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 …

Given the renewed interest in negative interest rates on base money—or equivalently 'taxing
money'—as a means for overcoming the zero bound on short-term nominal interest rates …

This paper adopts mechanism design to investigate the coexistence of fiat money and
higher-return assets. We consider an economy with pairwise meetings where fiat money and …

We study a monetary search economy in which endogenous fluctuations in market power
driven by changes in consumers' search intensity determine the extent of price adjustment to …

We show that the long-run neutrality of inflation on capital accumulation obtained in
complete market models no longer holds when households face binding credit constraints …

We study dynamic general equilibrium models where capital is traded in frictional markets
featuring liquidity considerations. Gains from trade arise from ex ante heterogeneity: some …

This project studies economies with markets for capital reallocation, where gains from trade
are driven by firm-specific productivity shocks, but are hindered by search frictions and …

This paper studies economies where firms acquire capital in primary markets and then, after
idiosyncratic productivity shocks, retrade it in secondary markets that incorporate bilateral …

I study random-matching economies where at money coexists with real assets, and no
restrictions are imposed on payment arrangements. I emphasize informational asymmetries …

A periodic VGesell TaxV on money holdings as a way to overcome the zero% lower% bound
on nominal interest rates is studied in a framework where money is essential. For this …