Narrow search
Showing 1 - 10 of 112
Cover Image
On the Friedman Rule in Search Models with Divisible Money
Berentsen, Aleksander; Rocheteau, Guillaume - In: Contributions in Macroeconomics 3 (2003) 1
This paper studies the validity of the Friedman rule in a search model with divisible money and divisible goods in …
Persistent link: https://www.econbiz.de/10014588437
Cover Image
Monetary policy in a channel system
Berentsen, Aleksander; Monnet, Cyril - 2007
Channel systems for conducting monetary policy are becoming increasingly popular. Despite their popularity, the consequences of implementing policy with a channel system are not well understood. We develop a general equilibrium framework of a channel system and investigate the optimal policy. A...
Persistent link: https://www.econbiz.de/10010264077
Cover Image
Outside versus inside bonds: A Modigliani-Miller type result for liquidity constrained economies
Berentsen, Aleksander; Waller, Christopher Jude - 2010
When agents are liquidity constrained, two options exist - sell assets or borrow. We compare the allocations arising in two economies: in one, agents can sell government (outside) bonds and in the other they can borrow by issuing (inside) bonds. All transactions are voluntary, implying no...
Persistent link: https://www.econbiz.de/10010277131
Cover Image
The distribution of money and prices in an equilibrium with lotteries
Berentsen, Aleksander; Camera, Gabriele; Waller, Christopher - In: Economic Theory 24 (2004) 4, pp. 887-906
do so by considering randomized monetary trades in a standard search-theoretic model of money where agents can hold …
Persistent link: https://www.econbiz.de/10005370807
Cover Image
On the Friedman Rule in Search Models with Divisible Money
Berentsen, Aleksander; Rocheteau, Guillaume - In: Contributions to Macroeconomics 3 (2003) 1, pp. 1121-1121
This paper studies the validity of the Friedman rule in a search model with divisible money and divisible goods in …
Persistent link: https://www.econbiz.de/10005087013
Cover Image
Monetary Policy in a Channel System
Berentsen, Aleksander; Monet, Cyril - Institut für Volkswirtschaftslehre, … - 2006
This paper studies the theoretical properties of a channel system of interestrate control in a dynamic general equilibrium model. Agents are subject to liquidity shocks which can be partially insured in a secured money market, or at a standing facility operated by the central bank. We show that...
Persistent link: https://www.econbiz.de/10005040818
Cover Image
Friedman Meets Hosios: Efficiency in Search Models of Money
Berentsen, Aleksander; Rocheteau, Guillaume; Shi, Shouyong - University of Toronto, Department of Economics - 2002
In this paper we study the inefficiencies of the monetary equilibrium and optimal monetary policies in a search economy … trade and an inefficient number of trades (or search decisions). The Friedman rule eliminates the first inefficiency and the … order to internalize all search externalities. …
Persistent link: https://www.econbiz.de/10005827212
Cover Image
Outside versus inside bonds: A Modigliani-Miller type result for liquidity constrained economies
Berentsen, Aleksander; Waller, Christopher - Institut für Volkswirtschaftslehre, … - 2009
When agents are liquidity constrained, two options exist — sell assets or borrow. We compare the allocations arising in two economies: in one, agents can sell government bonds (outside bonds) and in the other they can borrow (issue inside bonds). All transactions are voluntary, implying no...
Persistent link: https://www.econbiz.de/10008528449
Cover Image
Liquidity, innovation and growth
Berentsen, Aleksander; Rojas Breu, Mariana; Shi, Shouyong - Institut für Volkswirtschaftslehre, … - 2009
Many countries simultaneously suffer from high inflation, low growth and poorly developed financial sectors. In this paper, we integrate a microfounded model of money and finance into a model of endogenous growth to examine the effects of inflation on welfare, growth and the size of the...
Persistent link: https://www.econbiz.de/10008528451
Cover Image
Inflation and Unemployment in the Long Run
Berentsen, Aleksander; Menzio, Guido; Wright, Randall - Department of Economics, University of Pennsylvania - 2008
We study the long-run relation between money, measured by inflation or interest rates, and unemployment. We first discuss data, documenting a strong positive relation between the variables at low frequencies. We then develop a framework where both money and unemployment are modeled using...
Persistent link: https://www.econbiz.de/10005102079