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pro vyhledávání: '"Bruce A. Smith"'
Autor:
Bruce D. Smith, James B. Bullard
Publikováno v:
Journal of Economic Theory. 109:172-197
We study an economy in which intermediaries have incentives to issue circulating liabilities as part of an equilibrium. We show that, with arbitrarily small transactions costs, only the liabilities of intermediaries will circulate, and not those of o
Autor:
Bruce D. Smith
Publikováno v:
Journal of Economic Theory. 99:1-21
Recent years have seen major innovations in the nature of monetary, banking, and payment arrangements. These innovations, which are certain to continue into the foreseeable future, will have huge implications for the conduct of monetary policy, for t
Autor:
Bruce D. Smith, Elisabeth Huybens
Publikováno v:
Journal of Economic Theory. 81:353-400
We consider a small open economy with a costly state verification problem and binding reserve requirements. The presence of these frictions leads to the existence of two steady states with credit rationing. An increase in the money growth rate, the w
Autor:
John H. Boyd, Bruce D. Smith
Publikováno v:
Journal of Economic Theory. 73:335-364
We consider a two country growth model with international capital markets. These markets fund capital investment in both countries, and operate subject to a costly state verification (CSV) problem. Investors in each country require some external fina
Autor:
Bruce D. Smith, Stacey L. Schreft
Publikováno v:
Journal of Economic Theory. 73:157-182
We consider a monetary growth model in which banks arise to provide liquidity. In addition, there is a government that issues not only money, but interest-bearing bonds; these bonds compete with capital in private portfolios. When the government fixe
Publikováno v:
Journal of Economic Theory. 67:153-177
Hicks ("A Theory of Economic History," Clarendon Press Oxford, 1969) argues that an important aspect of industrial development is the adoption of technologies requiring highly illiquid capital investments. The adoption of such technologies becomes ec
Autor:
Bruce D. Smith, Costas Azariadis
Publikováno v:
Journal of Economic Theory. 60:277-305
We examine the general equilibrium consequences of credit rationing that results from an adverse selection problem. Relative to a full information benchmark economy, static incentive problems result in reductions in the rate-of-return at inside money
Autor:
Bruce D. Smith
Publikováno v:
Journal of Economic Theory. 32:359-366
Nonconvexities play a major role in several theories of money. This note suggests an additional such role. In particular, an economy is presented which fails to have a competitive equilibrium in the absence of fiat money. When fiat money is present,
Autor:
Bruce D. Smith
Publikováno v:
Centre for the Study of International Economic Relations Working Papers
An economy in which legal restrictions prevent private agents from issuing “close substitutes” for money is examined. Specifically, in a model with borrowing and lending, agents are prevented from acquiring privately issued liabilities in amounts