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 …

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 …

This essay articulates the principles and practices of New Monetarism, our label for a recent
body of work on money, banking, payments, and asset markets. We first discuss …

We analyze money and credit as competing payment instruments in decentralized
exchange. In natural environments, we show the economy does not need both: if credit is …

This article argues that a pressing goal for macroeconomics is to incorporate financial
considerations, but we need models with solid microfoundations. In particular, the use of …

This article provides an introduction to New Monetarist Economics. This branch of macro
and monetary theory emphasizes imperfect commitment, information problems, and …