In the intermediation of loanable funds model of banking, banks accept deposits of pre-
existing real resources from savers and then lend them to borrowers. In the real world, banks …

In the loanable funds model, banks are modelled as resource-trading intermediaries that
receive deposits of physical resources from savers before lending them to borrowers. In the …

We analyze the role of retail central bank digital currency (CBDC) and reserves when banks
exert deposit market power and liquidity transformation entails externalities. Optimal …

We analyze policy in a two-tiered monetary system. Noncompetitive banks issue deposits
while the central bank issues reserves and a retail CBDC. Monies differ with respect to …

In a general equilibrium macroeconomic model with a banking system that can hold large
excess reserves and is subject to (possibly binding) capital constraints, I study how the …

Abstract We develop a New Keynesian model where all payments between agents require
bank deposits, bank deposits are created through disbursement of bank loans, and banks …

Many central banks are considering issuing a central bank digital currency (CBDC). How will
the CBDC affect the macroeconomy? Will its design matter? To answer these questions, we …

The 2010s have witnessed a new shift in central banking and, partially at least, in monetary
economics and macroeconomic modelling. It is a fact that the endogenous money theory …

This paper uses a search-theoretic model to study conditions under which cryptocurrency is
valued and under which it coexists with fiat money. In my model, a cryptocurrency economy …

La crise financière mondiale de 2007-2008 a conduit à un renouvellement d'intérêt marqué
pour la proposition de réforme «100% monnaie», héritée des années 1930, qui vise à …