Liquidity: a New Monetarist Perspective∗
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The Benchmark for Banknote Packaging in the High-Speed World
NotaPack®10 The Benchmark for Banknote Packaging in the High-Speed World www.gi-de.com/notapack10 2 NotaPack® 10 3 Concentrated packaging power NotaPack 10 is the leading banknote PHENOMENAL SECURITY MODULAR, COMPACT, FLEXIBLE FULLY AUTOMATIC – INCREASED PRODUCTIVITY – packaging system worldwide for cash Three main factors drive a high level With a high level of product modularity FULLY INTEGRATED INCREASED EFFICIENCY of security: First, intelligent features and optimum flexibility as a result of The G+D High-Speed World is character- NotaPack 10 packages up to 10 bundles centers and banknote printing works, that safeguard the unpackaged bank- over 30 different modules, NotaPack 10 ized by the perfect integration of every of 500 or 1,000 banknotes per minute – engineered in particular for the de- note bundle right up until it is fully can fulfill all key customer requirements. single element, so it is no surprise that quickly, reliably, and to a consistently manding requirements of the industry. shrink-wrapped. These include optical It also offers integration of up to five NotaPack 10 is designed for perfect high level of quality. The system’s energy It is the flawless packaging solution bundle inspection and advanced access BPS systems, and an extremely compact alignment and compatibility with BPS consumption is very low in comparison protection facilitated by continuous design that is suitable for very confined systems and G+D software. Thus, the to other systems. These considerations for the BPS M3, M5, M7, and X9 conveyor covers with locks and log file spaces (taking up floor space of just ideally alligned end-to-end process make the NotaPack 10 a highly efficient, High-Speed Systems, simultaneously writing (p. -
Frequently Asked Questions Coins and Notes July 2020
Frequently Asked Questions Coins and Notes July 2020 A. Currency Issuance 1. Under what authority does the Bangko Sentral ng Pilipinas (BSP) issue currency? The BSP is the sole government institution mandated by law to issue notes and coins for circulation in the Philippines. In Particular, Section 50 of Republic Act (R.A) No. 7653, otherwise known as The New Central Bank Act, as amended by Republic Act No. 11211, stipulates that the BSP shall have the sole power and authority to issue currency within the territory of the Philippines. It also issues legal tender commemorative notes and coins. 2. How does the BSP determine the volume/value of notes and coins to be issued annually? The annual volume/value of currency to be issue is projected based on currency demand that is estimated from a set of economic indicators which generally measure the country’s economic activity. Other variables considered in estimating currency order include: required currency reserves, unfit notes for replacement, and beginning inventory balance. The total amount of banknotes and coins that the BSP may issue should not exceed the total assets of the BSP. 3. How is currency issued to the public? Based on forecast of currency demand, denominational order of banknotes and coins is submitted to the Currency Production Sub-Sector (CPSS) for production of banknotes and coins. The CPSS delivers new BSP banknotes and coins to the Cash Department (CD) and the Regional Operations Sub-Sector (ROSS). In turn, CD services withdrawals of notes and coins of banks in the regions through its 22 Regional Offices/Branches. -
Advanced Topics: Theory of Money ∗
