; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Private Money and Reserve Management in a Random-Matching Model"; ; "batchuser@example.com"; "Cavalcanti, Ricardo de Oliveira", "Erosa, Andres", "Temzelides, Ted"; "Federal Reserve Bank of Minneapolis"; "E51 - Money Supply; Credit; Money Multipliers", "G21 - Banks; Depository Institutions; Micro Finance Institutions; Mortgages", "E52 - Monetary Policy", "E58 - Central Banks and Their Policies"; "In this paper, we develop a model of money and reserve-holding banks. We allow for private liabilities to circulate as media of exchange in a random-matching framework. Some individuals, which we identify as banks, are endowed with a technology to issue private notes and to keep reserves with a clearinghouse. Bank liabilities are redeemed according to a stochastic process that depends on the endogenous trades. We find conditions under which note redemptions act as a force that is sufficient to stabilize note issue by the banking sector. "^^; "1999-02-01"; "2019-05-21T16:23:11.736829563+00:00"^^; "https://doi.org/10.21034/dp.128"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Wed Apr 22 16:45:46 2020"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "123", "223", "783"; "Discussion paper (Federal Reserve Bank of Minneapolis. Institute for Empirical Macroeconomics)"; "128"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Institute for Empirical Macroeconomics"; "Published in: _Journal of Political Economy_ (Vol. 107, No. 5, October 1999, pp. 929-945) https://doi.org/10.1086/250085."^^; ; "Publication" . ; .