Journal of Money, Credit & Banking

Reports major findings in the study of financial institutions, financial markets, monetary and fiscal policy, credit markets, money and banking.

Articles from Vol. 21, No. 1, February

Asset Substitution, Money Demand, and the Inflation Process in Brazil
Asset Substitution, Money Demand, and the Inflation Process in Brazil THE RELATIVE SOPHISTICATION OF FINANCIAL MARKETS in Brazil sets it apart from other developing economies. In the last twenty years, Brazil has proved fertile ground for financial...
Exchange Rate Volatility and U.S. Monetary Policy: An ARCH Application
Exchange Rate Volatility and U.S. Monetary Policy: An ARCH Application THIS PAPER EXAMINES THE EFFECT OF SHIFTS in U.S. monetary policy regimes on the stochastic process that generates foreign exchange rates. To account for the observed behavior of...
How Money Affects Real Output
How Money Affects Real Output HOW DOES MONEY MATTER in the determination of real output? Both Keynesian models and some of the newer equilibrium theories assert that money affects current real activity by altering agents' perceptions of the intertemporal...
Money and Functional Distribution of Income
Money and Functional Distribution of Income THE THEORY OF FUNCTIONAL DISTRIBUTION of income has been one of the most controversial areas in macroeconomics. Most of the previous work in this area has been conducted around the controversy related to...
Reserve Requirements and the Inflation Tax
Reserve Requirements and the Inflation Tax ALTHOUGH MOST MODELS OF INFLATIONARY FINANCE consider only the inflation tax on currency (fiat money), governments typically levy the inflation tax on non-interest-bearing required reserves of the banking...
The Economics of Workout Lending
The Economics of Workout Lending THE LATIN-AMERICAN DEBT CRISIS heightened public awareness of the large amounts that several major banks had lent to a few developing countries. In several instances the amounts were so large relative to the capital...
The Risk Premium in the Foreign Exchange Market
The Risk Premium in the Foreign Exchange Market THIS PAPER ANALYZES THE RISK PREMIUM in the foreign exchange market in an optimizing, general-equilibrium model. The question of the existence and nature of such a risk premium is of enormous practical...
The Taiwanese Hyperinflation and Stabilization of 1945 - 1952
The Taiwanese Hyperinflation and Stabilization of 1945-1952 ON THE LIST OF RECOGNIZED HYPERINFLATIONS one will not find Taiwan.(1) Its hyperinflation of 1945-49 has either gone unrecognized or is assumed to be part of the hyperinflation then occurring...