New Research

Heathcote & Perri: On the Desirability of Capital Controls

On the Desirability of Capital Controls Jonathan Heathcote, Monetary Advisor Fabrizio Perri, Monetary Advisor January 2016 | Federal Reserve Bank of Minneapolis Staff Report 523 In a standard two-country international macro model, we ask whether imposing restrictions...

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Wright: Venture Capital: A model of Search and Bargaining

Venture Capital: A Model of Search and Bargaining Randall Wright, Consultant January 2016 | Review of Economic Dynamics, 19, p. 232-246. | With Rafael Silveira This paper develops a model of the venture capital market, focusing on the search process that matches...

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Wright: Money and Credit Redux

Money and Credit Redux Randall Wright, Consultant January 2016 | Econometrica, 84:1, p. 1-32. | With Chao Gu and Fabrizio Mattesini We analyze money and credit as competing payment instruments in decentralized exchange. In natural environments, we show the economy...

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Amador: Fiscal Policy in Debt Constrained Economies

Fiscal Policy in Debt Constrained Economies Manuel Amador, Monetary Advisor January 2016 | Journal of Economic Theory, 161, pages 37-75 | With Mark Aguiar Also published as Federal Reserve Bank of Minneapolis Staff Report 518, October 2015 We study optimal fiscal...

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Stevens: Equilibrium Price Dispersion and the Border Effect

Equilibrium Price Dispersion and the Border Effect Luminita Stevens, Research Economist & 2015/16 Junior Scholar December 2015 | Federal Reserve Bank of Minneapolis Staff Report 522 | With Ryan Chahrour We develop a model of equilibrium price dispersion via...

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