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Stephen Williamson

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Williamson, Stephen & Sanches, Daniel, 2009. "Money and Credit With Limited Commitment and Theft," MPRA Paper 20690, University Library of Munich, Germany.

    Mentioned in:

    1. Money and Credit With Limited Commitment and Theft
      by Christian Zimmermann in NEP-DGE blog on 2010-03-02 09:11:55
  2. Stephen D. Williamson, 2014. "Scarce collateral, the term premium, and quantitative easing," Working Papers 2014-8, Federal Reserve Bank of St. Louis.

    Mentioned in:

    1. Neo-Fisherians: Unite and Throw off MV=PY and Your Phillips Curves!
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2014-11-13 22:21:00
    2. Picking on Piketty!
      by paragwaknis in Musings of the Sorts on 2014-05-10 05:01:08
    3. Balance Sheet Blues
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2017-02-14 06:04:00
    4. Low Real Interest Rates and Monetary Policy
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2017-03-30 02:41:00
  3. Williamson, Stephen & Wright, Randall, 2010. "New Monetarist Economics: Models," Handbook of Monetary Economics, in: Benjamin M. Friedman & Michael Woodford (ed.), Handbook of Monetary Economics, edition 1, volume 3, chapter 2, pages 25-96, Elsevier.

    Mentioned in:

    1. Friedman's Legacy: The New Monetarist's View
      by ? in Economist's View on 2013-08-13 22:45:00
    2. Goodwill to Man
      by macroblog in Macroblog on 2013-12-24 02:01:02
    3. Goodwill to Man
      by ? in macroblog on 2013-12-24 02:01:00
    4. Friedman's Legacy
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2013-08-13 21:07:00
    5. Payment Systems in India
      by paragwaknis in Musings of the Sorts on 2012-08-06 02:20:51
    6. New Monetarist Economics: Models
      by Christian Zimmermann in NEP-DGE blog on 2010-03-24 08:19:08
  4. Williamson, Stephen D, 1999. "Private Money," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 31(3), pages 469-491, August.

    Mentioned in:

    1. Regulating private money
      by Economic Logician in Economic Logic on 2008-08-20 13:05:00
  5. Stephen Williamson, 2014. "Central Bank Purchases of Private Assets," 2014 Meeting Papers 208, Society for Economic Dynamics.

    Mentioned in:

    1. Neo-Fisherians: Unite and Throw off MV=PY and Your Phillips Curves!
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2014-11-13 22:21:00
  6. Williamson, Stephen, 2009. "Liquidity, Financial Intermediation, and Monetary Policy in a New Monetarist Model," MPRA Paper 20692, University Library of Munich, Germany.

    Mentioned in:

    1. Teachable Moment
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2013-12-02 06:19:00
  7. Andolfatto, David & Williamson, Stephen, 2015. "Scarcity of safe assets, inflation, and the policy trap," Journal of Monetary Economics, Elsevier, vol. 73(C), pages 70-92.

    Mentioned in:

    1. The End of Central Banking
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2016-02-14 22:52:00
    2. Attitude Adjustment
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2016-06-22 03:42:00
    3. Low Real Interest Rates and Monetary Policy
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2017-03-30 02:41:00
  8. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Models," MPRA Paper 21030, University Library of Munich, Germany.

    Mentioned in:

    1. Friedman's Legacy: The New Monetarist's View
      by ? in Economist's View on 2013-08-13 22:45:00
    2. Goodwill to Man
      by macroblog in Macroblog on 2013-12-24 02:01:02
    3. Goodwill to Man
      by ? in macroblog on 2013-12-24 02:01:00
    4. Friedman's Legacy
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2013-08-13 21:07:00
    5. Payment Systems in India
      by paragwaknis in Musings of the Sorts on 2012-08-06 02:20:51
    6. New Monetarist Economics: Models
      by Christian Zimmermann in NEP-DGE blog on 2010-03-24 08:19:08
  9. Stephen D. Williamson, 2012. "Liquidity, Monetary Policy, and the Financial Crisis: A New Monetarist Approach," American Economic Review, American Economic Association, vol. 102(6), pages 2570-2605, October.

