This paper gives a comprehensive review of the literature on the interaction between real
stock returns, inflation, and money growth, with a special emphasis on the role of monetary …

Publisher Summary The transaction role of money is one of the most palpable of economic
phenomena and offers one of the first challenges for the theory of exchange. A useful …

A two-country DSGE model with central bank digital currency (CBDC) is derived and used to
analyze the open-economy implications of CBDC for the transmission of shocks, optimal …

The reversal interest rate is the rate at which accommodative monetary policy reverses and
becomes contractionary for lending. We theoretically demonstrate its existence in a …

We develop a dynamic asset pricing model of cryptocurrencies/tokens that allow users to
conduct peer-to-peer transactions on digital platforms. The equilibrium price of tokens is …

When does a swap between private and public money leave the equilibrium allocation and
price system unchanged? To answer this question, the paper sets up a generic model of …

We show that the estimated effect of digital euro news on bank stock valuations and lending
depends on the bank's deposit reliance and the central bank digital currency (CBDC) design …

We provide a theory of the determination of exchange rates based on capital flows in
imperfect financial markets. Capital flows drive exchange rates by altering the balance …

No subject with a foot in both the academic and public domains like macroeconomics
remains unchanged for long. The search for improved explanations, and the challenge of …

The book takes a broad view of the subject matter of acroeconomics. A substantial portion of
the book is devoted to economic growth, and separate chapters are devoted to the natural …