In the visual system of Siamese cats, the lateral geniculate nucleus (LGN) receives an abnormally large projection from the contralateral eye and a correspondingly reduced projection from the ipsilateral eye. In order to determine how this abnormal pattern of retinal input arises, the prenatal development of the retinogeniculate projection was studied in Siamese cats using the anterograde trans...

In this paper we empirically examine the effect of various banking policies on financial sector development. To this end, an econometric model in the context of Co-integrated VAR is employed. The results show that financial liberalization and reforms have a significant and positive effect on the banking sector development while inflation rate has a negative effect. Furthermore, the high GDP...

This paper provides new empirical evidence that bears on the efficacy of unconventional monetary policies when main policy rate is negative. When a negative interest (NIRP) deployed in concert with forward guidance (FG) and quantitative easing (QE), identification impacts these instruments challenging. We propose novel approach seeks to overcome this challenge by combining dense, controlled eve...

To the knowledge of the author, this is the first time it has been shown that interest rates that are extremely high by modern standards are necessary within a zero-sum monetary system. Extreme interest rates persisted for long periods of time in many places. Prior to the invention of banking, most money was hard-money in the form of some type of coin. Here a model is presented that examines th...

We derive fundamental new theory for measuring monetary service flows aggregated over countries within a multicountry economic union. We develop three increasingly restrictive approaches: (1) the heterogeneous agents approach, (2) the multilateral representative agent approach, and (3) the unilateral representative agent approach. Our heterogeneous agents approach contains our multilateral repr...

Exploring the functioning of internal capital markets in financial conglomerates, this paper conducts a novel test of the credit channel of monetary policy. We look at how the response of lending to monetary policy shocks differs across small banks that are affiliated with the same bank holding company but that operate in distinct geographical areas. These subsidiaries tap into the same pool of...

Central banks like the Bank of England or the Bundesbank have highlighted recently that the supply of currency is achieved not by means of printing and spending but by means of credit. This clarification raises further issues. This article addresses the issue of seigniorage and optimal inflation. So far approaches to seigniorage and optimal inflation are still based on the assumption of a curre...

in this paper, by using dynamic stochastic general equilibrium, optimal monetary rule derived for central bank of iran. monetary transmission mechanism of the model includes four equations, aggregate demand, aggregate supply, oil price and taylor rule. we have proved that dynamic structure of aggregate demand relation, regarding monetary inflation in iran, is a function of money growth rate. wi...