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 …

We study the diffusion of dispersed private information in a large economy, where agents
learn from the actions of others through two channels: a public channel, such as equilibrium …

Decentralized markets where assets are useful as media of exchange are also usually
subject to private information. To analyze the liquidity and prices of such assets, I adapt the …

Over the past 25 years a new approach has been developed to study monetary theory and
policy, and more broadly to study liquidity. This approach sometimes goes by the name New …

We analyze the stability of monetary regimes in an economy where fiat money is
endogenously created by the government, information about its value is imperfect, and …

Can price dispersion be associated with higher levels of welfare? To answer we compare
two economies that differ only in the way prices are formed. In the first, sellers post a unique …

This paper analyzes the stability of monetary regimes in an economy where fiat money is
endogenously created by the government, information about its value is imperfect, and …

We study how a continuum of agents learn about disseminated information in a dynamic
beauty contest model when they do not observe aggregate variables, such as prices or …

Following ideas in Hume, monetary shocks are embedded in the Lagos‐Wright model in a
new way: There are only nominal shocks accomplished by individual transfers that are …

Мы показываем существование альтернативы между эффективностью и передачей
информации в децентрализованной экономике, подверженной монетарному шоку …