about liquidity, but the models also differ in a fundamental way: in STW agents use assets as payment instruments when …

operates and the rate of inflation it experiences. It also explores whether there are other properties of inflation, money, and … basis for our study is price, money, and output data for 15 countries that have operated under both types of monetary … we are able to establish several facts about the differences in inflation, money growth, and output growth between …

Search-theoretic models of monetary exchange are based on explicit descriptions of the frictions that make money …

This essay articulates the principles and practices of New Monetarism, our label for a recent body of work on money …, we build a benchmark New Monetarist model, and use it to study several issues, including the cost of inflation, liquidity …

body of recent work on money, banking, payments systems, asset markets, and related topics. A key principle in New … inflation, the relationship between money and capital accumulation, and the Phillips curve. We also extend the benchmark model …

growth and money is examined. In this setting, inflation lowers growth through its effect on the return to work. However, the …

random and therefore create liquidity risk, which in turn determines the supply of credit and the money multiplier. We study … profiting from lending and incurring greater liquidity risk. We calibrate our model to study quantitatively why banks have … important role of disruptions in interbank markets, followed by a persistent credit demand shock. …