In just a few years, central banks have rapidly ramped up their research and development
efforts on central bank digital currencies (CBDCs). A growing body of economic research …

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 …

This paper studies the effects of a payment technology innovation (mobile money) on
entrepreneurship and economic development in a quantitative dynamic general equilibrium …

This paper examines the sets of feasible allocations in a large class of economic
environments in which commitment is impossible (following Myerson [8], the standard …

Cryptocurrencies are digital alternatives to traditional government‐issued paper monies.
Given the current state of technology and skepticism regarding the future purchasing power …

Property is the law of lists and ledgers. County land records, stock certificate entries,
mortgage registries, Uniform Commercial Code filings on personal property, copyright and …

This paper surveys the growing literature on payments. We begin by presenting a simple
model that illustrates the essential function of payments and how this may be implemented …

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 …

A traditional view of money is that it lubricates trade when there is no double coincidence of
wants. The classic example, due to Knut Wicksell (1934), has three types of agents, and …