The primary concern of this paper is understanding how prices and interest rates respond to open-market operations. In a model economy developed by Grossman and Weiss, but with more general utility functions, we establish global existence of equilibrium paths and observe that prices and interest rates rise initially, but thereafter oscillate around a new steady state. Also investigated are opti...

We study the interplay between competition and trust as efficiencyenhancing mechanims in the private provision of money. With commitment, trust is automatically achieved and competition ensures efficiency. Without commitment, competition plays no role. Trust does play a role but requires a bound on efficiency. Stationary inflation must be non-negative and, therefore, the Friedman rule cannot be...

I apply mechanism design to quantify the cost of in‡ation that can be attributed to monetary frictions alone. In an environment with pairwise meetings, the money demand that is consistent with an optimal, incentive feasible allocation takes the form of a continuous correspondence that can …t the data over the period 1900-2006. For such parameterizations, the cost of moderate in‡ation is zero. T...

We study the interplay between competition and trust as efficiencyenhancing mechanims in the private provision of money. With commitment, trust is automatically achieved and competition ensures efficiency. Without commitment, competition plays no role. Trust does play a role but requires a bound on efficiency. Stationary inflation must be non-negative and, therefore, the Friedman rule cannot be...

The goal of this research is to predict an in vitro activity of polychlorinated biphenyl (PCB) congeners and their mixtures and to describe the relationship between this activity and chemical structure. The test system used multiple PCB concentrations on each cell culture plate in a repeated measures design, which improved precision for comparing between concentration levels. A weighted regress...

film coating solutions containing different grades of hpmc (e5, e15 and e50) with and without polyethylene glycol (with various molecular weights) were examined by an oscillatory method, using haake cv 100 rheometer. fundamental rheological parameters (?, g? and g² ) were measured over the frequency range from 0.04 to 2 hz. the variation with frequency of the loss tangent (a ratio of viscous to...

This paper shows that a zero-sum redistribution of wealth within a country can have persistent aggregate effects. Motivated by the case of an unanticipated inflation episode, we consider redistribution shocks that shift resources from old to young households. Aggregate effects arise because there are asymmetries in the reaction of winners and losers to changes in wealth. We focus on two sources...

This paper proposes a measure to assess the monetary policy for a highly inflationary small open economy: Turkey. The empirical evidence suggests that positive innovations in the spread between the Central Bank’s interbank interest rate and the depreciation rate of the local currency mimic the properties of the tight monetary policy. These innovations, when they are positive, decrease income an...

Woodford (1997, 1998) employs an inter-temporal general equilibrium model to examine the properties of the monetary system as it evolves form the use of a physical medium of exchange to an electronic medium. He presents a structure in which cash (money) as a means of payment can be made to vanish at the limit but where he claims the price level remains determinate. It is shown that Woodford's a...