Suchergebnisse

Using a general equilibrium search-theoretic model of money, I study the distributional effects of open market operations. In my model, heterogeneous agents trade bilaterally among themselves in a frictional market and save using cash and illiquid short-term nominal government bonds. Wealth effects generate slow adjustments in agents' portfolios following their trading activity in decentralized markets, giving rise to a persistent and nondegenerate distribution of assets. The model reproduces the distribution of asset levels and portfolios across households observed in the data, which is crucial to quantitatively assess the incidence of monetary policy changes at the individual level. I find that an open market operation targeting a higher nominal interest rate requires increasing the relative supply of bonds, raising the ability of agents to self-insure against idiosyncratic shocks. As a result, in the long run, inequality falls, and the inefficiencies in decentralized trading shrink. This leads agents that are relatively poor and more liquidity-constrained to benefit the most by increasing their consumption and welfare.

DOES US BUSINESS HAVE FAIR ACCESS TO THE JAPANESE MARKET? THE CURRENT PARTY LINE IN JAPAN ARGUES THAT JAPAM IS AS OPEN AS ANY OTHER MODERN INDUSTRIALIZED NATION, AND THAT ONLY AN AMERICAN LACK OF MARKERTING KNOWHOW PREVENTS GREATER IMPORTS INTO JAPAN, THIS ESSAY ATTEMPTS TO EVALUATE THE ACCESSIBILITY OF JAPANESE MARKETS TO FOREIGN IMPORTS.

"A magnetic, intensely personal debut memoir of a happily married mother's exploration of sex and relationships--outside of her marriage. Molly Roden Winter was a mom of two young children in Park Slope, Brooklyn with a husband, Stewart, who often worked late. One night when Stewart missed the kids' bedtime, again, she stormed out of the house to clear her head. At impromptu drinks with a friend, she met Matt, an unbelievably hot younger man. When Molly told her husband that Matt had asked her out, she was surprised that he encouraged her to accept. So begins Molly's unexpected open marriage, and with it a life-changing journey of self-discovery. Molly and Stewart, who also begins to see other people, set ground rules to start: Don't date an ex. Don't date someone you work with. Don't go to anyone's house. And above all, don't fall in love. Spoiler alert: They end up breaking most of their rules, even the most important one. Molly follows her sexual desire onto dating sites and to public places around New York City. In therapy sessions, fueled by the discovery that her parents had an open marriage, too, she grapples with her past and what it means to be both a mother and her truest self. Molly Roden Winter narrates her journey with warmth and style in this unputdownable memoir of love, sex, and personal growth"--