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 characterize various currencies according to their control structure, focusing on
cryptocurrencies such as Bitcoin and government-issued fiat money. We then argue that …

In an open market operation, the central bank swaps currency for bonds. We show how
injecting money in this way is different from transfers, the way policy is usually formulated …

An introduction to cryptocurrencies and blockchain technology; a guide for practitioners and
students. Bitcoin and blockchain enable the ownership of virtual property without the need …

In response to the financial crisis of 2007/08, all major central banks decreased interest
rates to historically low levels and created large excess reserves. Central bankers and …

The market for central bank reserves is mainly over-the-counter and exhibits a core-
periphery network structure. This paper develops a model of relationship lending in the …

摘1 要:#'3% 年中国人民银行正式行使中央银行职责以来, 在经济约束和结构性特征异常复杂的
条件下, 中国货币政策当局根据中国经济金融的实际和宏观调控的需要, 不断突破思想束缚 …

This paper studies asset reallocation in over-the-counter markets subject to search,
bargaining, and information frictions, and discusses their implications for optimal monetary …

This paper investigates Germany's vulnerability to the ongoing Euroland crisis. In 2010-11,
Germany experienced a strong rebound from the global financial crisis of 2008-09. The …

We propose a model where banks with limited liability issue deposits backed by capital, and
households demand deposits and currency as means-of-payments for decentralized trades …