10,345 research outputs found
Consumption velocity in a cash costly-credit model
No full textIn a seminal study Hodrick et al. (1991) evaluate the ability of a simple cash-credit model to produce realistic variability in consumption velocity while at the same time successfully explaining other key statistics. Sufficient variability in the latter is found to be associated with far too volatile interest rate behaviour. Introducing habit-formation in consumption into a production-based cash costly-credit model (see Gillman and Benk, 2007) makes the evolution of deposits more rigid relative to credit. The same deposit rigidity leads to a more volatile price of credit, causing credit production overshooting relative to deposits. But only by introducing adjustment costs to investment in addition to habit persistence does credit production overshoot sufficiently to produce realistic variability in consumption velocity. The model succeeds in capturing sufficient variability in consumption velocity without obtaining too volatile interest rates. Also, this model of endogenous velocity does not suffer from indeterminacy problems discussed in Auray et al. (2005). In contrast to Gillman and Benk (2007), the present study examines the role of the price-channel of credit production at business cycle frequency, ignoring or holding fixed the marginal cost channel stemming from credit productivity shocks
A credit-banking explanation of the equity premium, term premium, and risk-free rate puzzles
No full textMicro-founded de-centralized financial intermediation in a cash and costly-credit model(see Gillman and Kejak, 2008) results in a cost-distortion of returns implying a lower average nominal and real risk-free rate when compared to standard cash-in-advance RBC models. Failure of both short-run and long-run Fisher equation relationships based on observable real and nominal rates and inflation are obtained. The cost-distortion also leads to an unconditionally upward-sloping average yield curve of interest rates which is also convex in shape. The model is capable of producing a positive correlation between the nominal rate and velocity, and a negative correlation between the ex-post real rate and inflation. More importantly, the model also predicts a negative correlation between the ex-ante real rate and the ex-ante expected rate of inflation. Finally, the conditional spread between the usual CCAPM rate as defined by Canzoneri and Diba (2005) and the model-implied money market rate is positively correlated with the stance of monetary policy, offering a new perspective on this systematic link recently studied empirically by Canzoneri et al. (2007a) and theoretically by Canzoneri and Diba (2005)
ROSENTHAL, Eric Inventory of documents
No full textCOVERAGE 1904; 1 File; 011 metre.Private papers of Eric Rosenthal, author, journalist and broadcaster
Consumption velocity in a cash costly-credit model
No full textIn a seminal study Hodrick et al. (1991) evaluate the ability of a simple cash-credit model to produce realistic variability in consumption velocity while at the same time successfully explaining other key statistics. Sufficient variability in the latter is found to be associated with far too volatile interest rate behaviour. Introducing habit-formation in consumption into a production-based cash costly-credit model (see Gillman and Benk, 2007) makes the evolution of deposits more rigid relative to credit. The same deposit rigidity leads to a more volatile price of credit, causing credit production overshooting relative to deposits. But only by introducing adjustment costs to investment in addition to habit persistence does credit production overshoot sufficiently to produce realistic variability in consumption velocity. The model succeeds in capturing sufficient variability in consumption velocity without obtaining too volatile interest rates. Also, this model of endogenous velocity does not suffer from indeterminacy problems discussed in Auray et al. (2005). In contrast to Gillman and Benk (2007), the present study examines the role of the price-channel of credit production at business cycle frequency, ignoring or holding fixed the marginal cost channel stemming from credit productivity shocks
tritrophic-dispersal-model: Code used for creating figures for "Non-hierarchical dispersal promotes stability and resilience in a tri-trophic metacommunity"
No full text<p>This is the commented code used for creating figures for the paper. Any questions regarding the code should be directed to the corresponding author and repository owner (Eric Pedersen). </p>
Eric Velazquez Spanish Language Picture Book Award 2022 Acceptance Speech
No full textAuthor Eric Velazquez gives his Silver Medal acceptance speech for Pulpo Guisado (Holiday House)https://educate.bankstreet.edu/spanishlanguageaward/1001/thumbnail.jp
Eric C. Lincoln, Professor of Sociology and Religion, 1971
No full textThis is an interview with Eric C. Lincoln. Eric was a Professor of Sociology and religion, Union Theological Seminary and author of many books and articles on Negro history. In this recording the contributors discuss local memphis politics, sociology, and race relations compared to that of other cities in the South and the rest of the country
Interview with Eric Bentley, author, drama critic, and playwright
No full textDistinguished drama critic and Bertolt Brecht scholar, Eric Bentley is interviewed by WTMJ-TV host Jim Peck and John B. Fuegi, associate professor of Comparative Literature. Bentley recalls his association with Brecht, the critical and creative aspects of literature, and his interest in writing plays for the theater.GrayscaleSoun
Dr. Eric Yellin – Faculty Author Interview
No full textDr. Eric Yellin, Associate Professor of History and American Studies discusses his new book, Racism in the Nation’s Service: Government Workers and the Color Line in Woodrow Wilson’s America, published recently by the University of North Carolina Press. In this book, Dr. Yellin argues that President Wilson’s administration successfully segregated the federal government in the age of progressive politics. He investigates how the enactment of the segregation policy imposed a color line on American opportunity and implicated Washington in the economic limitation of African Americans for decades to com
A credit-banking explanation of the equity premium, term premium, and risk-free rate puzzles
No full textMicro-founded de-centralized financial intermediation in a cash and costly-credit model(see Gillman and Kejak, 2008) results in a cost-distortion of returns implying a lower average nominal and real risk-free rate when compared to standard cash-in-advance RBC models. Failure of both short-run and long-run Fisher equation relationships based on observable real and nominal rates and inflation are obtained. The cost-distortion also leads to an unconditionally upward-sloping average yield curve of interest rates which is also convex in shape. The model is capable of producing a positive correlation between the nominal rate and velocity, and a negative correlation between the ex-post real rate and inflation. More importantly, the model also predicts a negative correlation between the ex-ante real rate and the ex-ante expected rate of inflation. Finally, the conditional spread between the usual CCAPM rate as defined by Canzoneri and Diba (2005) and the model-implied money market rate is positively correlated with the stance of monetary policy, offering a new perspective on this systematic link recently studied empirically by Canzoneri et al. (2007a) and theoretically by Canzoneri and Diba (2005)
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