Zobrazeno 1 - 10
of 106
pro vyhledávání: '"Bruce A. Smith"'
THE TIMING OF TAX COLLECTIONS AND THE STRUCTURE OF 'IRRELEVANCE' THEOREMS IN A CASH-IN-ADVANCE MODEL
Autor:
Thomas J. Sargent, Bruce D. Smith
Publikováno v:
Macroeconomic Dynamics. 14:585-603
A standard timing protocol in a cash-in-advance model allows the government to elude the inflation tax. That matters. Altering the timing of tax collections to make the government hold cash overnight disables some classical propositions but enables o
Autor:
Bruce D. Smith, Stacey L. Schreft
Publikováno v:
Annals of Finance. 4:131-155
This paper considers whether eliminating the stock of government debt outstanding would reduce welfare. It models an economy with three assets - currency, government bonds, and storage, a transactions role for money, and a demand for liquidity and th
Autor:
Bruce D. Smith, Pere Gomis-Porqueras
Publikováno v:
Canadian Journal of Economics/Revue canadienne d'conomique. 39:296-319
In this paper, we expand previous models with banks and money and explore the consequences of seasonals in the banking system. We find that, when bank failures occur, not all of them have associated large output losses and currency premiums exist. We
Publikováno v:
Journal of Money, Credit, and Banking. 37:977-999
This study investigates the real output losses associated with modern banking crises. We find a remarkable diversity of experience. In a number of instances banking crises have not been associated with any significant reduction in the growth of real,
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, James B. Bullard
Publikováno v:
Journal of Monetary Economics. 50:389-417
We study dynamic economies in which agents may have incentives to hold both privately-issued (a.k.a. inside) and publicly-issued (a.k.a. outside) circulating liabilities as part of an equilibrium. Our analysis emphasizes spatial separation and limite
Publikováno v:
International Economic Review. 43:1289-1307
We consider the question how "best" to maintain price-level stability in an open economy, and evaluate three possible policy choices: (a) a constant money growth rate rule; (b) a fixed exchange rate; and (c) a policy of explicit commitment to a price
Publikováno v:
Journal of Monetary Economics. 49:1235-1260
This paper undertakes a simple general equilibrium analysis of the consequences of deposit insurance programs, the way in which they are priced, and the way in which they fund revenue shortfalls. In our economy, the central issue in analyzing deposit
Publikováno v:
Journal of Financial Intermediation. 11:232-268
Credit rationing is a common feature of most developing economies. In response to it, the governments of these countries often operate a number of programs intended to expand the supply of credit to the private sector. Expansionary monetary policy is
Autor:
Bruce D. Smith
Publikováno v:
American Economic Review. 92:128-134
Banking crises are frequent events. Gerard Caprio and Daniela Klingebiel (1997) catalog over 80 banking crises during the last 25 years. Interestingly, some banking crises are associated with no output losses whatsoever, while others involve massive