Many consumers have monetary or environmental motivations for saving energy. Indeed, saving energy produces both monetary benefits, by reducing energy bills, and environmental benefits, by reducing carbon footprints. We examined how consumers' willingness and reasons to enroll in energy-savings programs are affected by whether advertisements emphasize monetary benefits, environmental benefits, ...

With a large amount of tasks of various types, requesters in crowdsourcing platforms often bundle tasks of different types into a single working session. This creates a task switching setting, where workers need to shift between different cognitive tasks. We design and conduct an experiment on Amazon Mechanical Turk to study how occasionally presented performancecontingent monetary rewards, ref...

We develop a model of monetary exchange in over-the-counter markets to study the effects of monetary policy on asset prices and standard measures of financial liquidity, such as bid-ask spreads, trade volume, and the incentives of dealers to supply immediacy, both by participating in the market-making activity and by holding asset inventories on their own account. The theory predicts that asset...

Purpose Opinion leaders are increasingly important as a source of information, with consumers judging them to be more credible than other media and influential consumers. Thus, companies have an interest in engaging opinion post about products brands, the authors analyse different incentives for encouraging spread word on social (via electronic word-of-mouth [e-WoM]). Design/methodology/approac...

Credible and optimal monetary policies are considered in environments in which the government observes a signal that is correlated with the state of the economy. When the signal is public information it is optimal for monetary policy to be conditioned upon it. The extent to which such conditioning should occur when the signal is the private information of the government depends upon the governm...

In a discretionary regime the monetary authority can print more money and create more inflation than people expect. But, although these inflation surprises can have some benefits, they cannot arise systematically in equilibrium when people understand the policymaker’s incentives and form their expeziations accordingly. Because the policymaker has the power to create inflation shocks ex pest, th...

The paper presents a general equilibrium model where agents have limited participation in …nancial markets and use money to smooth consumption. This framework is consistent with recent empirical …ndings on money demand. New developments in the heterogeneous agents literature are used to develop a tractable framework with aggregate shocks, where optimal monetary policy can be analyzed. It is sho...

In the monetary policy function, the Fed uses its powers as the ultimate supplier of liquidity to achieve the proximate target of monetary policy. Essentially, the Fed supplies a level of reserves to achieve the overnight Fed funds target rate, the fi rst step in the transmission of monetary policy. The paper outlines this process and highlights the current challenges of achieving the target, p...