Handbook of Monetary Economics, Volume 3A by Benjamin M. Friedman, Michael Woodford

By Benjamin M. Friedman, Michael Woodford

V. 3A. The Mechanism-design method of financial thought / Neil Wallace -- New monetarist economics: types / Stephen Williamson and Randall Wright -- cash and inflation: a few serious concerns / Bennett T. McCallum and Edward Nelson -- Foundations: info and adjustment. Rational inattention and fiscal economics / Christopher A. Sims -- Imperfect info and mixture offer / N. Gregory Mankiw and Ricardo Reis -- Microeconomic proof on price-setting / Peter J. Klenow and Benjamin A. Malin -- versions of the financial transmission mechanism. DSGE versions for financial coverage research / Lawrence J. Christiano, Mathias Trabandt, and Karl Walentin -- How has the financial transmission mechanism developed through the years? / Jean Boivin, Michael T. Kiley, and Frederic S. Mishkin -- Inflation patience / Jeffrey C. Fuhrer -- financial coverage and unemployment / Jordi Gali -- monetary intermediation and credits coverage in enterprise cycle research / Mark Gertler and Nobuhiro Kiyotaki -- monetary intermediaries and financial economics / Tobias Adrian and Hyun music Shin -- v. 3B. Optical financial coverage / Stephanie Schmitt-Grohé and Martin Uribe -- optimum financial stabilization coverage / Michael Woodford -- basic and strong ideas for financial coverage / John B. Taylor and John C. Williams -- Optical financial coverage in open economics / Giancarlo Corsetti, Luca Dedola, and Sylvain Leduc -- Constraints on financial coverage. The interplay among financial and monetary coverage / Matthew Canzoneri, Robert Cumby, and Behzad Diba -- The politics of economic coverage / Alberto Alesina and Andrea Stella -- Inflation expectancies, adaptive studying and optimum financial coverage / Vitor Gaspar, Frank Smets, and David Vestin -- short of robustness in macroeconomics / Lars Peter Hansen and Thomas J. Sargent -- financial coverage in perform. financial coverage regimes and financial functionality: the old list, 1979-2008 / Luca Benati and Charles Goodhart -- Inflation concentrating on / Lars E.O. Svensson -- The functionality of different financial regimes / Laurence Ball -- Implementation of financial coverage: how do vital banks set rates of interest? / Benjamin M. Friedman and Kenneth N. Kuttner -- financial coverage in rising markets / Jeffrey Frankel

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Then, initial money holdings are distributed. If the allocation satisfies the incentive constraints, which include the restriction that those with low enough utility costs of becoming an m person choose m status and that the rest do not, then trades are undertaken in accord with the planner’s suggestion. j Let vt ðxÞ be the discounted expected utility of a type j 2 {m, n} at the beginning of date t of someone who holds x amount of money, the only asset. The assumption that there is free-exit from m-status implies that one of the constraints on the planner is j j vtm ðxÞ !

Developments in intermediation and payment theories over the last 25 years are critical to our understanding of credit and banking arrangements. By way of example, a difference between Old and New Monetarists regarding the role of intermediation is reflected in their respective evaluations of Friedman’s (1960) proposal for 100% reserve requirements on transactions deposits. His argument was based on the premise that tight control of the money supply by the central bank was key to controlling the price level.

However, as we will see, money is necessarily accompanied by history-dependent actions, and, hence, a departure from the first best. 2 A class of allocations Although richer classes of allocations could be considered, I limit allocations to those in which all monies issued by m people who have not defected (and any initial money) and money issued by the planner are treated as perfect substitutes and all monies issued by n people are worthless. ) Therefore, a person’s state at the beginning of date t prior to pairwise meetings is an element in the set St ¼ ðI Â H tÀ1 Â Rþ Þ, where I ¼ {m, n} is the person’s type, and HtÀ1 is the set of possible histories starting from the initial date, t ¼ 0, up through 3 As is well-known, one underlying setting is a K-good, K-type setting in which there is an equal measure of each type.

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