Motor Vehicle Crash Fatalities for Week Ending, October 31, 2008

Motor Vehicle Crash Fatalities

Motor Vehicle Crash Fatalities for Week Ending, November 7, 2008

Motor Vehicle Crash Fatalities

Fiat money, intrinsic properties and government transaction policy

Why do people coordinate on the use of valueless piecesof paper as generally accepted money? A possible answeris that these objects have intrinsic properties that make them better candidates to be used as media of exchange. Another answer stresses the fact that unconvertible fiat money will not easily appear unless there is a centralized institution that favors its use.The main objective of the paper is to analyze these questions. In order to do this, we take a model of commodity money in which fiat money does not play any significant role and modify it to examine under which circumstances fiat money might come to circulate as medium of exchange. Some of the results obtained from the model differ in a rather substantial way from previous related literature.

Motor Vehicle Crash Fatalities for Week Ending, November 21, 2008

Motor Vehicle Crash Fatalities

Motor Vehicle Crash Fatalities for Week Ending, November 28, 2008

Motor Vehicle Crash Fatalities

Motor Vehicle Crash Fatalities for Week Ending, December 5, 2008

Motor Vehicle Crash Fatalities

Motor Vehicle Crash Fatalities for Week Ending, November 28, 2008

Motor Vehicle Crash Fatalities

Motor Vehicle Crash Fatalities for Week Ending, December 12, 2008

Motor Vehicle Crash Fatalities

Motor Vehicle Crash Fatalities for Week Ending, February,13, 2009

Motor Vehicle Crash Fatalities

The variability of money velocity in a generalized cash-in-advance model

This paper presents a general equilibrium model of money demand wherethe velocity of money changes in response to endogenous fluctuations in the interest rate. The parameter space can be divided into two subsets: one where velocity is constant and equal to one as in cash-in-advance models, and another one where velocity fluctuates as in Baumol (1952). Despite its simplicity, in terms of paramaters to calibrate, the model performs surprisingly well. In particular, it approximates the variability of money velocity observed in the U.S. for the post-war period. The model is then used to analyze the welfare costs of inflation under uncertainty. This application calculates the errors derived from computing the costs of inflation with deterministic models. It turns out that the size of this difference is small, at least for the levels of uncertainty estimated for the U.S. economy.

A search theory of money and commerce with Neoclassical production

This paper advances a highly tractable model with search theoretic foundations for money and neoclassical growth. In the model, manufacturingand commerce are distinct and separate activities. In manufacturing,goods are efficiently produced combining capital and labor. In commerce,goods are exchanged in bilateral meetings. The model is applied to studythe effects of inßation on capital accumulation and welfare. With realisticparameters, inflation has large negative effects on welfare even though itraises capital and output. In contrast, with cash-in-advance, a deviceinformally motivated with bilateral trading, inflation depresses capitaland output and has a negligible effect on welfare.

Motor Vehicle Crash Fatalities for Week Ending, December 19, 2008

Motor Vehicle Crash Fatalities

Motor Vehicle Crash Fatalities for Week Ending, January 16, 2008

Motor Vehicle Crash Fatalities

Motor Vehicle Crash Fatalities for Week Ending, December 19, 2008

Motor Vehicle Crash Fatalities

Motor Vehicle Crash Fatalities for Week Ending, January 2, 2009

Motor Vehicle Crash Fatalities