We study the short-run effects of monetary policy in a search-theoretic monetary model in which agents are subject to idiosyncratic liquidity shocks as well as aggregate [...]

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

This paper applies a static model of an interest rate corridor to the Canadian data and estimates the aggregate demand for central bank settlement balances in the Large V[...]

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[...]

This paper applies a mechanism design approach to construct a lower bound to the welfare cost of inflation that does not depend on quasi-linear preferences or details of [...]

This article studies an economy with both centralized and decentralized monetary exchanges under search frictions. A degenerate asset distribution is featured under a bro[...]

Consider the monetary model of Lagos and Wright (JPE 2005) but with general preferences and general production. I show that preferences satisfying UXXUHH – (UXH)2 = 0 is [...]

This report provides a detailed technical description of an updated version of the Terms-of-Trade Economic Model (ToTEM II), which replaced ToTEM (Murchison and Rennison [...]

This paper applies a static model of an interest rate corridor to the Canadian data, and estimates the aggregate demand for central-bank settlement balances in the Large [...]

This paper studies the welfare effects of different credit arrangements and how these effects depend on the trading mechanism and inflation. In a competitive market, a de[...]