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 …

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 …

The effects of money (anticipated inflation) on capital formation is a classic issue in
macroeconomics. Previous papers adopt reduced-form approaches, putting money in the …

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 study trading dynamics in an asset market where the quality of assets is private
information and finding a counterparty takes time. When trading ceases in equilibrium as a …

We develop a theory of the role of assets in the exchange process and use it to study several
issues in macro, monetary, and financial economics, both analytically and quantitatively. Our …

In this Article, I make three claims. Together, they present a macroeconomic perspective on
law that differs from the microeconomic perspective that currently dominates law and …

We examine the effect of economic globalisation on income redistribution and hypothesise
that it depends on ethnic fractionalisation. In highly fractionalised countries, powerful …

How do central bank purchases of illiquid assets affect asset prices and the real economy?
To answer this question, I construct a model with heterogeneous households–some …

The distribution of money across households is much more similar to the distribution of
financial assets than to that of consumption expenditures. This is a puzzle for theories which …