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Commodity Money And The Valuation Of Trade, Eric Smith, Martin Shubik Apr 2005

Commodity Money And The Valuation Of Trade, Eric Smith, Martin Shubik

Cowles Foundation Discussion Papers

In a previous essay we modeled the enforcement of contract, and through it the provision of money and markets, as a production function within the society, the scale of which is optimized endogenously by labor allocation away from primary production of goods. Government and a central bank provided fiat money and enforced repayment of loans, giving fiat a predictable value in trade, and also rationalizing the allocation of labor to government service, in return for a fiat salary. Here, for comparison, we consider the same trade problem without government or fiat money, using instead a durable good (gold) as a …


Courage To Capital? A Model Of The Effects Of Rating Agencies On Sovereign Debt Roll-Over, Mark A. Carlson, Galina Hale Apr 2005

Courage To Capital? A Model Of The Effects Of Rating Agencies On Sovereign Debt Roll-Over, Mark A. Carlson, Galina Hale

Cowles Foundation Discussion Papers

We propose a model of rating agencies that is an application of global game theory in which heterogeneous investors act strategically. The model allows us to explore the impact of the introduction of a rating agency on financial markets. Our model suggests that the addition of the rating agency affects the probability of default and the magnitude of the response of capital flows to changes in fundamentals in a non–trivial way, and that introducing a rating agency can bring multiple equilibria to a market that otherwise would have the unique equilibrium.


The Life-Cycle Personal Accounts Proposal For Social Security: An Evaluation, Robert J. Shiller Apr 2005

The Life-Cycle Personal Accounts Proposal For Social Security: An Evaluation, Robert J. Shiller

Cowles Foundation Discussion Papers

The life-cycle accounts proposal for Social Security reform has been justified by its proponents using a number of different arguments, but these arguments generally involve the assumption of a high likelihood of good returns on the accounts. A simulation is undertaken to estimate the probability distribution of returns in the accounts based on long-term historical experience. U.S. stock market, bond market and money market data 1871-2004 are used for the analysis. Assuming that future returns behave like historical data, it is found that a baseline personal account portfolio after offset will be negative 32% of the time on the retirement …


The Nonparametric Approach To Applied Welfare Analysis, Donald J. Brown, Caterina Calsamiglia Apr 2005

The Nonparametric Approach To Applied Welfare Analysis, Donald J. Brown, Caterina Calsamiglia

Cowles Foundation Discussion Papers

Changes in total surplus and deadweight loss are traditional measures of economic welfare. We propose necessary and sufficient conditions for rationalizing consumer demand data with a quasilinear utility function. Under these conditions, consumer surplus is a valid measure of consumer welfare. For nonmarketed goods, we propose necessary and sufficient conditions on market data for efficient production , i.e., production at minimum cost. Under these conditions we derive a cost function for the nonmarketed good, where producer surplus is the area above the marginal cost curve.


Two Algorithms For Solving The Walrasian Equilibrium Inequalities, Donald J. Brown, Ravi Kannan Apr 2005

Two Algorithms For Solving The Walrasian Equilibrium Inequalities, Donald J. Brown, Ravi Kannan

Cowles Foundation Discussion Papers

We propose two algorithms for deciding if the Walrasian equilibrium inequalities are solvable. These algorithms may serve as nonparametric tests for multiple calibration of applied general equilibrium models or they can be used to compute counterfactual equilibria in applied general equilibrium models defined by the Walrasian equilibrium inequalities.


Fiat Money And The Natural Scale Of Government, Martin Shubik, Eric Smith Apr 2005

Fiat Money And The Natural Scale Of Government, Martin Shubik, Eric Smith

Cowles Foundation Discussion Papers

The competitive market structure of a decentralized economy is converted into a self-policing system treating the bureaucracy and enforcement of the legal system endogenously. In particular we consider money systems as constructs to make agents’ economic strategies predictable from knowledge of their preferences and endowments, and thus to support coordinated resource production and distribution from independent decision making. Diverse rule systems can accomplish this, and we construct minimal strategic market games representing government-issued fiat money and ideal commodity money as two cases. We endogenize the provision of money and rules for its use as productive activities within the society, and …


Class V Funding Cdo Term Sheet, Merrill Lynch International Apr 2005

Class V Funding Cdo Term Sheet, Merrill Lynch International

Documents

No abstract provided.


