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 systems, asset markets, and related topics. A key principle in New Monetarism is that solid microfoundations are critical for...

In this paper it, we have conducted a factor analysis which implied determining the international research directions that have characterized the period following the outbreak of the crisis in 2007 and 2008-2011. In this research, we used secondary data that were extracted from 342 articles,...

This note critically evaluates the New Classical Macroeconomics from a Marshallian perspective. Revisiting the famous Keynes-Tinbergen controversy, it is argued that Keynes' criticism comprises the "Lucas critique", and that it is misleading to label this a critique of Keynesian economics. The...

We present a thought-provoking study of two monetary models: the cash-in-advance and the Lagos and Wright (2005) models. We report that the different approach to modeling money - reduced-form vs. explicit role - neither induces theoretical nor quantitative differences in results. Given...

In this paper, we focus on the Lagos and Wright (2005) monetary search model - a workhorse in the so-called New Monetarist Economics. After describing this micro-founded yet tractable framework, we review recent developments in extending it to study a variety of issues from monetary theory to...

Silvio Gesell argued that ‘rusting’ money is economically and socially beneficial;that claim has often been contended. In Part II of the paper I concentrate on thelong-run implications of his ideas. I show that introducing money depreciationin isolation may be economically non-beneficial in...

Silvio Gesell hypothesized that money depreciation is economically and sociallybeneficial, ideas that have often been contended. Here I analyze that in a Sidrauskimodel in which households additionally have a ‘love of wealth’-motive. In thefirst part of this work these features provide the...

The purpose of this article is to show that money is not an entity but hic et nunc a genuine mode of circulation associated with a genuine social organisation. Criticising money hypostasis may help to to: (i) elucidate the ambivalence of monetary relations in our modern society (equivalence and...