A model is developed that employs recent developments in the literature on search models
of money to capture the distributional effects of monetary policy in a tractable way …

In this paper, I examine the differences in optimal monetary policy in various banking
systems. In particular, I compare two monetary economies: one with a competitive banking …

Faced with real and nominal shocks, what should a benevolent central bank do, fix the
money growth rate or target the inflation rate? In this paper, we make a first attempt at …

This study investigates banks' liquidity provision using the Lagos and Wright model of
monetary exchange. With aggregate uncertainty, we show that banks sometimes exhaust …

We consider how the industrial organization of the financial system affects an economy's
macroeconomic performance. In particular, we compare two otherwise identical monetary …

Output declines may be caused or propagated through the payments system by shortages of
the reserves required for the payment of factors of production. Appropriate open market …

Do immigrants have a higher demand for large-denominated banknotes than natives? This
micro study examines whether banknote orders for CHF 1,000 notes are concentrated in …

This dissertation, consisting of two essays, looks into electronic money and electronic
banking from two related but different perspectives: the welfare and monetary policy study of …

The tug-o-war for supremacy between inflation targeting and monetary targeting is a classic,
yet timely topic, in monetary economics. In this paper, we revisit this issue within the context …

Monetary policy is conducted especially in developing economies to ensure continued
improvement in the liquidity conditions and enhance the efficacy of the financial market …