Existence and efficiency of general equilibrium with commodity money is investigated in an economy where N commodities are traded at N(N − 1)/2 commodity-pairwise trading posts. Trade is a resource-using activity recovering transaction costs through the spread between bid (wholesale) and ask (retail) prices. Budget constraints, enforced at each trading post separately, imply demand for a carrie...

The study has been focused on effect of untreated distillery effluent (Devans Breweries Ltd., Jammu) on germination of gobi sarson (Brassica napus. L. var. Punjabi Special). Six treatments (E0.... E100) each having three replicates were made. E0 was taken as control in which tap water was used for irrigation of the plants. For E20, E40, E60, E80 and E100, different concentrations i.e. 20, 40, 6...

We consider the subor supercritical Neumann elliptic problem Du þ mu 1⁄4 u5þe; u40 in O; @u @n 1⁄4 0 on @O; O being a smooth bounded domain in R ; m40 and ea0 a small number. Hm denoting the regular part of the Green’s function of the operator Dþ m in O with Neumann boundary conditions, and jmðxÞ 1⁄4 m 1 2 þ Hmðx; xÞ; we show that a nontrivial relative homology between the level sets jm and j b...

We examine empirically whether asset prices and exchange rates may be admitted into a standard interest rate rule, using data for the United States, the United Kingdom, and Japan since 1979. Asset prices and exchange rates can be employed as information variables for a standard “Taylor-type” rule or as arguments in an augmented interest rate rule. Our empirical evidence, based on measures of th...

This paper attempts a resolution of the Fisher effect puzzle in terms of estimator choice. Using both short-term and long-term interest rates for 14 OECD countries, we find ample evidence supporting the existence of a long-run Fisher effect in which interest rates move oneto-one with inflation. Our results suggest that the reason why the Fisher effect has not found support internationally lies ...

We investigate which variables have supported growth in the euro area over last 30 years. This is a challenging task due to dimensionality problems: large set of potential determinants, limited data, and prospect that some could be non-stationary. assemble 35 real, financial, monetary, institutional for nine original countries covering period between 1990Q1 2016Q4. Using Weighted-Average Least ...

Existence of a monetary steady state is established in a random matching model with divisible goods, divisible money, an arbitrary bound on individual money holdings, and take-it-or-leave-it offers by consumers. The monetary steady state shown to exist has nice properties: the value function, defined on money holdings, is strictly increasing and strictly concave, and the distribution over money...

We consider an economy where trade is decentralized and agents have incomplete information with respect to the value of money. Agents’ learning evolves from private experiences and we explore how the formation of prices interacts with learning. We show that multiple equilibria arise, and equilibria with price dispersion entail more learning than equilibria with one price. Price dispersion incre...

We present a micro-founded search-theoretical model of money in which agents are subject to idiosyncratic liquidity shocks as well as aggregate productivity and monetary shocks. Monetary policy has redistributive effects and persistent effects on output and prices: aggregate shocks will propagate and diffuse gradually as the money distribution adjusts over time. The model is used to study the c...

Despite its important role in macroeconomics and finance, the expectations hypothesis (EH) of the term structure of interest rates has received little empirical support. While the EH’s poor performance has been attributed to a variety of sources, none appear to account for the EH’s poor performance. Recent evidence (Diebold and Li, 2003; Duffee, 2002; and Carriero, et al., 2003) suggests the po...