Advanced Topics: Theory of money ∗ Francesco Lippi University of Sassari and EIEF flippi‘at’uniss.it November 20, 2013 The class has two parts. The first part describes models where money has value in equilibrium because of explicitly specified frictions. We use these models to discuss optimal monetary policy. Second, we study the propagation of monetary shocks in an economy with sticky prices. We will use continuous-time stochastic processes and optimal-control methods to model infrequent price adjustment by firms. Emphasis will be placed on the solution methods, mostly analytical, and on quantitative applications. We will solve the firm decision problem under different frictions, discuss aggregation of the individual firm decisions within a GE model, and study the propagation of shocks in an economy populated by “inactive” firms. ∗ 1. Pure currency economies • Samuelson-Lucas OLG (Lucas (1996)) Competitive equilibrium • Lump-sum, proportional • Planner’s problem and welfare analysis • Money in the Utility function, CIA, Sidrausky and Goodfriend-MacCallun type of models, Lucas (2000). • Cost of Inflation with Heterogeneous agents. Money as a buffer stock: Lucas (1980), chapter 13.5 of Stokey and Lucas (1989), Imrohoroglu (1992), Lippi, Ragni, and Trachter (2013) 2. Money in a search and matching environment • Lagos and Wright (2005) model • Individual rationality and implementability of FR (Andolfatto (2013)) • Competing media of exchange Nosal and Rocheteau (2011) Ch. 10 3. Continuous time diffusions, controlled BM and Hamilton-Jacobi-Bellman equations • Chapters 1-4 from Dixit (1993) and Chapters 3 (1, 2 optional) Stokey (2009) • Discrete time - discrete state derivation of BM • Derivation of the Hamilton-Jacobi-Bellman equation • Controlled BM: expected time to hit barrier • Invariant distribution of a controlled diffusion: Kolmogorov equation • The smooth pasting principle 4. -
PIER Working Paper 03-028
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Research Papers in Economics Penn Institute for Economic Research Department of Economics University of Pennsylvania 3718 Locust Walk Philadelphia, PA 19104-6297 [email protected] http://www.econ.upenn.edu/pier PIER Working Paper 03-028 “Search, Money and Capital: A Neoclassical Dichotomy” by S. Boragan Aruoba and Randall Wright http://ssrn.com/abstract=470905 44 Search, Money and Capital: A Neoclassical Dichotomy S. Boragan¼ Aruoba Randall Wright Department of Economics Department of Economics University of Pennsylvania University of Pennsylvania [email protected] [email protected] September 3, 2003 Abstract Recent work has reduced the gap between search-based monetary theory and main- stream macroeconomics by incorporating into the search model some centralized mar- kets as well as some decentralized markets where money is essential. This paper takes a further step towards this integration by introducing labor, capital and neoclassical …rms. The resulting framework nests the search-theoretic monetary model and a stan- dard neoclassical growth model as special cases. Perhaps surprisingly, it also exhibits a dichotomy: one can determine the equilibrium path for the value of money inde- pendently of the paths of consumption, investment and employment in the centralized market. We thank K. Burdett, G. Eudey, R. Lagos, M. Molico and C. Waller for their input, as well as the NSF and the Cleveland Fed for research support. 1 1 Introduction There seems to be a big distance between standard macroeconomics and the branch of monetary theory with explicit microfoundations based on search, or matching, theory. -
Mick-Vort-Ronald-Books.Pdf
AUSTRALIAN PAPER CURRENCY PUBLICATIONS by Michael P. Vort-Ronald . Period Title Year Pages Hard $ Soft $ Post $ 1803-1826 Aust. Colonial Promissory Notes 2nd 2012 136 36 5 1817-1914 Banks of Issue in Australia (Pvt. notes) 1982 331 30 20 15 (SA 12) 1817-1910 Aust. Private Banknote Pedigrees 2011 268 49 15 (SA 12) 1850-1950 Aust. Shinplasters, Calabashes 2nd ed. 2007 132 25 5 1850-2013 Australian Misc. & Political notes 2nd. 2013 144 36 5 1910-1914 Australian Superscribed Notes 2008 104 22 5 1913-1966 Australian Banknotes (£) 2nd ed. 1983 344 35 20 15 (SA 12) 1913-2012 Australian Specimen Banknotes 2nd ed. 2013 160 39 15 (SA 12) 1966-1997 Australian Decimal Banknotes 2nd ed 1995 416 49 39 15 (SA 12) 1975-2004 Aust. Banknote Pedigrees (sales 72-04) 2005 508 89 69 15 (SA 12) 1975-2014 2nd edition ₤ series $75, Decimal series 2016 188 42 15 (SA 12) 2006 and 7 Australian Banknote Sales 2005, 6 and 2007 ea 22 ea 5 2008-2013 Australian Banknote