We consider an economy where people have the needs for liquidity because of the unanticipated consumption opportunity, yet banks may not provide su¢ cient liquidity due to imperfect technology in commitment, enforcement and record-keeping. We show a link between the liquidity generated by bank lending, the value of the asset used as collateral and aggregate economic activity. When the record-ke...

Race T of the fungal pathogen Cochliobolus heterostrophus is highly virulent toward Texas male sterile (T) maize and differs from its relative, race O, at a locus (Tox1) that is responsible for the production of T-toxin, a family of linear long-chain (C35 to E41) polyketides. In a previous study, the restriction enzyme-mediated integration procedure was used to mutagenize and tag Tox1. Here, we...

The regular and predictable nature of the tide makes the generation of electricity with a tidal lagoon or barrage an attractive form of renewable energy, yet storm surges affect the total water-level. Here, we present the first assessment of the potential impact of storm surges on tidal-range power. Water-level data (2000e2012) at nine UK tide gauges, where tidal-range energy is suitable for de...

The cloning and sequencing of the rbpa gene coding for a versatile peroxidase from a novel Bjerkandera strain is hereby reported. The 1777 bp isolated fragment contained a 1698 bp peroxidase-encoding gene, interrupted by 11 introns. The 367 amino acid-deduced sequence includes a 27 amino acid-signal peptide. The molecular model, built via homology modelling with crystal structures of four funga...

I study a DSGE model incorporating a monetary transactions technology in which a representative household invests time to improve its skill (human capital) in making transactions. The model is designed to reconcile salient shortand long-run features of the relationship between money, income, and the opportunity cost of holding money. An econometric reduced form, derived analytically, is reveali...

We present a dynamic cash-management model where agents choose whether to pay with cash or credit at every point in time. In the model credit usage depends on the current stock of cash, a novel result that matches recent micro evidence on household’s payment choices. The optimality of such decision rule is novel and cannot be obtained by models where cash-credit decisions are made at the “begin...

We derive fundamental new theory for measuring monetary service flows aggregated over countries within a multicountry economic union. We develop three increasingly restrictive approaches: (1) the heterogeneous agents approach, (2) the multilateral representative agent approach, and (3) the unilateral representative agent approach. Our heterogeneous agents approach contains our multilateral repr...

Article history: Received 16 March 2014 Received in revised form 3 May 2015 Accepted 8 May 2015 Available online 15 May 2015 The lack of an observable variable measuring inflationary expectation has been a major difficulty in empirical work on hyperinflation. In this paper we propose a direct measure of expectations—the black-market interest rate in Shanghai—and study the behavior of money dema...

This paper reexamines the role of money demand for the local dynamics of a sticky price model where money enters the utility function and monetary policy is either conducted according to a Taylor-type interest rate rule or to a Friedman-type constant money growth rule. It is shown that activeness, which is commonly recommended as a device for a stabilizing interest rate policy, leads to stable ...

This paper presents the empirical results of an econometric investigation of the demand and supply of real money with Livingston‟s price expectations and real Federal debt in the U.S.A. economy as a Vector Auto-Regressions System with subsequent „Hendryfication‟. This allows the study to focus on a partial equilibrium model of the money market that pinpoints the crucial variables of fiscal and ...