Monetary and Non Monetary Poverty in Albania

Monetary Aggregates and Monetary Policy

This is a special conference for the Federal Reserve Bank of Boston, and for me personally. The role of monetary aggregates in monetary policy was intensely controversial when I joined the staff of the Board of Governors in May 1969. I was immediately asked to join the staff of the newly formed FOMC Committee on the Directive. Governor Sherman Maisel chaired that committee; the other two member...

Equilibrium with Non-Convex Transactions Costs: Monetary and Non-Monetary Economies

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On Monetary Stability and Monetary Reform

Influences of monetary and non-monetary family resources on children's development in verbal ability in China

This paper addresses the debate over the significance of family’s monetary versus nonmonetary resources for children’s achievement and development, within the context of contemporary China. We use data from the 2010 baseline survey of the China Family Panel Study to examine the relevance of several proposed determinants in Chinese children’s cognitive achievement. Our findings suggest that: (1)...

Access to Liquidity and Non-monetary Trade

This paper places non-monetary trade (NMT), a persistent growth of which in Russia in 1992-8 economists have struggled to explain, within the framework of the credit channel of the monetary policy. It shows that producers resorted to NMT responding to increases in the cost and unavailability of external funds. The paper traces the origin of structural breaks in the NMT trend and its transitory ...