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 …

Search-theoretic models of monetary exchange are based on explicit descriptions of the
frictions that make money essential. However, tractable versions of these models typically …

Can competition among privately-issued fiat currencies work? Only sometimes and partially.
To show this, we build a model of competition among privately-issued fiat currencies. A …

We address the determination of bitcoin prices and decentralized security. Users forecast
the transactional and resale values of holdings, pricing the risk of systemic attacks. Miners …

The spectacular rise late last year in the price of bitcoin, the dominant virtual currency, has
attracted much public attention as well as scholarly interest. This policy brief discusses how …

We compare three market structures for monetary economies: bargaining (search
equilibrium); price taking (competitive equilibrium); and price posting (competitive search …

This article reviews what cryptocurrencies are, and it frames them within the context of
historical monetary experiences and contemporary monetary economics. The article argues …

We study the long-run relation between money (inflation or interest rates) and
unemployment. We document positive relationships between these variables at low …

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 …

Many individuals simultaneously have significant credit card debt and money in the bank.
The credit card debt puzzle is as follows: given high interest rates on credit cards and low …