Jupiter High-Grade Ii Cdo Term Sheet, Merrill Lynch International Apr 2005

Jupiter High-Grade Ii Cdo Term Sheet, Merrill Lynch International

Documents

No abstract provided.


“We Make Great Neighbors!” 2004 Annual Report Yale-New Haven Hospital, Yale-New Haven Hospital Apr 2005

“We Make Great Neighbors!” 2004 Annual Report Yale-New Haven Hospital, Yale-New Haven Hospital

Yale New Haven Hospital Annual Reports

For the year 2004. Year ending September 30, 2004.


The Politic 2005 Spring, The Politic, Inc. Apr 2005

The Politic 2005 Spring, The Politic, Inc.

The Politic

No abstract provided.


United Kingdom Debt Management Office Executive Agency Framework Document, United Kingdom: Debt Management Office Apr 2005

United Kingdom Debt Management Office Executive Agency Framework Document, United Kingdom: Debt Management Office

Documents

No abstract provided.


Davis Square Funding Iv Cdo Offering Circular, Goldman Sachs Apr 2005

Davis Square Funding Iv Cdo Offering Circular, Goldman Sachs

Documents

This offering circular serves the interest of Davis Square Funding IV and Goldman Sachs.


Class V Funding Cdo Offering Circular, Merrill Lynch International Apr 2005

Class V Funding Cdo Offering Circular, Merrill Lynch International

Documents

This offering circular serves the interest of Class V Funding and Merrill Lynch.


Decision Methods For Solving Systems Of Walrasian Inequalities, Donald J. Brown, Ravi Kannan Apr 2005

Decision Methods For Solving Systems Of Walrasian Inequalities, Donald J. Brown, Ravi Kannan

Cowles Foundation Discussion Papers

We propose two algorithms for deciding if systems of Walrasian inequalities are solvable. These algorithms may serve as nonparametric tests for multiple calibration of applied general equilibrium models or they can be used to compute counterfactual equilibria in applied general equilibrium models defined by systems of Walrasian inequalities.


Mexico's Experiments With Bank Privatization And Liberalization, 1991– 2003, Stephen Haber Mar 2005

Mexico's Experiments With Bank Privatization And Liberalization, 1991– 2003, Stephen Haber

Documents

This article is published in Journal of Banking & Finance and is available for download on Science Direct/Elsevier's website. To view this article in its entirety please see the related resources section above.


Implementation Completion Report On A Credit In The Amount Of Sdr 24m (Us$ 32m Equivalent) To Mongolia For A Financial Sector Adjustment Credit, World Bank/World Bank Group Mar 2005

Implementation Completion Report On A Credit In The Amount Of Sdr 24m (Us$ 32m Equivalent) To Mongolia For A Financial Sector Adjustment Credit, World Bank/World Bank Group

Documents

No abstract provided.


Huntington Cdo Offering Circular, Merrill Lynch International Mar 2005

Huntington Cdo Offering Circular, Merrill Lynch International

Documents

This offering circular serves the interest of Huntington CDO and Merrill Lynch.


Jupiter High-Grade Ii Cdo Offering Circular, Merrill Lynch International, Maxim Group Llc Mar 2005

Jupiter High-Grade Ii Cdo Offering Circular, Merrill Lynch International, Maxim Group Llc

Documents

This offering circular serves the interest of Jupiter High-Grade CDO II and Merrill Lynch.


Letter From Occ To Treasury Bank -Conditional Approval #679, James A. Bundy Mar 2005

Letter From Occ To Treasury Bank -Conditional Approval #679, James A. Bundy

Documents

No abstract provided.


Fdic Memo From Richard Brown To The National Risk Committee Re Rising Risks In Housing Markets, Richard A. Brown Mar 2005

Fdic Memo From Richard Brown To The National Risk Committee Re Rising Risks In Housing Markets, Richard A. Brown

Documents

No abstract provided.


