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Financial-intermediation regime and efficiency in a Boyd-Prescott economy 博伊德-普雷斯科特经济中的金融中介制度与效率
Carnegie-Rochester Conference Series on Public Policy Pub Date : 2001-06-01 DOI: 10.1016/S0167-2231(01)00043-4
Yeong-Yuh Chiang, Edward J. Green
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引用次数: 1
The CLS bank: a solution to the risks of international payments settlement? A comment CLS银行:国际支付结算风险的解决方案?一个评论
Carnegie-Rochester Conference Series on Public Policy Pub Date : 2001-06-01 DOI: 10.1016/S0167-2231(01)00048-3
Jeffrey M. Lacker
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引用次数: 3
Monetary shocks, agency costs, and business cycles 货币冲击、代理成本和商业周期
Carnegie-Rochester Conference Series on Public Policy Pub Date : 2001-06-01 DOI: 10.1016/S0167-2231(01)00037-9
Charles T. Carlstrom , Timothy S. Fuerst
{"title":"Monetary shocks, agency costs, and business cycles","authors":"Charles T. Carlstrom ,&nbsp;Timothy S. Fuerst","doi":"10.1016/S0167-2231(01)00037-9","DOIUrl":"10.1016/S0167-2231(01)00037-9","url":null,"abstract":"<div><p>This paper integrates money into a real model of agency costs. Money is introduced by imposing a cash-in-advance constraint on a subset of transactions. The underlying real model is a standard real business cycle model modified to include endogenous agency costs. The chief contribution of the paper is to demonstrate how the monetary transmission mechanism is altered by these endogenous agency costs. In particular, do agency costs amplify and/or propagate monetary shocks?</p></div>","PeriodicalId":100218,"journal":{"name":"Carnegie-Rochester Conference Series on Public Policy","volume":"54 1","pages":"Pages 1-27"},"PeriodicalIF":0.0,"publicationDate":"2001-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S0167-2231(01)00037-9","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83693897","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 101
Financial intermediation regime and efficiency in a Boyd-Prescott economy A comment 博伊德-普雷斯科特经济中的金融中介制度与效率
Carnegie-Rochester Conference Series on Public Policy Pub Date : 2001-06-01 DOI: 10.1016/S0167-2231(01)00044-6
Cheng Wang
{"title":"Financial intermediation regime and efficiency in a Boyd-Prescott economy A comment","authors":"Cheng Wang","doi":"10.1016/S0167-2231(01)00044-6","DOIUrl":"10.1016/S0167-2231(01)00044-6","url":null,"abstract":"","PeriodicalId":100218,"journal":{"name":"Carnegie-Rochester Conference Series on Public Policy","volume":"54 1","pages":"Pages 131-137"},"PeriodicalIF":0.0,"publicationDate":"2001-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S0167-2231(01)00044-6","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"97238009","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The CLS bank: a solution to the risks of international payments settlement? CLS银行:国际支付结算风险的解决方案?
Carnegie-Rochester Conference Series on Public Policy Pub Date : 2001-06-01 DOI: 10.1016/S0167-2231(01)00047-1
Charles M. Kahn, William Roberds
{"title":"The CLS bank: a solution to the risks of international payments settlement?","authors":"Charles M. Kahn,&nbsp;William Roberds","doi":"10.1016/S0167-2231(01)00047-1","DOIUrl":"https://doi.org/10.1016/S0167-2231(01)00047-1","url":null,"abstract":"<div><p>Foreign exchange transactions are subject to a unique type of settlement risk. This risk ultimately stems from the difficulty of coordinating separate settlements in two different currencies. Settlement of foreign exchange transactions through the proposed CLS Bank has been discussed as a potential solution to this problem. This paper describes the CLS proposal and analyzes the incentives it places on banks engaged in foreign exchange transactions. The analysis shows that while settlement through the CLS Bank may represent an improvement over current arrangements, some important problems associated with foreign exchange settlements will remain.</p></div>","PeriodicalId":100218,"journal":{"name":"Carnegie-Rochester Conference Series on Public Policy","volume":"54 1","pages":"Pages 191-226"},"PeriodicalIF":0.0,"publicationDate":"2001-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S0167-2231(01)00047-1","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137229540","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Private money, settlement, and discount A comment 私人资金、结算和折扣
Carnegie-Rochester Conference Series on Public Policy Pub Date : 2001-06-01 DOI: 10.1016/S0167-2231(01)00042-2
Stacey L. Schreft
{"title":"Private money, settlement, and discount A comment","authors":"Stacey L. Schreft","doi":"10.1016/S0167-2231(01)00042-2","DOIUrl":"https://doi.org/10.1016/S0167-2231(01)00042-2","url":null,"abstract":"","PeriodicalId":100218,"journal":{"name":"Carnegie-Rochester Conference Series on Public Policy","volume":"54 1","pages":"Pages 109-115"},"PeriodicalIF":0.0,"publicationDate":"2001-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S0167-2231(01)00042-2","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137229541","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Optimal currency crises A comment 最优货币危机评论
