Brown explained that, because animals are inefficient in converting vegetable protein into animal protein, "the production of meat, milk, and eggs requires the use of large amounts of grain as animal feed." As a result, "it requires a ton of grain per year for the diet of the average American. Only 150 pounds of this are consumed directly. In contrast, the average person in the poor nations of ...

The paper models the interaction between risk taking in the financial sector and central bank policy for the case of pure illiquidity risk. It is shown that, when bad states are highly unlikely, public provision of liquidity may improve the allocation, even though it encourages more risk taking (less liquid investment) by private banks. In general, however, there is an incentive of financial in...