    Mentioned in:

    1. This is not rocket science
      by David Andolfatto in MacroMania on 2013-04-16 02:31:00
    2. Saturday Entertainment: What's Krugman Doing with his AD/AS Model Now?
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2013-08-04 03:54:00
    3. Liquidity Premia and the Monetary Policy Trap
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2013-11-28 03:52:00
    4. Where has Tobin Gone?
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2014-02-16 05:35:00
    5. Neo-Fisherians: Unite and Throw off MV=PY and Your Phillips Curves!
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2014-11-13 22:21:00
    6. Does QE cause deflation?
      by Noah Smith in Noahpinion on 2013-12-02 07:11:00
    7. The most damning critique of DSGE
      by Noah Smith in Noahpinion on 2014-01-10 12:15:00
    8. Unconventional Monetary Policy in an Interconnected World!
      by paragwaknis in Musings of the Sorts on 2014-04-16 00:54:42
  10. Champ, B. & Smith, B.D., 1991. "Currency Elasticity and Banking Panics: theory and Evidence," University of Western Ontario, The Centre for the Study of International Economic Relations Working Papers 9109, University of Western Ontario, The Centre for the Study of International Economic Relations.

    Mentioned in:

    1. The Very Model of a Modern Monetary Economist
      by George Selgin in Free Banking on 2015-05-19 00:38:16
    2. 10 Things Every Economist Should Know About The Gold Standard
      by Tyler Durden in Zero Hedge on 2015-08-20 07:45:00
    3. Ten Things Every Economist Should Know about the Gold Standard
      by George Selgin in Free Banking on 2015-05-28 07:42:24
    4. Ten Things Every Economist Should Know about the Gold Standard
      by George Selgin in Free Banking on 2015-06-04 19:44:07
  11. Stephen D. Williamson & Randall Wright, 2010. "New Monetarist Economics: methods," Staff Report 442, Federal Reserve Bank of Minneapolis.

    Mentioned in:

    1. Friedman's Legacy: The New Monetarist's View
      by ? in Economist's View on 2013-08-13 22:45:00
    2. Friedman's Legacy
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2013-08-13 21:07:00
  12. Bruce Champ & Bruce D. Smith & Stephen D. Williamson, 1996. "Currency Elasticity and Banking Panics: Theory and Evidence," Canadian Journal of Economics, Canadian Economics Association, vol. 29(4), pages 828-864, November.

    Mentioned in:

    1. The Very Model of a Modern Monetary Economist
      by George Selgin in Free Banking on 2015-05-19 00:38:16
    2. 10 Things Every Economist Should Know About The Gold Standard
      by Tyler Durden in Zero Hedge on 2015-08-20 07:45:00
    3. Ten Things Every Economist Should Know about the Gold Standard
      by George Selgin in Free Banking on 2015-05-28 07:42:24
    4. Ten Things Every Economist Should Know about the Gold Standard
      by George Selgin in Free Banking on 2015-06-04 19:44:07
  13. Williamson, Stephen D., 2016. "Scarce collateral, the term premium, and quantitative easing," Journal of Economic Theory, Elsevier, vol. 164(C), pages 136-165.

    Mentioned in:

    1. Neo-Fisherians: Unite and Throw off MV=PY and Your Phillips Curves!
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2014-11-13 22:21:00
    2. Picking on Piketty!
      by paragwaknis in Musings of the Sorts on 2014-05-10 05:01:08
    3. Balance Sheet Blues
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2017-02-14 06:04:00
    4. Low Real Interest Rates and Monetary Policy
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2017-03-30 02:41:00
  14. Stephen D. Williamson, 2015. "Interest on Reserves, Interbank Lending, and Monetary Policy," Working Papers 2015-24, Federal Reserve Bank of St. Louis.

