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Scrip is a generic term for any substitute for real currency; it can be converted into goods or services sold by the issuer. In the classic scrip system model, one agent is helped by another in return for one unit of scrip. In this paper, we present an upg ...
I develop and analyze a DSGE model of a currency union to revise the question of how to conduct monetary and fiscal policy in countries that share the same currency. In contrast with the previous literature which assumes coordination, this paper analyzes t ...
The reserve is a service traded in the market to counteract unpredictable changes in system conditions. The efficient market-clearing procedure relies on economic criteria while maintaining the system security by means of a proper reserve management progra ...
We provide the first systematic study of liquidity in the foreign exchange market. We find significant variation in liquidity across exchange rates, substantial illiquidity costs, and strong commonality in liquidity across currencies and with equity and bo ...
Due to the important direct and indirect costs of the intervention, more detailed examination methods based on data as obtained from monitoring is suggested. This paper reports on an ongoing study to examine the fatigue safety of one standard bridge type, ...