Open AccessPosted Content
A modigliani-miller theorem for open-market operations
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This article is published in The American Economic Review.The article was published on 1981-06-01 and is currently open access. It has received 488 citations till now. The article focuses on the topics: Modigliani–Miller theorem.read more
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Journal ArticleDOI
A model of unconventional monetary policy
TL;DR: The authors developed a quantitative monetary DSGE model with financial intermediaries that face endogenously determined balance sheet constraints and used the model to evaluate the effects of the central bank using unconventional monetary policy to combat a simulated financial crisis.
Book
Monetary Theory and Policy
TL;DR: In this article, empirical evidence on money and output is presented, including the Tobin effect and the MIU approximation problems, and a general equilibrium framework for monetary analysis is presented.
Book ChapterDOI
Financial Intermediation and Credit Policy in Business Cycle Analysis
Mark Gertler,Nobuhiro Kiyotaki +1 more
TL;DR: The authors developed a canonical framework to think about credit market frictions and aggregate economic activity in the context of the current crisis, and used the framework to address two issues in particular: first, how disruptions in financial intermediation can induce a crisis that affects real activity; and second, how various credit market interventions by the central bank and the Treasury of the type we have seen recently, might work to mitigate the crisis.
Book
Recursive Macroeconomic Theory
TL;DR: In this paper, an introduction to recursive methods for dynamic macroeconomics is presented, including standard applications such as asset pricing, and advanced material, including analyses of reputational mechanisms and contract design.
Posted ContentDOI
The Zero Bound on Interest Rates and Optimal Monetary Policy
TL;DR: The question of the proper conduct of monetary policy in the presence of a lower bound of zero for overnight nominal interest rates has recently become a topic of lively interest as mentioned in this paper, and the question of how policy should be conducted when the zero bound is reached or when the possibility of reaching it can no longer be ignored.
References
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Journal ArticleDOI
The Inefficiency of Interest-bearing National Debt
John Bryant,Neil Wallace +1 more
TL;DR: The coexistence of money and default-free interest-bearing government bonds is explained by transaction costs; the private sector absorbs money with less real difficulty than it absorbs bonds.