We provide a continuous-time “risk-centric” representation of the New Keynesian model,
which we use to analyze the interactions between asset prices, financial speculation, and …

The interests of the government and the interests of the people will affect the amount of
money circulated. The government with all interests and needs will affect the amount of …

What is the role of monetary policy in a bubbly world? To address this question, we study an
economy in which financial frictions limit the supply of assets. The ensuing scarcity …

We study theoretically and empirically how the increase in the intensity of intangible capital
in production in recent decades affects the sensitivity of investment to interest rates. In …

The sovereign money initiative will be submitted to the Swiss people in 2018. This paper
reviews the arguments behind the initiative and discusses its potential impact. I argue that …

To investigate secular stagnation, I add two features to a standard Ramsey model with
money:(i) Households have a preference for wealth;(ii) Wages are downward rigid. In this …

Under secular stagnation, are helicopter drops of money inflationary? Are they stimulative?
This paper shows that it depends on whether or not a Ponzi scheme of government liabilities …

The widespread emergence of intangible technologies in recent decades may have
significantly hurt output growth—even when these technologies replaced considerably less …

The objectives of this study are twofold; to explore the structural break (s) in the time series
of the US firms' cash ratio, and, to examine the sensitivity of cash to firm characteristics …

We present a search theoretic model of over-the-counter debt with quantitative easing (QE).
The impact of central bank asset purchases on yields depend on market tightness, which is …