Framework for Monetary Theory and Policy Analysis

By Ricardo Lagos. 2002

281 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/82b116fea1ee8e6bb7bc014ed1765ce9df33f7ae

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Citations in the corpus

Should Central Banks Issue Digital Currency? (2019, methodology): “We build on the framework in Lagos and Wright (2005) and the subsequent New Monetarist literature, where money in some form is essential for exchange.4 Bankers in our model can issue deposits that serve as a means of payment.”
Sovereign defaults and banking crises (2018, background): “…(6) b ′ : −(1 − d) q + δE { W b ′ } = 0 (7) µ : A + s (k ) + b(1 − d) − l s ≥ 0 & µ[ A + s (k ) + b(1 − d) − l s ] = 0 (8) 8 The assumption of sequential banking is no different from the day-market/night-market assumption commonly used in the money-search literature (e.g., Lagos and Wright, 2005 ).”
On the equivalence of private and public money (2019, background): “Yet another model with a medium-of-exchange friction that the L ht -constraint may represent in reduced form is a “ New Monetarist ” setup in the tradition of Kiyotaki & Wright (1993) and Lagos & Wright (2005) in which agents meet bilaterally.”
Precautionary Saving Over the Business Cycle (2016, unknown): “Guerrieri and Lorenzoni (2009) analyse precautionary-saving behaviour in a model with trading frictions (cid:1) a la Lagos and Wright (2005), showing that agents’ liquidity hoarding ampliﬁes the impact of i.i.d. (aggregate and idiosyncratic) productivity shocks.”
Housing and Liquidity (2015, background): “Equilibrium 12 It does not hold automatically for generalized Nash bargaining, although it does when is clore to 1, or when ( ) is linear and ( ) displays decreasing absolute risk aversion (Lagos and Wright (2005)).”