Richard Brown Memo Regarding Rising Risks In Housing Markets, Richard A. Brown Mar 2005

Richard Brown Memo Regarding Rising Risks In Housing Markets, Richard A. Brown

Documents

No abstract provided.


Aigfp Deferred Compensation Plan, American International Group, Inc. (Aig) Mar 2005

Aigfp Deferred Compensation Plan, American International Group, Inc. (Aig)

Documents

No abstract provided.


Frb Transcript Of The Consumer Advisory Council Meeting, Mark Pinsky, Lorie R. Swanson, Stella Adams, Dennis L. Algiere, Faith L. Anderson, Susan Bredehoft, Shiela Canavan, Carolyn Carter, Michael Cook, Donald S. Currie, Anne Diedrick, Dan Dixon, Hattie Dorsey, Kurt Eggert, James Garner, Deborah Hickok, James W. King, Elsie Meeks, Bruce B. Morgan, Benjamin Robinson Iii, Mary Jane Seebach, Lisa Sodeika, Paul J. Springman, Forrest F. Stanley, Diane Thompson, Anselmo Villarreal, Clint Walker, Kelly K. Walsh, Marva E. Williams, Sandra F. Braunstein, Edward M. Gramlich, Susan Bies, Ben S. Bernanke Mar 2005

Frb Transcript Of The Consumer Advisory Council Meeting, Mark Pinsky, Lorie R. Swanson, Stella Adams, Dennis L. Algiere, Faith L. Anderson, Susan Bredehoft, Shiela Canavan, Carolyn Carter, Michael Cook, Donald S. Currie, Anne Diedrick, Dan Dixon, Hattie Dorsey, Kurt Eggert, James Garner, Deborah Hickok, James W. King, Elsie Meeks, Bruce B. Morgan, Benjamin Robinson Iii, Mary Jane Seebach, Lisa Sodeika, Paul J. Springman, Forrest F. Stanley, Diane Thompson, Anselmo Villarreal, Clint Walker, Kelly K. Walsh, Marva E. Williams, Sandra F. Braunstein, Edward M. Gramlich, Susan Bies, Ben S. Bernanke

Documents

No abstract provided.


Fannie Mae 2004 10-K, Federal National Mortgage Association (Fannie Mae) Mar 2005

Fannie Mae 2004 10-K, Federal National Mortgage Association (Fannie Mae)

Documents

No abstract provided.


Minutes Of The Board Of Governors Of The Federal Reserve System, March 16, 2005, Ben S. Bernanke Mar 2005

Minutes Of The Board Of Governors Of The Federal Reserve System, March 16, 2005, Ben S. Bernanke

Documents

Board Governors and Federal Reserve Staff discussed the deficiencies in Citigroup's compliance and internal controls, measures the company has taken to address these matters.


Cititfinancial Team Objectives, Michael Collins, Brad Fleetwood, Philip Daher, Nina Nichols Mar 2005

Cititfinancial Team Objectives, Michael Collins, Brad Fleetwood, Philip Daher, Nina Nichols

Documents

No abstract provided.


Citigroup Letter From David C Bushnell To Alfred Crumlish Re Response To Risk Management Findings, David Bushnell Mar 2005

Citigroup Letter From David C Bushnell To Alfred Crumlish Re Response To Risk Management Findings, David Bushnell

Documents

This letter is addressed to Alfred P. Crumlish


Govenor Bernanke Speech On The Global Saving Glut And The U.S. Current Account Deficit, Ben S. Bernanke Mar 2005

Govenor Bernanke Speech On The Global Saving Glut And The U.S. Current Account Deficit, Ben S. Bernanke

Documents

No abstract provided.


Moody's Corporation 2004 10-K, Moody's Corporation: The Corporate Library Mar 2005

Moody's Corporation 2004 10-K, Moody's Corporation: The Corporate Library

Documents

No abstract provided.


Abacus 2005-1 Cdo Term Sheet, Goldman Sachs Mar 2005

Abacus 2005-1 Cdo Term Sheet, Goldman Sachs

Documents

No abstract provided.