Implications of habit formation for optimal monetary policy

Article Abstract:

The implications for optimal monetary policy of introducing habit formation in consumption into a general equilibrium model with sticky prices are studied. Habit formation affects both aggregate demand and households' supply of output.

Evaluation, Monetary policy

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Optimal pricing of intraday liquidity

Article Abstract:

A general equilibrium model is presented where intraday liquidity is needed because the timing of payments is uncertain. As the market for liquidity may not achieve efficiency, this creates a role for the central bank.

Financial management, Finance, Central banks, Company financing

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Currency competition: a partial vindication of Hayek

Article Abstract:

The problem of competitive issuance of money is analyzed.

United States, Analysis, Competition (Economics), Currency options

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