Sales 2010 to 2015 ea 27 ea 5 1988-2001 Aust. Modern Numismatic Banknotes 2014 116 30 5 1988-2011 Vort-Ronald Aust. Note Collections 2011 150 36 5 1975-2012 Australian Banknote Errors 2013 200 44 15 (SA 12) 2012-2014 Vort-Ronald in CAB magazine 2015 148 36 5 BANKNOTE ALBUM INTERLEAVES (for existing Lighthouse Vario albums) 1910-2009 Superscribed, uncut pairs, prefixes, polymer 4 th ed. ea 20 5 1913-1966 Australian Banknote Album (£) 2005 64 15 (SA 12) 1966-1996 Decimal Banknote Album (paper) 2007 54 15 (SA 12) 1988-2005 Specialist Album, red and black 2006 40 15 (SA 12) 1994-2000 Annually Dated, red and black 2006 25 5 Vario banknote clear pages ($1.50) each. -
A Search-Theoretic Approach to Monetary Economics Author(S): Nobuhiro Kiyotaki and Randall Wright Source: the American Economic Review, Vol
American Economic Association A Search-Theoretic Approach to Monetary Economics Author(s): Nobuhiro Kiyotaki and Randall Wright Source: The American Economic Review, Vol. 83, No. 1 (Mar., 1993), pp. 63-77 Published by: American Economic Association Stable URL: http://www.jstor.org/stable/2117496 . Accessed: 14/09/2011 06:08 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact [email protected]. American Economic Association is collaborating with JSTOR to digitize, preserve and extend access to The American Economic Review. http://www.jstor.org A Search-TheoreticApproach to MonetaryEconomics By NOBUHIRO KIYOTAKI AND RANDALL WRIGHT * The essentialfunction of money is its role as a medium of exchange. We formalizethis idea using a search-theoreticequilibrium model of the exchange process that capturesthe "doublecoincidence of wants problem"with pure barter. One advantage of the frameworkdescribed here is that it is very tractable.We also show that the modelcan be used to addresssome substantive issuesin monetaryeconomics, including the potentialwelfare-enhancing role of money,the interactionbetween specialization and monetaryexchange, and the possibilityof equilibriawith multiplefiat currencies.(JEL EOO,D83) Since the earliest writings of the classical theoretic equilibrium model of the exchange economists it has been understood that the process that seems to capture the "double essential function of money is its role as a coincidence of wants problem" with pure medium of exchange. -
Putting Home Economics Into Macroeconomics (P
Federal Reserve Bank of Minneapolis Putting Home Economics Into Macroeconomics (p. 2) Jeremy Greenwood Richard Rogerson Randall Wright The Macroeconomic Effects of World Trade in Financial Assets (p. 12) Harold L. Cole Federal Reserve Bank of Minneapolis Quarterly Review Vol. 17, No. 3 ISSN 0271-5287 This publication primarily presents economic research aimed at improving policymaking by the Federal Reserve System and other governmental authorities. Any views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis or the Federal Reserve System. Editor: Arthur J. Rolnick Associate Editors: S. Rao Aiyagari, John H. Boyd, Warren E. Weber Economic Advisory Board: Edward J. Green, Ellen R. McGrattan, Neil Wallace Managing Editor: Kathleen S. Rolfe Article Editor/Writers: Kathleen S. Rolfe, Martha L. Starr Designer: Phil Swenson Associate Designer: Beth Leigh Grorud Typesetters: Jody Fahland, Correan M. Hanover Circulation Assistant: Cheryl Vukelich The Quarterly Review is published by the Research Department Direct all comments and questions to of the Federal Reserve Bank of Minneapolis. Subscriptions are Quarterly Review available free of charge. Research Department Articles may be reprinted if the reprint fully credits the source— Federal Reserve Bank of Minneapolis the Minneapolis Federal Reserve Bank as well as the Quarterly P.O. Box 291 Review. Please include with the reprinted article some version of Minneapolis, Minnesota 55480-0291 the standard Federal Reserve disclaimer and send the Minneapo- (612-340-2341 / FAX 612-340-2366). lis Fed Research Department a copy of the reprint. Federal Reserve Bank of Minneapolis Quarterly Review Summer 1993 Putting Home Economics Into Macroeconomics* Jeremy Greenwood Richard Rogerson Randall Wright Professor of Economics Visitor Consultant University of Rochester Research Department Research Department Federal Reserve Bank of Minneapolis Federal Reserve Bank of Minneapolis and Associate Professor of Economics and Associate Professor and University of Minnesota Joseph M. -
