effectiveness of a variety of central bank policies, including reducing intermediaries' borrowing costs, infusing equity capital …

We measure the repo funding extended by money market funds (MMF) and securities lenders to the shadow banking system …, raising credit terms to their borrowers. The picture that emerges from these findings looks less like a traditional bank run …

among money, credit and nonfinancial economic activity. Data for the United States since World War II show that the volume … of outstanding credit is as closely related to economic activity as is the stock of money, and moreover that neither … money nor credit is sufficient to account fully for the effect of financial markets in determining real economic activity …

interest-rate rule, and the money market and financial institutions are typically not even modeled. Critics contend that these …

The paper sets out and analyzes a simple model of money, banking, and price level determination. The model is first … to analyze price level determination in an economy that becomes an inside money economy as high-powered money goes out of … use. The paper concludes by discussing the major unresolved questions about banking, money, and price level determination …