The UK housing market features some of the most expensive, yet smallest dwellings in Europe. Nonetheless, historically low policy rates fuel housing demand. But because incomes, regulatory and physical constraints differ across regions, so does the transmission of an aggregate policy shock. This...

We analyze a unique episode in the history of monetary economics, the 2016 Indian "demonetization." This policy made 86% of cash in circulation illegal tender overnight, with new notes gradually introduced over the next several months. We present a model of demonetization where agents hold cash...

We analyze a unique episode in the history of monetary economics, the 2016 Indian "demonetization." This policy made 86% of cash in circulation illegal tender overnight, with new notes gradually introduced over the next several months. We present a model of demonetization where agents hold cash...