Federal Reserve Bank of Chicago
Estimating the Volume of Counterfeit U.S. Currency in Circulation Worldwide: Data and Extrapolation Ruth Judson and Richard Porter Abstract The incidence of currency counterfeiting and the possible total stock of counterfeits in circulation are popular topics of speculation and discussion in the press and are of substantial practical interest to the U.S. Treasury and the U.S. Secret Service. This paper assembles data from Federal Reserve and U.S. Secret Service sources and presents a range of estimates for the number of counterfeits in circulation. In addition, the paper presents figures on counterfeit passing activity by denomination, location, and method of production. The paper has two main conclusions: first, the stock of counterfeits in the world as a whole is likely on the order of 1 or fewer per 10,000 genuine notes in both piece and value terms; second, losses to the U.S. public from the most commonly used note, the $20, are relatively small, and are miniscule when counterfeit notes of reasonable quality are considered. Introduction In a series of earlier papers and reports, we estimated that the majority of U.S. currency is in circulation outside the United States and that that share abroad has been generally increasing over the past few decades.1 Numerous news reports in the mid-1990s suggested that vast quantities of 1 Judson and Porter (2001), Porter (1993), Porter and Judson (1996), U.S. Treasury (2000, 2003, 2006), Porter and Weinbach (1999), Judson and Porter (2004). Portions of the material here, which were written by the authors, appear in U.S. -
An Interview with Neil Wallace;
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Altig, David; Nosal, Ed Working Paper An interview with Neil Wallace Working Paper, No. 2013-25 Provided in Cooperation with: Federal Reserve Bank of Chicago Suggested Citation: Altig, David; Nosal, Ed (2013) : An interview with Neil Wallace, Working Paper, No. 2013-25, Federal Reserve Bank of Chicago, Chicago, IL This Version is available at: http://hdl.handle.net/10419/96633 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu An Interview with Neil Wallace David Altig and Ed Nosal November 2013 Federal Reserve Bank of Chicago Reserve Federal WP 2013-25 An Interview with Neil Wallace David Altig Ed Nosal Federal Reserve Bank of Atlanta Federal Reserve Bank of Chicago November 2013 Abstract A few years ago we sat down with Neil Wallace and had two lengthy, free-ranging conversations about his career and, generally speaking, his views on economics. -
Estimation of Euro Currency in Circulation Outside the Euro Area1
EXTERNAL STATISTICS DIVISION ECB-PUBLIC 6 April 2017 ETS/2017/091 Estimation of euro currency in circulation 1 outside the euro area 1. Introduction Recent empirical evidence on currency in circulation has shown a significant inconsistency between total currency in circulation and the estimates of holdings in various statistical domains.2 Some of the evidence points to the European Central Bank (ECB) estimate of euro currency circulating outside the euro area as a prominent cause of this inconsistency.3 In this context, in 2015 and 2016 the European System of Central Banks (ESCB) discussed alternative methods for the estimation of circulation outside the euro area. A new methodology was approved in December 2016 and introduced on 6 April 2017 with the release of quarterly balance of payments (b.o.p.) and international investment position (i.i.p.) statistics for the last quarter of 2016. The following sections present and explain the new methodology used to estimate euro currency holdings by non-euro area residents. 2. New estimation method: lower and upper bounds Given the large variability in the results of the various estimation methods tested and discussed by the ESCB Statistics Committee (STC) in 2016, it was decided to continue using a linear combination of two methods rather than selecting a single method. Two estimates have been chosen to set boundaries to circulation outside the euro area by establishing a lower limit (an estimate of minimum circulation under certain reasonable assumptions on not observable data) and an upper limit (an estimate of a maximum circulation, also on under certain assumptions). -
