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 …

Money and payments are familiar to everybody. Economists however are often at a loss in
assessing the extent to which money matters. As a matter of fact, money is at the origin of the …

Credibility of central banks in monetary economies - ScienceDirect Skip to main contentSkip to
article Elsevier logo Journals & Books Help Search My account Sign in View PDF Download …

The Hahn problem is that, even if a “monetary” equilibrium with valued fiat money exists in
general equilibrium, a “nonmonetary” equilibrium with a zero price on money generally also …

Whether currency can be efficiently provided by private competitive money suppliers is
arguably one of the fundamental questions in monetary theory. It is also one with practical …

We analyze the rise in the acceptability fiat money in a Kiyotaki–Wright economy by
developing a method that can determine dynamic Nash equilibria for a class of search …

We consider a dynamic monetary economy where agents gradually learn about the holding
cost of a new asset and coordinate to adopt it as money or abandon it. We provide closed …

The essentiality of money is commonly justified on efficiency grounds, ie, money achieves
socially desirable allocations which could not be achieved by alternative technologies of …

This paper studies the nature of optimal monetary policy under a utility-maximizing monetary
authority in a micro-founded model of money based on Lagos and Wright (2005). Such a …

This paper studies equilibrium selection in intertemporal coordination problems with delay
options. The risk-dominant action of the underlying one-shot game is selected when frictions …