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Now showing items 11-15 of 15
Intergenerational Intermediation and Altruistic Preferences
(Vanderbilt University, 2011)
The paper analyzes the intermediation role of government under the assumption that it has an advantage over the private sector in collecting uncollateralized loan payments. It isshown that a government loan program may ...
The Friedman Rule in an Overlapping Generations Model:Social Security in Reverse
(Vanderbilt University, 2007)
The welfare gains from adopting a zero nominal interest policy depend on the implementation details. Here I focus on a government loan program that crowds out lending and borrowing and other money substitutes. Since money ...
Liquidity, Equity Premium and Participation'
(Vanderbilt University, 2007)
I use price dispersion to model liquidity. Buyers may be rationed at the low price. An asset is more liquid if it is used relatively more in low price transactions and the probability that it will buy at the low price is ...
Efficient Barriers to Trade: A Sequential Trade Model with Heterogeneous Agents
(Vanderbilt University, 2007)
This paper studies a flexible price version of the Prescott (1975) hotels model. Unlike rigid price versions of the model, here the equilibrium outcome is efficient if potential buyers have the same downward sloping demand ...
International Seigniorage Payments
(Vanderbilt University, 2006)
What are the "liquidity services" provided by ìover-pricedî assets? How do international seigniorage payments affect the choice of monetary policies? Does a country gain when other hold its ìover-pricedî ...