MDS 9000R Multifunction Cash-In, Cash-Out and Bulk Cheque Deposit
MDS 9000R Multifunction Cash-In, Cash-Out and Bulk Cheque Deposit Automatic stamping Automatic cheque Large cash storage capacity sorting bin Front crossing on each cheque using Enables cheque sorting into 4 5 cassettes, Total capacity of up to rotary stamp pockets, eliminating additional 17,000 banknotes cheque handling Supports image-based Banknote serial number Cash recycling module cheque clearing reader Equipped with automatic front Automatic recognition of serial Optimise your cash management stamping and rear endorsement numbers to aggregate useful resources printers, and on-board scanner analytic data Rototype International MDS 9000R The best of breeds in 1 kiosk The Rototype MDS 9000R is the latest addition to our range of multifunction self-service solutions which offers three of the most frequently used 24-hours services within a single footprint. It boasts our flagship module for bulk cheque deposit that accepts up to 35 cheques in a single feed operation, and is capable of real-time endorsements and image capture to support image-based cheque processing standards in your country. The MDS 9000R also incorporates a worldwide- accepted cash recycling module that enables cash-in and cash-out functionalities with recycling capabilities, so that your bank can now fully optimise the use of physical space and cash management resources. The MDS 9000R is what every bank needs to fulfil your customers’ basic banking needs in 24-hour lobbies, commuter stations and street corners. - Advanced recycling functions for cash deposit and cash -
An Interview with Thomas J. Sargent
Macroeconomic Dynamics, 9, 2005, 561–583. Printed in the United States of America. DOI: 10.1017.S1365100505050042 MD INTERVIEW AN INTERVIEW WITH THOMAS J. SARGENT Interviewed by George W. Evans Department of Economics, University of Oregon and Seppo Honkapohja Faculty of Economics, University of Cambridge January 11, 2005 Keywords: Rational Expectations, Cross-Equation Restrictions, Learning, Model Misspecification, Adaptation, Robustness The rational expectations hypothesis swept through macroeconomics during the 1970s and permanently altered the landscape. It remains the prevailing paradigm in macroeconomics, and rational expectations is routinely used as the stan- dard solution concept in both theoretical and applied macroeconomic mod- elling. The rational expectations hypothesis was initially formulated by John F. Muth Jr. in the early 1960s. Together with Robert Lucas Jr., Thomas (Tom) Sargent pioneered the rational expectations revolution in macroeconomics in the 1970s. Possibly Sargent’s most important work in the early 1970s focused on the implications of rational expectations for empirical and econometric research. His short 1971 paper “A Note on the Accelerationist Controversy” provided a dra- matic illustration of the implications of rational expectations by demonstrating that the standard econometric test of the natural rate hypothesis was invalid. This work was followed in short order by key papers that showed how to conduct valid tests of central macroeconomic relationships under the rational expecta- tions hypothesis. Imposing rational expectations led to new forms of restric- tions, called “cross-equation restrictions,” which in turn required the development of new econometric techniques for the study of macroeconomic relations and models. Correspondence to: Professor George W. Evans, Department of Economics, 1285 University of Oregon, Eugene, OR 97403-1285, USA; e-mail: [email protected].