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Working Paper
Borrowed reserves targeting and nominal income smoothing
Working Paper
Floating rate loan contracts and monetary policy
Working Paper
Discretion, wage indexation, and inflation
Working Paper
Borrowed reserves targeting and nominal income smoothing
Journal Article
Daylight overdrafts, payments system risk, and public policy
Working Paper
Implications of economic interdependence and exchange rate policy on endogenous wage indexation decisions
This paper shows how economic interdependence affects wage indexation decisions when monetary authorities do not observe stochastic disturbances. Under a managed exchange rate, atomistic wage setters in interdependent nations will choose the same degree of indexation as they would in a small open economy. Under a flexible exchange rate, the likelihood rises that they will choose a lower degree of indexation than their counterparts in a small open economy as the degree of interdependence rises, as the variance of money demand shocks rise relative to supply shocks, and as supply curves steepen. ...