not created due to a hold-up problem. Monetary expansion increases buyers' money holdings, and then, dealers are willing …

does not hold in such a setting. However, the standard results rely on the counter-factual premise of helicopter money and … are overturned if money creation through open market operations is taken into account. This result suggests that a more …

We study money creation and destruction in today's monetary architecture within a general equilibrium setting. Two … types of money are created and destructed: bank deposits, when banks grant loans to firms or to other banks, and central … bank money, when the central bank grants loans to private banks. We show that symmetric equilibria yield the first …