Recently a great deal of attention has been focused on difficulties of interpreting the behavior of the monetary aggregates. The period since the mid-1970s has been characterized by unexpected changes in the relationship between traditional measures of the monetary aggregates and economic activity. Accompanying the disruption of established monetary relationships was an intensified effort by th...

The usual measures of market risk are based on the axiom positive homogeneity while neglecting an important element information—liquidity. To analyze effects this omission, in present study, we define behavior prices and volume via stochastic processes subordinated to time elapsing between two consecutive transactions market. Using simulated data from companies different sizes capitalization le...

I develop a model where banks play central role in monetary policy transmission. By credibly committing to repayment, can perform liquidity transformation. Illiquid assets may pay premium because they allow create liquid assets. The analysis discusses how the authority affect nominal rates and inflation when fiscal follows or real debt targets. A main result is that under target, only able incr...

Intangible assets are a very economically significant asset class yet are largely excluded by accounting conventions from corporate balance sheets. Ownership (or control) of intangible assets can allow firms to differentiate their offerings to customers and establish some degree of competitive advantage. However, intangibles do not, apart from a few cases of licensing, generate value on their o...

Bitcoin is an online distributed ledger in which coins are distributed according to the unspent transaction output (UTXO) set, and transactions describe changes to this set. Every UTXO has associated to it an amount and signature verification key, representing the quantity that can be spent and the entity authorized to do so, respectively. Because the ledger is distributed and publicly verifiab...

Money demand modelsoverpredicted M2 growth in theUnited States from 1990 to 1993. We examine this overprediction using a model ofhousehold demand for liquid wealth. The model is a dynamic generalization ofthe almost-ideal demand model ofDeaton and Muellbauer (1980). We find that the own-price elasticity ofmoney demand rose substantially after 1990. We also find important cross-price elasticitie...

Bernanke (2005) hypothesized that a "global savings glut" was causing large trade imbalances. However, we show that the global savings rates did not show a robust upward trend during the relevant period. Moreover, if there had been a global savings glut there should have been a large investment boom in the countries that imported capital. Instead, those countries experienced consumption booms. ...

Nonperforming assets (NPA) reflect the risk factor of the concerned commercial bank. Some of these banks operate at a threshold point where further reduction of NPA is not possible without reducing loans and advances, a desirable output. Pursuing an additive slack based efficiency DEA model the potential rate of reduction of NPA is explored for 50 commercial banks operating on Indian soil.

This article shows how public offices in the early modern period became investment assets Castile (Spain). Moreover, it demonstrates that fulfilled all conditions for being viewed as safe assets. In particular, through combination of qualitative sources with a novel hand-collected database, did not suffer from adverse selection, were traded liquid secondary markets, and increased their value du...