    Mentioned in:

    1. Balance Sheet Blues
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2017-02-14 06:04:00
    2. Low Real Interest Rates and Monetary Policy
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2017-03-30 02:41:00
  15. Williamson, Stephen D., 1986. "Costly monitoring, financial intermediation, and equilibrium credit rationing," Journal of Monetary Economics, Elsevier, vol. 18(2), pages 159-179, September.

    Mentioned in:

    1. Should peer to peer lenders exist in theory?
      by bankunderground in Bank Underground on 2018-06-08 08:00:21
  16. Stephen D. Williamson, 2015. "Keynesian Inefficiency and Optimal Policy: A New Monetarist Approach," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(S2), pages 197-222, June.

    Mentioned in:

    1. Should We Think of Confidence as Exogenous?
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2016-06-22 02:17:00

RePEc Biblio mentions

As found on the RePEc Biblio, the curated bibliography of Economics:
  1. Wang, Cheng & Williamson, Stephen, 1996. "Unemployment insurance with moral hazard in a dynamic economy," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 44(1), pages 1-41, June.

    Mentioned in:

    1. > Labor Economics > Unemployment Insurance > Optimal Unemployment Insurance
  2. Wang, Cheng & Williamson, Stephen D., 2002. "Moral hazard, optimal unemployment insurance, and experience rating," Journal of Monetary Economics, Elsevier, vol. 49(7), pages 1337-1371, October.

    Mentioned in:

    1. > Labor Economics > Unemployment Insurance > Optimal Unemployment Insurance

Working papers

  1. Stephen Williamson, 2019. "Central Bank Digital Currency: Welfare and Policy Implications," 2019 Meeting Papers 386, Society for Economic Dynamics.

    Cited by:

    1. Dong, Mei & Xiao, Sylvia Xiaolin, 2024. "Idle liquidity, CBDC and banking," European Economic Review, Elsevier, vol. 164(C).
    2. Iwasaki, Kohei, 2024. "Credibility of central banks in monetary economies," Economics Letters, Elsevier, vol. 243(C).
    3. Zijian Wang, 2023. "Money Laundering and the Privacy Design of Central Bank Digital Currency," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 604-632, December.
    4. Bajaj, Ayushi & Damodaran, Nikhil, 2022. "Consumer payment choice and the heterogeneous impact of India’s demonetization," Journal of Economic Dynamics and Control, Elsevier, vol. 137(C).
    5. Hermawan, Danny & Lie, Denny & Sasongko, Aryo & Yusan, Richard, 2023. "Money velocity, digital currency, and inflation dynamics," MPRA Paper 116906, University Library of Munich, Germany.
    6. Emilio Barucci & Andrea Gurgone & Giulia Iori & Michele Azzone, 2026. "Central Bank Digital Currency, Flight-to-Quality, and Bank-Runs in an Agent-Based Model," Working Papers 2026: 01, Department of Economics, University of Venice "Ca' Foscari".
    7. Tarishi Matsuoka & Makoto Watanabe, 2025. "Banking Crises and Central Bank Digital Currency in a Monetary Economy," CESifo Working Paper Series 11922, CESifo.
    8. Peterson K. Ozili, 2022. "Circular Economy and Central Bank Digital Currency," Circular Economy and Sustainability, Springer, vol. 2(4), pages 1501-1516, December.
    9. Xiang, Lijin & Feng, Chao & Xiao, Zumian & Liu, Jianjian, 2024. "The impact of central bank digital currency on macroeconomic dynamics: A DSGE analysis," Economic Modelling, Elsevier, vol. 141(C).
    10. Dirk Niepelt, 2024. "Money and Banking with Reserves and CBDC," Journal of Finance, American Finance Association, vol. 79(4), pages 2505-2552, August.
    11. Dirk Niepelt, 2020. "Monetary Policy with Reserves and CBDC: Optimality, Equivalence, and Politics," Diskussionsschriften dp2018, Universitaet Bern, Departement Volkswirtschaft.
    12. Amendola, Nicola & Araujo, Luis & Ferraris, Leo, 0. "Physical vs digital currency: a difference that makes a difference," Theoretical Economics, Econometric Society.
    13. Wang, Zhan-ao & Samuel, Ribeiro-Navarrete & Chen, Xiao-qian & Xu, Bing & Huang, Wei-lun, 2023. "Central bank digital currencies: Consumer data-driven sustainable operation management policy," Technological Forecasting and Social Change, Elsevier, vol. 196(C).
    14. Azzone, Michele & Barucci, Emilio, 2023. "Evaluation of sight deposits and central bank digital currency," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 88(C).
    15. Schilling, Linda & Fernandez-Villaverde, Jesus & Uhlig, Harald, 2020. "Central Bank Digital Currency: When price and bank stability collide," MPRA Paper 113248, University Library of Munich, Germany, revised 01 May 2022.
    16. Jonathan Chiu & Cyril Monnet, 2025. "On the Programmability and Uniformity of Digital Currencies," Staff Working Papers 25-18, Bank of Canada.
    17. Kang, Kee-Youn, 2024. "Digital currency and privacy," Theoretical Economics, Econometric Society, vol. 19(1), January.
    18. Alexandra Mitschke, 2021. "Central Bank Digital Currencies and Monetary Policy Effectiveness in the Euro Area," Working Papers Dissertations 74, Paderborn University, Faculty of Business Administration and Economics.
    19. Son, Jaemin & Ryu, Doojin & Webb, Robert I., 2023. "Central bank digital currency: Payment choices and commercial bank profitability," International Review of Financial Analysis, Elsevier, vol. 90(C).
    20. Zhang, Xuanyu & Fan, Xiaoyun, 2025. "On the demand for various CBDC designs: A quantitative decomposition of currency spill-over based on the complementary role," International Review of Economics & Finance, Elsevier, vol. 103(C).
    21. Ayşegül Bilgiç Ulun, 2025. "Bibliometric and Content Analysis on Central Bank Digital Currencies for the Period 2018–2025 and a Policy Model Proposal for Türkiye," Economies, MDPI, vol. 13(10), pages 1-34, October.
    22. Barrdear, John & Kumhof, Michael, 2022. "The macroeconomics of central bank digital currencies," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    23. Assenmacher, Katrin & Bitter, Lea & Ristiniemi, Annukka, 2023. "CBDC and business cycle dynamics in a New Monetarist New Keynesian model," Working Paper Series 2811, European Central Bank.
