Discount Rates in Risk v. Money and Money v. Money Tradeoffs

Money and Interest Rates

This study describes and reconciles two common, seemingly contradictory views about a key monetary policy relationship: that between money and interest rates. Data since 1960 for about 40 countries support the Fisher equation view, that these variables are positively related. But studies taking expectations into account support the liquidity effect view, that they are negatively related. A simp...

Private Money, Settlement, and Discount: a Comment

Temzelides and Williamson present a model of private currency issuance to study the effect of clearing arrangements on the prices at which private currencies trade, on the volume of exchange, and on welfare. Their findings hinge on three factors: the location of the issuers relative to the area in which their currencies circulate, whether there is an arrangement for clearing nonlocally issued c...

Spending money to save money.

t is a challenging time to be taking up the reins of Sexually Transmitted Infections. After a prolonged period of decline, there are epidemics of bacterial STIs in the United Kingdom and Western Europe, including outbreaks of syphilis. HIV continues to escalate; the prevalence of HIV is escalating due to persistent or rising incidence combined with increased survival. Globally we face major epi...

The Credit Money and State Money Approaches

The Interactions between the Lending Rates, Deposit Rates and Money Market Rates

T he present paper investigates the impact of the financial crisis on the interaction between the lending rates, deposit rates and money market rates through the process of retail bank interest rate pass-through in the countries of the Euro area. Among our findings is the heterogeneity of bank rate adjustments across sectors, loans and deposits. That was mainly marked during the pre-...