We develop a framework for studying the introduction of a new payment method in a controlled laboratory environment, where consumers (buyers) and merchants (sellers) can [...]

This paper develops a micro-founded general equilibrium model of payments to study the impact of a central bank digital currency (CBDC) on intermediation of private banks[...]

In many industrialized countries, cash usage at points of sale has been decreasing owing to competition from alternative means of payment such as credit cards. At the sam[...]

Code and data to replicate the results of the article.

Matlab code and data for peer-reviewed article published in Review of Economic Dynamics. Paper published onli[...]

We investigate competition between two currencies as a result of decentralized interactions between human subjects. We design a laboratory experiment based on a simple tw[...]

We construct a New Monetarist model with labor market search and identify two channels that affect the long-run relationship between inflation and unemployment. First, in[...]

A "sunspot" is a variable that has no direct impact on the economy’s fundamental condition, such as preferences, endowments or technologies, but may nonetheless affect ec[...]

We investigate how coordination requirement, measured by the coordination parameter, affects the occurrence of miscoordination-based bank runs in controlled laboratory en[...]

We compare three implementation schemes of an infinite-horizon monetary economy with discounting. Under the standard random termination scheme and its block variation, th[...]

We develop an experimental framework to investigate the quantity theory of money and the real effects of inflation in an economy where money serves as a medium of exchang[...]