; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Societal Benefits of Nominal Bonds"; ; "batchuser@example.com"; "Kocherlakota, Narayana Rao, 1963-"; "Federal Reserve Bank of Minneapolis"; "Nominal bonds", "Money"; "E58 - Central Banks and Their Policies", "E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems", "C78 - Bargaining Theory; Matching Theory"; "In this paper, I provide a possible explanation of why nominally risk-free bonds are essential in monetary economies. I argue that the role of nominal bonds is to serve as record-keeping devices in intertemporal exchanges of money. I show that bonds can only serve this role if they are illiquid (costly to exchange for goods). Finally, I show that in economies in which nominal bonds are essential, welfare and nominal interest rates are both positively associated with the supply of illiquid bonds (if that supply is small)."^^; "2000-08"; "2019-08-19T17:11:05.854440806+00:00"^^; "https://doi.org/10.21034/sr.275"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Thu Nov 7 21:58:08 2019"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "410"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "275"; "Money", "Nominal bonds"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; ; "Publication" . ; .