Carnegie-Rochester Conference Series on Public Policy Pub Date : 2000-12-01 DOI: 10.1016/S0167-2231(01)00031-8
Nancy P. Marion
{"title":"Optimal currency crises A comment","authors":"Nancy P. Marion","doi":"10.1016/S0167-2231(01)00031-8","DOIUrl":"10.1016/S0167-2231(01)00031-8","url":null,"abstract":"","PeriodicalId":100218,"journal":{"name":"Carnegie-Rochester Conference Series on Public Policy","volume":"53 1","pages":"Pages 231-238"},"PeriodicalIF":0.0,"publicationDate":"2000-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S0167-2231(01)00031-8","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72715558","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Historical perspectives on financial distress: A comment 金融危机的历史观点:评论
Carnegie-Rochester Conference Series on Public Policy Pub Date : 2000-12-01 DOI: 10.1016/S0167-2231(01)00029-X
James M. Boughton
{"title":"Historical perspectives on financial distress: A comment","authors":"James M. Boughton","doi":"10.1016/S0167-2231(01)00029-X","DOIUrl":"10.1016/S0167-2231(01)00029-X","url":null,"abstract":"","PeriodicalId":100218,"journal":{"name":"Carnegie-Rochester Conference Series on Public Policy","volume":"53 1","pages":"Pages 169-175"},"PeriodicalIF":0.0,"publicationDate":"2000-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S0167-2231(01)00029-X","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75551243","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Interest-rate and borrowing defense against speculative attack 利率和借贷防御投机攻击
Carnegie-Rochester Conference Series on Public Policy Pub Date : 2000-12-01 DOI: 10.1016/S0167-2231(01)00034-3
Allan Drazen
{"title":"Interest-rate and borrowing defense against speculative attack","authors":"Allan Drazen","doi":"10.1016/S0167-2231(01)00034-3","DOIUrl":"10.1016/S0167-2231(01)00034-3","url":null,"abstract":"<div><p>Our understanding of defense against speculative attacks on fixed exchange rates is incomplete. Though interest rates are often raised to defend a currency, there is almost no formal modeling of interest-rate defense. We present a framework of analysis with special emphasis on signaling when there is incomplete information about the central bank's ability or commitment to defend the fixed exchange rate. The primary focus is on why a high-interest-rate defense may fail even if it raises the cost of speculation and hence temporarily deters speculation. It is shown that the effect of high interest rates under asymmetric information very much depends on the information structure, and hence on the signal that high interest rates send. Depending on what is known, high interest rates may either deter or fuel further speculation. The analysis should be useful in understanding the mixed empirical results on the effectiveness of the interest-rate defense in practice.</p></div>","PeriodicalId":100218,"journal":{"name":"Carnegie-Rochester Conference Series on Public Policy","volume":"53 1","pages":"Pages 303-348"},"PeriodicalIF":0.0,"publicationDate":"2000-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S0167-2231(01)00034-3","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85538776","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 52
Devaluation risk and the business-cycle implications of exchange-rate management 贬值风险和汇率管理的商业周期影响
Carnegie-Rochester Conference Series on Public Policy Pub Date : 2000-12-01 DOI: 10.1016/S0167-2231(01)00032-X
Enrique G. Mendoza, Martin Uribe, NBER
{"title":"Devaluation risk and the business-cycle implications of exchange-rate management","authors":"Enrique G. Mendoza,&nbsp;Martin Uribe,&nbsp;NBER","doi":"10.1016/S0167-2231(01)00032-X","DOIUrl":"10.1016/S0167-2231(01)00032-X","url":null,"abstract":"<div><p>What is the mechanism driving the business cycle associated with stabilization policies anchored on managed exchange rates? Perfect-foresight models used extensively to try to answer this question have been unable to explain key quantitative features of the data. To do so it is necessary to consider devaluation risk in an environment of incomplete insurance markets in which stochastic price and wealth distortions operate. Simulations applied to Mexican data show that these distortions are large and socially costly, and that they rationalize several stylized facts. These findings suggest focusing the debate on exchange-rate regimes on the credibility of policymakers and the stance of fiscal policy.</p></div>","PeriodicalId":100218,"journal":{"name":"Carnegie-Rochester Conference Series on Public Policy","volume":"53 1","pages":"Pages 239-296"},"PeriodicalIF":0.0,"publicationDate":"2000-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S0167-2231(01)00032-X","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81413688","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 102
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