibrium relative prices of currencies—that ...
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Microeconomic theories of macroeconomic phenomena and their implications for monetary policy

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N Wallace - A Prescription for Monetary Policy: Proceedings …, 1976 - books.google.com
This note arises from an assignment to make a prescription for monetary policy, where it is
understood from the outset that the recommendation" Wait until we know more!" is not an
acceptable response." Wait" is, in a sense, my preferred response, because economists ...
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[PDF] International monetary reform: The feasible alternatives

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J Kareken… - Federal Reserve Bank of …, 1981 - research.mpls.frb.fed.us
It may seem odd, our writing about international monetary reform. It has been not much in
the news since April 1976, when a revised International Monetary Fund Articles of
Agreement, a new international monetary constitution produced with great effort and ...
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[CITATION] Contractual Arrangements for Intertemporal Trade

N Wallace - University of Minnesota, 1987
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[CITATION] Impact of premium changes in the Oregon Health Plan

J McConnell… - Office for Oregon Health Policy and Research, 2004
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[CITATION] Some Alternative Monetary Models and Their Implications for the Role of Open-Market Policy

N Wallace - Modern Business Cycle Theory, Harvard University …, 1989
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The Determination of the Stock of Reserves and the Balance of Payments in a Neo-Keynesian Model

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N Wallace - Journal of Money, Credit and Banking, 1970 - JSTOR
THIS PAPER describes the determination of the stock of reserves and the balance of
payments in a neo-Keynesian macroeconomic modell under a series of assumptions about
the foreign trade sector. Three versions of a fixed exchange-rate, foreign-trade sector are ...
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[PDF] Why the Fed Should Consider Holding M Constant

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N Wallace - Federal Reserve Bank of Minneapolis Quarterly …, 1977 - minneapolisfed.org
The Federal Reserve System has been making monetary policy in the dark. It has had to;
economists simply have not agreed on a theory that satisfactorily explains the use of money
in the economy and tells public policy makers what they should do about it. But a theory ...
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[CITATION] The Divisibility of Money and Welfare in a Matching Model

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A Taber… - International Economic Review, 1999
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The mechanism design approach to monetary theory

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N Wallace - Handbook of Monetary Economics, 2010 - books.google.com
Abstract The mechanism-design approach to monetary theory is the search for fruitful
settings in which money is necessary for the achievement of some desirable allocations.
Fruitfulness means that the settings provide insights about puzzling observations and ...
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[PDF] Speculations about the speculation against the Hong Kong dollar

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DT Beers, TJ Sargent… - Federal Reserve Bank of …, 1983 - minneapolisfed.org
In this paper, we attempt to explain the Hong Kong dollar's recent substantial depreciation,
or its loss in value in terms of foreign exchange. This task is a challenge mainly because of
the unusual monetary policy recently espoused by the government of Hong Kong. From ...
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[PDF] Identification and estimation of a model of hyperinflation with a continuum of" sunspot" equilibrium

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TJ Sargent… - Working Papers, 1985 - minneapolisfed.org
In Sargent and Wallace [1973], ve created a rational expectations model of the bivariate
inflation-money creation process by solving the" inverse optimal predictor problem" for
Cagan's [I956] adaptive expectations scheine. Our model was constructed by working ...
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Modeling small change: a review article

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N Wallace - Journal of Monetary Economics, 2003 - Elsevier
In The Big Problem of Small Change, Sargent and Velde apply a cash-in-advance model to
the history of coinage and to contemporary thought about coinage. They assert that their
model accounts for puzzling observations involving the depreciation and disappearance ...
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A model in which monetary policy is about money

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A Deviatov… - Journal of Monetary Economics, 2009 - Elsevier
Optimal monetary policy is studied in a model with (i) heterogeneity in the degree to which
different people are monitored (have publicly known histories);(ii) idiosyncratic shocks that
give rise to heterogeneity in earning and spending realizations; and (iii) central-bank ...
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A model of circulating private debt

R Townsend… - Staff report, 1982 - ideas.repec.org
We study the possible specialness of circulating as opposed to noncirculating private
securities using models whose equilibria imply the existence of both. The models are pure
exchange setups with spatial separation and with the potential for a variety of ...
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[CITATION] Determining the optimum monetary instrument variable

J Kareken, T Muench, T Supel… - Open Market Policies and Operating …, 1971
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Rational expectations and the theory of economic policy

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TJ Sargent… - 1974 - books.google.com
There is no longer any serious debate about whether monetary policy should be conducted
according to rules or discretion. Quite appropriately, it is widely agreed that monetary policy
should obey a rule, that is, a schedule expressing the setting of the monetary authority's ...
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A supply function of first-term re-enlistees to the Air Force

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J McCall… - Journal of Human Resources, 1969 - JSTOR
This paper examines several aspects of the training and retention of Air Force electronic
specialists. The major goal of the study is to investigate the responsiveness of the re-
enlistment rate to changes in Air Force remuneration. The study is based on data obtained ...
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[CITATION] BQuestions Concerning Rate of Return Dominance and Indeterminacy in Absence of Double Coincidence Models of Money

N Wallace - C manuscript, Department of Economics, Univer sity of …, 1996
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[PDF] Information revelation in the Diamond# Dybvig banking model

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E Nosal… - Federal Reserve Bank of Chicago …, 2009 - economics.cornell.edu
Green and Lin [4](GL), Peck and Shell [7](PS), and Andolfatto et al [1](ANW) explore optima
in similar, but not identical versions of the Diamond# Dybvig [2](DD) model. The common
ingredients are a finite number of agents, independent# across# agents determination of ...
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[CITATION] A shred of evidence on public acceptance of privately issued currency

M Eichenbaum… - Quarterly Review, 1985 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks.
A shred of evidence on public acceptance of privately issued currency. Martin
Eichenbaum () and Neil Wallace. Quarterly Review, 1985, issue Win. ...
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[PDF] Integrating micro and macroeconomics: an application to credit controls

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N Wallace - Federal Reserve Bank of Minneapolis Quarterly …, 1980 - minneapolisfed.org
There is today increasing dissatisfaction with the disjointed economic theory taught at
virtually all colleges and universities. The theory is split between microeconomics and
macroeconomics, or, in somewhat oldfashioned terminology, between relative and ...
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The Monetary Instrument Variable Choice: How Important?: Comment

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JH Kareken… - Journal of Money, Credit and Banking, 1972 - JSTOR
The central bank that can engage in open market operations has a choice of instrument
variables; it can use either its portfolio of securities or some interest rate or rates. If
subjectively certain about the economic structure constrainingit or unmindful of the ...
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[CITATION] Cash-in-advance with a twist

T Zhu… - manuscript, The Pennsylvania State University, 2003
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[CITATION] A comment on McCallum

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N Wallace - … -Rochester Conference Series on Public Policy, 1983 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks. A
comment on McCallum. Neil Wallace. Carnegie-Rochester Conference Series on Public Policy,
1983, vol. 18, issue 1, pages 51-56. Date: 1983 Track citations by RSS feed. ...
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Training and Retention of Air Force Airmen

J McCall… - 1967 - rand.org
The responsiveness of the reenlistment rate of Air Force electronic specialists to changes in
Air Force remuneration and the degree to which Air Force training is transferable to the
civilian economy are examined. For this sample of airmen, the reenlistment rate is very ...
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