This paper provides an overview of the role of money in modern macro models. In particular, we are focussing on New … Keynesian and New Monetarist models to investigate their main findings and most significant shortcomings in considering money … recent New Keynesian literature, we argue that keeping an eye on money is important to monetary policy decision-makers in …

We analyze money financing of fiscal transfers (helicopter money) in two simple New Keynesian models: a "textbook …" model in which all money is non-interest-bearing (e.g., all money is currency), and a more realistic model with interest …-bearing reserves. In the textbook model with only non-interest-bearing money, we find the following: A money-financed fiscal expansion …

of conventional forms of money and CBDC. We analyze the impact of four different CBDC regimes: (i) no CBDC, (ii) each …

financial frictions. The central bank influences the store-of-value function of money through a conventional Taylor rule while … it affects the means-of-exchange function of money through CBDC operations. Peak responses to monetary policy shocks … contributes to stabilising the liquidity premium, thereby affecting bank funding conditions and the opportunity costs of money …

This paper integrates a money and credit market into a static approximation of the baseline New Keynesian model based … on a money-and-credit-in-the-utility approach, in which real balances and borrowing contribute to the household’s utility …

policy was satisfied. -- cointegration analysis ; monetary policy ; Markov regime switching analysis ; money demand ; vector …