Liquidity: A new monetarist perspective
This essay surveys the new monetarist approach to liquidity. Work in this literature strives for
empirical and policy relevance, plus rigorous foundations. Questions include: What is …
empirical and policy relevance, plus rigorous foundations. Questions include: What is …
A unified framework for monetary theory and policy analysis
Search-theoretic models of monetary exchange are based on explicit descriptions of the
frictions that make money essential. However, tractable versions of these models typically …
frictions that make money essential. However, tractable versions of these models typically …
Money in search equilibrium, in competitive equilibrium, and in competitive search equilibrium
G Rocheteau, R Wright - Econometrica, 2005 - Wiley Online Library
We compare three market structures for monetary economies: bargaining (search
equilibrium); price taking (competitive equilibrium); and price posting (competitive search …
equilibrium); price taking (competitive equilibrium); and price posting (competitive search …
Liquidity in asset markets with search frictions
R Lagos, G Rocheteau - Econometrica, 2009 - Wiley Online Library
We develop a search‐theoretic model of financial intermediation in an over‐the‐counter
market and study how trading frictions affect the distribution of asset holdings and standard …
market and study how trading frictions affect the distribution of asset holdings and standard …
Money, credit and banking
A Berentsen, G Camera, C Waller - Journal of Economic theory, 2007 - Elsevier
In monetary models where agents are subject to trading shocks there is typically an ex post
inefficiency since some agents are holding idle balances while others are cash constrained …
inefficiency since some agents are holding idle balances while others are cash constrained …
New monetarist economics: Models
S Williamson, R Wright - Handbook of monetary economics, 2010 - Elsevier
The purpose of this paper is to discuss some of the models used in New Monetarist
Economics, which is our label for a body of recent work on money, banking, payments …
Economics, which is our label for a body of recent work on money, banking, payments …
The distribution of money and prices in search equilibrium
M Molico - International Economic Review, 2006 - Wiley Online Library
This article considers a search‐theoretic model of monetary exchange. Agents bargain over
both the amount of money and the quantity of goods to be exchanged in bilateral meetings …
both the amount of money and the quantity of goods to be exchanged in bilateral meetings …
A model of money and credit, with application to the credit card debt puzzle
IA Telyukova, R Wright - The Review of Economic Studies, 2008 - academic.oup.com
Many individuals simultaneously have significant credit card debt and money in the bank.
The credit card debt puzzle is as follows: given high interest rates on credit cards and low …
The credit card debt puzzle is as follows: given high interest rates on credit cards and low …
New monetarist economics: Methods
SD Williamson, R Wright - 2010 - mpra.ub.uni-muenchen.de
This essay articulates the principles and practices of New Monetarism, our label for a recent
body of work on money, banking, payments, and asset markets. We first discuss …
body of work on money, banking, payments, and asset markets. We first discuss …
Liquidity and asset-market dynamics
G Rocheteau, R Wright - Journal of Monetary Economics, 2013 - Elsevier
This study analyzes economies with an essential role for liquid assets in the exchange
process. The model can generate multiple stationary equilibria, across which asset prices …
process. The model can generate multiple stationary equilibria, across which asset prices …