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Oil Price Dynamics in a Real Business Cycle Model
In: CAMA Working Paper No. 17/2011
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Working paper
A Model of Endogenous Financial Inclusion: Implications for Inequality and Monetary Policy
In: University of Zurich, Department of Economics, Working Paper No. 310, Revised version
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Working paper
Fiat Money as a Public Signal, Medium of Exchange, and Punishment
In: The B.E. journal of theoretical economics, Band 20, Heft 2
ISSN: 1935-1704
AbstractThis paper studies different welfare-enhancing roles that fiat money can have. To do so, we consider an indivisible monetary framework where agents are randomly and bilaterally matched, while the government has weak enforcement powers. Within this environment, we analyze state contingent monetary policies and characterize the resulting equilibria under different government record-keeping technologies. We show that a threat of injecting fiat money, conditional on private actions, can improve allocations and achieve efficiency. This type of state contingent policy is effective even when the government cannot observe any private trades and agents can only communicate with the government through cheap talk. In all these equilibria fiat money and self-enforcing credit are complements in the off equilibrium. Finally, this type of equilibria can also emerge even when the injection of fiat money is not a public signal.
A Dynamic Model of Intermediated Consumer Credit and Liquidity
In: FRB of Philadelphia Working Paper No. 19-12
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Working paper
A Financial Stress Index for a Small Open Economy: The Australian Case
In: FEDS Working Paper No. 2023-29
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Gold as a Financial Instrument
In: Macquarie Business School Research Paper
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Working paper
Competitive Search with Ex-post Opportunism
In: The B.E. journal of theoretical economics, Band 18, Heft 1
ISSN: 1935-1704
Abstract:We consider a frictional market where an element of the terms of trade (price or quantity) is posted ex-ante (before the matching process) while the other is determined ex-post. By doing so, sellers can exploit their local monopoly power by adjusting prices or quantities once the local demand is realized. We find that when sellers can adjust quantities ex-post, there exists a unique symmetric equilibrium where an increase in the buyer-seller ratio leads to higher quantities and prices. When buyers instead can choose quantities ex-post, a higher buyer-seller ratio leads to higher prices but lower traded quantities. These equilibrium allocations are generically constrained inefficient in both intensive and extensive margins. When sellers post ex-ante quantities and adjust prices ex-post, a symmetric equilibrium exists where buyers obtain no surplus from trade. This equilibrium allocation is not constrained efficient either. If buyers choose prices ex-post, there is no trade in equilibrium when entry is costly.
Changes in the Composition of Tax Revenues: Implications for Monetary and Fiscal Policy
In: JEDC-D-23-00049
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The shadow economy as an equilibrium outcome
In: Journal of economic dynamics & control, Band 41, S. 1-19
ISSN: 0165-1889
New Technologies in Higher Education: Lower Attendance and Worse Learning Outcomes?
In: Agenda: a journal of policy analysis & reform, Band 18, Heft 1
ISSN: 1447-4735