Browsing Documentos Indexados pela Web of Science by Author "Cavalcanti, Ricardo de Oliveira"
Now showing items 1-6 of 6
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Counterfeiting as private money in mechanism design
2011-10We describe counterfeiting activity as the issuance of private money, one that is difficult to monitor. Our approach, which amends the basic random-matching model of money in mechanism design, allows a tractable welfare ... -
Efficient propagation of shocks and the optimal return on money
2008-09We study optimal allocations in an environment in which money is essential due to lack of commitment and anonymity of individuals. Because the economy features aggregate preference shocks, we apply a notion of implementability ... -
Liquidity, money creation and destruction, and the returns to banking
2005-05We build on our earlier model of money in which bank liabilities circulate as a medium of exchange. We investigate optimal bank behavior and the resulting provision of liquidity under a range of central bank regulations. ... -
Run theorems for low returns and large banks
2014-10In this paper, we revisit the issue of bank fragility in the Diamond and Dybvig (J Polit Econ 91:401-419, 1983) model with sequential service and finite traders. We provide a precise condition under which banks are susceptible ... -
Stationarity without degeneracy in a model of commodity money
2010-05We develop a model of macroeconomic heterogeneity inspired by the Kiyotaki-Wright (J Polit Econ 97:924-954, 1989) formulation of commodity money, with the addition of linear utility and idiosyncratic shocks to savings. We ... -
A theory of capital gains taxation and business turnover
2007-09We present a theory concerning the realization of capital gains where ownership and control are linked as in Holmes and Schmitz (J. Pol. Econ. 103: 1005-1038, 1995). The model developed is a version of a Lucas-tree economy ...
