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 …

Given the renewed interest in negative interest rates on base money—or equivalently 'taxing
money'—as a means for overcoming the zero bound on short-term nominal interest rates …

A new edition of a book presenting a unified framework for studying the role of money and
liquid assets in the economy, revised and updated. In Money, Payments, and Liquidity …

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 …

The long-run welfare costs of inflation are studied in a micro-founded model with trading
frictions and costly liquidity management. By modelling the liquidity management decision …

In many industrialized countries, cash usage at points of sale has been decreasing owing to
competition from alternative means of payment such as credit cards. At the same time, cash …

We study exchange that is bilateral but indirect—it involves chains of intermediaries, or
middlemen—in markets with frictions. These frictions include search and bargaining …

We construct a continuous‐time new‐monetarist economy that displays an endogenous,
nondegenerate distribution of money holdings. Properties of equilibria are obtained …

Conventional wisdom is that inflation makes people spend money faster, trying to get rid of it
like a “hot potato,” and this is a channel through which inflation affects velocity and welfare …

The Routledge Handbook of Major Events in Economic History aims to introduce readers to
the important macroeconomic events of the past 200 years. The chapters endeavour to …