    24. Keister, Todd & Monnet, Cyril, 2022. "Central bank digital currency: Stability and information," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    25. Charles M. Kahn & Maarten van Oordt & Yu Zhu, 2021. "Best Before? Expiring Central Bank Digital Currency and Loss Recovery," Staff Working Papers 21-67, Bank of Canada.
    26. Syngjoo Choi & Bongseop Kim & Young-Sik Kim & Ohik Kwon & Soeun Park, 2025. "Predicting the payment preference for CBDC: a discrete choice experiment," BIS Working Papers 1296, Bank for International Settlements.
    27. Bai, HaiChen & Cong, Lin William & Luo, Mei & Xie, Ping, 2025. "Adoption of central bank digital currencies: Initial evidence from China," Journal of Corporate Finance, Elsevier, vol. 91(C).
    28. Osakwe, Christian Nedu & Ogunmokun, Oluwatobi A. & Elgammal, Islam & Kwarteng, Michael Adu, 2025. "Individuals' attitudes and their adoption intentions of central bank digital currency: Combining theories and analytics for deeper insights," Technological Forecasting and Social Change, Elsevier, vol. 210(C).
    29. Sebastian Infante & Kyungmin Kim & Anna Orlik & André F. Silva & Robert J. Tetlow, 2023. "Retail Central Bank Digital Currencies: Implications for Banking and Financial Stability," Finance and Economics Discussion Series 2023-072, Board of Governors of the Federal Reserve System (U.S.).
    30. Andrei-Dragos Popescu, 2021. "Central Banks Digital Currency - Opportunities and Innovation," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 813-822, August.
    31. Simone Auer & Nicola Branzoli & Giuseppe Ferrero & Antonio Ilari & Francesco Palazzo & Edoardo Rainone, 2024. "CBDC and the banking system," Questioni di Economia e Finanza (Occasional Papers) 829, Bank of Italy, Economic Research and International Relations Area.
    32. Li, Wenxue & Liu, Fei, 2025. "Digital currency adoption and macroeconomic stability: A quasi-natural experiment," Economic Analysis and Policy, Elsevier, vol. 87(C), pages 561-568.
    33. Zhang, Pan & Wang, Shihong & Li, Boying, 2025. "Harnessing government digital attention: Reducing carbon emissions through the pathways of digitalization," Structural Change and Economic Dynamics, Elsevier, vol. 74(C), pages 1008-1019.
    34. Lorenzo Burlon & Carlos Montes-Gald n & Manuel A. Mu oz & Frank Smets, 2023. "The optimal quantity of CBDC in a bank-based economy," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 23/1063, Ghent University, Faculty of Economics and Business Administration.
    35. Theodore Pelagidis & Eleftheria Kostika, 2022. "Investigating the role of central banks in the interconnection between financial markets and cryptoassets," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 49(3), pages 481-507, September.
    36. Mishra, Bineet & Prasad, Eswar, 2024. "A simple model of a central bank digital currency," Journal of Financial Stability, Elsevier, vol. 73(C).
    37. Ayushi Bajaj & Nikhil Damodaran, 2020. "Consumer Payment Choice and the Heterogeneous Impact of India’s Demonetization," Monash Economics Working Papers 07-20, Monash University, Department of Economics.
    38. Bouzas, Tulio & Uras, Burak, 2026. "The Price of Traceability: E-Payments, Tax Compliance, and Policy," Discussion Paper 2026-006, Tilburg University, Center for Economic Research.
    39. Tercero-Lucas, David, 2023. "Central bank digital currencies and financial stability in a modern monetary system," Journal of Financial Stability, Elsevier, vol. 69(C).
    40. Dominique Torre & Qing Xu, 2025. "Could migrant families encourage the adoption of CBDCs in developing countries? [Les familles de migrants pourraient-elles encourager l'adoption de monnaies digitales de banque centrale (CBDC) dans les pays en développement ?]," Post-Print halshs-05208283, HAL.
    41. Fan, Rong & Walker, Todd B. & Wright, Allan, 2025. "Central bank digital currency in small open economies," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 6(2).
    42. Jitender Kumar & Manju Rani, 2025. "Past, present and future of central bank digital currency: a systematic literature review and relevant issues," Journal of Banking Regulation, Palgrave Macmillan, vol. 26(4), pages 701-720, December.
