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 …

International currencies fulfill different roles in the world economy, with important synergies
across those roles. We explore the implications of currency hegemony for the external …

We study the macroeconomic consequences of issuing central bank digital currency (CBDC)-
a universally-accessible and interest-bearing central bank liability that competes with bank …

When does a swap between private and public money leave the equilibrium allocation and
price system unchanged? To answer this question, the paper sets up a generic model of …

When is record-keeping better arranged through a blockchain than through a traditional
centralized intermediary? The ideal qualities of any record-keeping system are (i) …

We provide a model of an endowment economy with two competing, but intrinsically
worthless currencies (Dollar, Bitcoin). Dollars are supplied by a central bank to achieve its …

This paper investigates how a central bank digital currency can be expected to impact a
monopolistic banking sector. The paper's framework of analysis combines the Diamond …

We offer a general equilibrium analysis of cryptocurrency pricing. The fundamental value of
the cryptocurrency is its stream of net transactional benefits, which depend on its future …

We study how introducing a central bank digital currency affects equilibrium allocations and
welfare in an environment where both currency and bank deposits are used in exchange …

We model cryptocurrencies as utility tokens used by a decentralized digital platform to
facilitate transactions between users of certain goods or services. The network effect …