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 …

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 …

Two experts in monetary policy offer a unified framework for studying the role of money and
liquid assets in the economy. In Money, Payments, and Liquidity, Ed Nosal and Guillaume …

There have been relatively few analyses of the policy context and consequences of a Zero
Lower Bound (ZLB) for nominal interest rates. This paper sets out monetary policy …

We investigate the extent to which monetary policy can enhance the functioning of the
private credit system. Specifically, we characterize the optimal return on money in the …

I study how the general and specific details of a micro‐founded monetary framework affect
the determination of policy when the government has limited commitment. In the general …

In this paper we study optimal policies in an environment where search frictions both in labor
and goods markets give rise to unemployment and fiat money, as in Berentsen, Menzio, and …

This paper analyzes optimal monetary policy regarding asset markets in a model where
money and savings are essential and asset markets matter. The model is able to explain …

This paper analyses the implications of macroeconomic policy interactions for financial
stability, proxied by financial assets prices (equity and bonds). The empirical analysis …

This study has analysed the implications of institutional design of macroeconomic policy
making institutions for the macroeconomic policy interaction and financial sector in the …