    43. Adib Rahman & Liang Wang, 2025. "Central Bank Digital Currency, Tax Evasion, and Monetary Policy with Heterogeneous Agents," Working Papers 202505, University of Hawaii at Manoa, Department of Economics.
    44. Jonathan Chiu & Cyril Monnet, 2024. "Public and Private Money Creation for Distributed Ledgers: Stablecoins, Tokenized Deposits, or Central Bank Digital Currencies?," Staff Working Papers 24-35, Bank of Canada.
    45. Hilde C. Bjørnland & Jamie L. Cross & Felix Kapfhammer, 2023. "The Drivers of Emission Reductions in the European Carbon Market," Working Papers No 08/2023, Centre for Applied Macro- and Petroleum economics (CAMP), BI Norwegian Business School.
    46. Liu, Xin & Wu, Jiaqi & Zhang, Chenghu, 2025. "Antecedents of consumers' acceptance of central bank digital currency: The role of technology perceptions, social influence and personal traits," Technological Forecasting and Social Change, Elsevier, vol. 217(C).
    47. Xin, Baogui & Jiang, Kai, 2023. "Central bank digital currency and the effectiveness of negative interest rate policy: A DSGE analysis," Research in International Business and Finance, Elsevier, vol. 64(C).
    48. Li, Jiaqi, 2023. "Predicting the demand for central bank digital currency: A structural analysis with survey data," Journal of Monetary Economics, Elsevier, vol. 134(C), pages 73-85.
    49. Wang, Chien-Chiang & Li, Yiting, 2023. "Anonymous credit," MPRA Paper 118480, University Library of Munich, Germany.
    50. Luu, Hiep Ngoc & Nguyen, Canh Phuc & Nasir, Muhammad Ali, 2023. "Implications of central bank digital currency for financial stability: Evidence from the global banking sector," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 89(C).
    51. Ren, Yi-Shuai & Ma, Chaoqun & Wang, Yiran, 2024. "A new financial regulatory framework for digital finance: Inspired by CBDC," Global Finance Journal, Elsevier, vol. 62(C).
    52. Chen, William & Phelan, Gregory, 2025. "Digital currency and banking-sector stability," Journal of Financial Stability, Elsevier, vol. 78(C).
    53. Jonathan Chiu & Tsz-Nga Wong, 2021. "Payments on Digital Platforms: Resiliency, Interoperability and Welfare," Staff Working Papers 21-19, Bank of Canada.
    54. Huseyin Oguz Genc & Soichiro Takagi, 2024. "A literature review on the design and implementation of central bank digital currencies," International Journal of Economic Policy Studies, Springer, vol. 18(1), pages 197-225, February.
    55. Bird, Daniel & Weiss, David, 2026. "Central bank digital currency: When price and bank stability (Don’t) collide," Journal of Economic Dynamics and Control, Elsevier, vol. 184(C).
    56. Meller, Barbara & Soons, Oscar, 2023. "Know your (holding) limits: CBDC, financial stability and central bank reliance," Occasional Paper Series 326, European Central Bank.
    57. Bouzas, Tulio & Uras, Burak, 2026. "The Price of Traceability: E-Payments, Tax Compliance, and Policy," Other publications TiSEM b35a98be-6600-4dcd-8010-b, Tilburg University, School of Economics and Management.
    58. Ohik Kwon & Seungduck Lee & Jaevin Park, 2020. "Central Bank Digital Currency, Tax Evasion, Inflation Tax, and Central Bank Independence," Working Papers 2020-26, Economic Research Institute, Bank of Korea.
    59. Ayushi Bajaj & Nikhil Damodaran, 2021. "Consumer Payment Choice and the Heterogeneous Impact of India’s Demonetization," Monash Economics Working Papers 2021-15, Monash University, Department of Economics.
    60. Sebastian Infante & Kyungmin Kim & Anna Orlik & André F. Silva & Robert J. Tetlow, 2022. "The Macroeconomic Implications of CBDC: A Review of the Literature," Finance and Economics Discussion Series 2022-076, Board of Governors of the Federal Reserve System (U.S.).
    61. Frost, Jon & Rochet, Jean-Charles & Shin, Huyn Song & Verdier, Marianne, 2025. "Competing digital monies," TSE Working Papers 25-1644, Toulouse School of Economics (TSE), revised Jul 2025.
    62. Dionysopoulos, Lambis & Marra, Miriam & Urquhart, Andrew, 2024. "Central bank digital currencies: A critical review," International Review of Financial Analysis, Elsevier, vol. 91(C).
    63. He, Liang & Jiang, Ruiqi & Wang, Chao & Yao, Yue, 2026. "Antecedents of the continuance intention to use CBDCs: Evidence from the e-CNY," International Review of Economics & Finance, Elsevier, vol. 105(C).
