Money Is Not Required

“ Money ” is the Reserves not the Money ∗

In this paper I will argue that the institutional implementations that we commonly include in our monetary aggregates are actually more similar to the concept of monetary base. I will also argue that the institutional implementation of accounts payable operates as money. This slightly translated definition implies that a new monetary aggregate that includes accounts payable may be useful for co...

is evaluation of hepatitis a immunity required or not?

Good parents not money

P matter. That's the message of Susan Mayer's new book. What Money Can't Buy.^ The University of Ghicago sociologist's sophisticated and often ingenious analyses lead her to conclude that parents' characteristics are more important than their income in determining how well they raise their children and, hence, how well their children will do in later life. Thus Mayer argues that giving low-inco...

It's not about the money.

How (Not) to Raise Money

We show that standard winner-pay auctions are inept fund-raising mechanisms because of the positive externality bidders forgo if they top another’s high bid. Revenues are suppressed as a result and remain finite even when bidders value a dollar donated the same as a dollar kept. This problem does not occur in lotteries and all-pay auctions, where bidders pay irrespective of whether they win. We...