On Sunday 20 June 1948, the Deutsche Mark was swapped against the Reichsmark and became immediately used in all transactions and evicted all others means of payment. This success was associated with a massive upsurge of consumption and productivity, all things that were predicted by the money...

Money market structures shape monetary policy design, but the way central banks perform their operations also has an impact on the evolution of money markets. This is important, because microeconomic differences in the way the same macroeconomic policy is implemented may be non-neutral. In this...