In this paper we develop the first search-theoretic monetary model of a two-country global economy. We show the connection between deep monetary frictions (i.e. search and matching frictions), capital holdup externalities, and the realization of an endogenous departure from the “excess smoothness” problem in the real exchange rate found in standard models. Using this alternative monetary model,...

In a natural resources management context, cost benefit analysis involves subtracting the monetary costs of a development from the monetary value of all the benefits generated by the same development to obtain a net monetary benefit or cost for the proposed activity. "Benefits" or "costs" for various management or land use options for a particular area can be compared. Usually the method with t...

An alternative receiver structure is presented for discrete multitone-based systems. The usual structure consisting of a (real) time-domain equalizer in combination with a (complex) 1-tap frequency-domain equalizer (FEQ) per tone, is modified into a structure with a (complex) multitap FEQ per tone. By solving a minimum mean-square-error problem, the signal-to-noise ratio is maximized for each i...

Presence of slow non-stationarities has been seen in a series of studies with LIGO engineering and science data. It is important to track these slow variations or ‘drifts’ to diagnose their origin and correct them, as nonstationary data can affect sensitivity of astrophysical searches. A DMT (Data Monitoring Tool) monitor has been built to track slow non-stationarities in LIGO data. The monitor...

We analyze monetary conditions in US asset markets — corporate equity, real estate, Treasury bond and corporate & foreign bond — from a market specific perspective, proposing the concept of market leverage. Market leverage measures the average leverage of all asset holders in a particular asset market. The concept builds on an accountingbased network that links balance sheet leverages of asset ...

In support of natural resource and ecosystem service policy, monetary value estimates are often presented to decision makers along with other types of information. There is some evidence that, presented with such 'mixed' information, people prioritise monetary over non-monetary information. We conduct a discrete choice experiment among New Zealand decision makers in which we manipulate the info...

Over the last few years, the Federal Reserve has increased the monetary base fourfold. Given the Federal Reserve’s dual mandate, the objective of this policy has been to generate an increase in real economic activity while maintaining a low, stable rate of inflation. Some, such as Sumner (2011, 2012) and Woodford (2012) have advocated making the expansion of the monetary base conditional upon a...

Affective science research on reward processing has primarily focused on monetary rewards. There has been a growing interest in evaluating the neural basis of social decision-making and reward processing. The present study employed a within-subject design and compared the reward positivity (RewP), an event-related potential component that is present following favorable feedback and absent or re...

When he wrote this article, Ted Crone was a vice president and economist in the research Department of the Philadelphia Fed and head of the regional and microeconomics section. he has since retired. this article is available free of charge at www.philadelphiafed.org/econ/br/index. lthough there is only one national monetary policy, that does not mean that monetary policy does not affect some re...

We investigate time consistency of monetary valuations, also called monetary risk measures or monetary utility functions. Through a number of recent research contributions, it has become clear that time consistency imposes strong constraints on families of monetary valuations conditioned on available information at different time instants. In this paper we add to these results by showing that c...