The names Milton Friedman and John Taylor are associated with different monetary policy rules; but, as shown in this paper, the difference between their perceptions of how the economy works is not great. The monetary policy rules advanced by Taylor and Friedman are compared by linking the rules to the two economists’ underlying views about nominal rigidity, the source of trade-offs, the sources...

You have accessJournal of UrologyUrodynamics/Lower Urinary Tract Dysfunction/Female Pelvic Medicine: Male Incontinence: Therapy I (PD04)1 Sep 2021PD04-05 SURVIVAL OF ARTIFICIAL URINARY SPHINCTER IN SIMULTANEOUS VS STAGED AND PENILE PROSTHESIS IMPLANTATION Nathan Cheng, Nickolas Dalbec, Dongfeng Qi, Guanghui Liu, and David Shin ChengNathan Cheng More articles by this author , DalbecNickolas Dalb...

We study the effects of firm’s credit condition on (1) labor market performance and (2) the inflation and unemployment relationship, in a new monetarist model. Better credit condition has positive impact on labor market as firms save on financing cost, improve profitability, and thus create more vacancies. Inflation increases the financing cost and thus discourages job creation. On the other ha...

We study the reaction of commercial banks to external macroeconomic shocks using panel data from over 120 banks in Argentina for the period 1996-1999. We show that all banks reduce lending when systemic risk increases and that this reaction is driven by credit supply decisions by banks, beyond and above the impact of reduced credit demand or increased regulatory pressure. However, the underlyin...

Use of a promise to pay by a bank to insure an outstanding loan in order to return the value of the insured amount into capital for use in writing a new loan is an invention in banking with calculably greater potential economic impact than the original invention of reserve banking. The consequence of this lending invention is to render the existing money multiplier equations of reserve banking ...

In this paper, we investigate the short-run and long-run macroeconomic effects of bank net worth and capital adequacy regulations. In general, capital adequacy regulations work as a stabilizer in the sense that they reduce the macroeconomic effects of negative productivity shocks. In addition, strengthening of the regulations increases the long-run capital stock, although it may lead the econom...

According to the financial accelerator model, a small monetary or other shock is amplified through credit market restrictions on small firms, and swings in balance sheets over the business cycle cause swings in small firms’ spending. This paper incorporates these notions in an empirical model of firm behavior. We use unit transaction cost of debt and rationed credit as indicators of balance she...

Abstract We document novel evidence on the spillover effect of a corporate control regulation local mortgage markets. find that banks directly targeted by Sarbanes-Oxley Act (SOX) to rectify their internal weaknesses reduce originations following regulation’s enactment. This causes credit be reallocated toward other in same markets: while competing public expand lending safer borrowers, private...

We examine the match/mismatch between demand and supply of impact investments. show that some geographic regions display an upward match, while others exhibit a downward match. explain how with well-developed (or less-developed) economies are not necessarily equal to investment markets. also highlight sectors exhibiting match or mismatch investments, potential reasons. Regarding both sector con...

We show that a purely private monetary system is inherently unstable due to the role of endogenous debt limits in the creation of private money. Because people’s ability to issue notes (personal liabilities that circulate as a medium of exchange) depends on beliefs about the exchange value of their notes in future periods, there exist multiple equilibria. Some of these equilibria have undesirab...