I study a model of portfolio choice over the life-cycle incorporating a transactions need of using monetary assets (MA), …xed costs of participation in non-monetary assets (NMFA) markets, and a realistics ‡uctuation of the return spread (the “opportunity cost”of holding MA). I estimate model parameters to match age pro…les of portfolio positions and market participation in a dataset consisting ...

a r t i c l e i n f o I propose a new multi-factor asset pricing model with new-Keynesian factors to explain stock return anomalies from 1972Q1 to 2009Q2. This new model explains the average returns across testing portfolios formed on financial distress, momentum, and standardized unexpected earnings with misspecification-robust statistics. Test portfolios formed on net stock issues and total a...

From the outset of Monetary Union, the ECB has assigned a “prominent role” to monetary analysis in its monetary policy strategy. This article describes a number of new tools for monetary analysis that have been developed on the basis of ECB research. It discusses how these tools are used to interpret monetary developments and ultimately to offer insights that support the conduct of monetary pol...

We adopt mechanism design to study the long-run consequences of inflation on aggregate output, trade, and welfare. Our theory captures multiple channels for individuals to respond to the inflation tax: search intensity (the intensive margin), market participation (the extensive margin), and substitution between money and a higher return asset. To determine the terms of trade in pairwise meeting...

The capacity of a given natural ecosystem to provide certain goods and services that satisfy human needs depends on its environmental characteristics (natural processes and components). It was described the availability of these goods and services (environmental functions) controlled and sustained by ecological processes operating in Ecological Station of Jataí (Luiz Antônio, SP). The environme...

Recent advances in crowdsourcing technologies enable computationally challenging tasks (e.g., sentiment analysis and entity resolution) to be performed by Internet workers, driven mainly by monetary incentives. A fundamental question is: how should workers be selected, so that the tasks in hand can be accomplished successfully and economically? In this paper, we study the Jury Selection Problem...

Estimates of instrumental rules can be utilized to describe central bank's behavior and monetary policy stance. In the last decade, considerable attention has been given to time-varying parameter (TVP) specification of monetary policy rules. Constant-parameter reaction functions likely ignore the impact of model uncertainty, shifting preferences and nonlinearities of policymaker's choices. This...

Monetary environment as the core of financial system has been functionally designed in light of the new set of extensive goals including financial stability, sustainable noninflationary growth, external sustainability, and price stability. A comprehensive monetary policy framework is proposed for Iran which systematically include the new goals, stance variables, instruments, transmission mechan...