    64. Stylianos Asimakopoulos & Marco Lorusso & Francesco Ravazzolo, 2023. "A Bayesian DSGE Approach to Modelling Cryptocurrency"," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 1012-1035, December.
    65. Davoodalhosseini, Seyed Mohammadreza, 2022. "Central bank digital currency and monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    66. Tobias Berg & Jan Keil & Felix Martini & Manju Puri, 2024. "CBDCs, Payment Firms, and Geopolitics," NBER Working Papers 32857, National Bureau of Economic Research, Inc.
    67. Nyffenegger, Remo, 2024. "Central bank digital currency and bank intermediation: Medium of Exchange vs. Savings vehicle," European Economic Review, Elsevier, vol. 170(C).
    68. Rehman, Mubeen Abdur & Irfan, Muhammad & Naeem, Muhammad Abubakr & Lucey, Brian M. & Karim, Sitara, 2023. "Macro-financial implications of central bank digital currencies," Research in International Business and Finance, Elsevier, vol. 64(C).
    69. James A. Clouse, 2024. "A Field Guide to Monetary Policy Implementation Issues in a New World with CBDC, Stablecoin, and Narrow Banks," Finance and Economics Discussion Series 2024-001, Board of Governors of the Federal Reserve System (U.S.).
    70. Muñoz, Manuel A. & Soons, Oscar, 2023. "Public money as a store of value, heterogeneous beliefs, and banks: implications of CBDC," Working Paper Series 2801, European Central Bank.
    71. Sofia Priazhkina & Samuel Palmer & Pablo Martín-Ramiro & Román Orús & Samuel Mugel & Vladimir Skavysh, 2024. "Digital Payments in Firm Networks: Theory of Adoption and Quantum Algorithm," Staff Working Papers 24-17, Bank of Canada.
    72. Heon Lee, 2021. "Money Creation and Banking: Theory and Evidence," Papers 2109.15096, arXiv.org, revised Jun 2024.
    73. Perazzi, Elena & Bacchetta, Philippe, 2022. "CBDC as imperfect substitute to bank deposits: a macroeconomic perspective," MPRA Paper 115574, University Library of Munich, Germany.
    74. Carli, Francesco & Uras, Burak R., 2024. "E-money, risk-sharing, and welfare," European Economic Review, Elsevier, vol. 169(C).
    75. Nicola Amendola & Luis Araujo & Leo Ferraris, 2024. "Physical vs Digital Currency: What's the Difference, Why it Matters," Working Papers 537, University of Milano-Bicocca, Department of Economics.
    76. Bernd Hayo & Matthias Neuenkirch & Manuel Walz, 2026. "Estimating the Demand for a Digital Euro: A Survey Approach for France, Germany and Italy," CESifo Working Paper Series 12706, CESifo.
    77. Katrin Tinn, 2026. "A Theory Model of Digital Currency with Asymmetric Privacy," Management Science, INFORMS, vol. 72(5), pages 3699-3719, May.
    78. Georgarakos, Dimitris & Kenny, Geoff & Laeven, Luc & Meyer, Justus, 2025. "Consumer attitudes towards a central bank digital currency," Working Paper Series 3035, European Central Bank.
    79. Xin, Baogui & Jiang, Kai & Santibanez Gonzalez, Ernesto D.R., 2024. "The coevolution effect of central bank digital currency and green bonds on the net-zero economy," Energy Economics, Elsevier, vol. 134(C).
    80. Hua, Qiuling & Qiu, Zepeng & Jiang, Tingfeng & Tang, Ke, 2025. "Macroeconomic effects of CBDC negative interest policy in an open economy: A comparison of quantity and price rules," International Review of Economics & Finance, Elsevier, vol. 100(C).
    81. Kim, Duhyeong, 2023. "International effects of quantitative easing and foreign exchange intervention," Journal of International Economics, Elsevier, vol. 145(C).
    82. Hemingway, Benjamin, 2025. "The role of central bank digital currency in an increasingly digital economy," Journal of Economic Dynamics and Control, Elsevier, vol. 179(C).
    83. M'bakob, Gilles Brice & Tchounga, Anatole, 2024. "CBDC and banking stability: Modeling cascading effects on reserves, lending, and liquidity," Research in Economics, Elsevier, vol. 78(4).
    84. Raphael Auer & Jon Frost & Leonardo Gambacorta & Cyril Monnet & Tara Rice & Hyun Song Shin, 2021. "Central bank digital currencies: motives, economic implications and the research frontier," BIS Working Papers 976, Bank for International Settlements.
    85. Nocciola, Luca & Zamora-Pérez, Alejandro, 2024. "Transactional demand for central bank digital currency," Working Paper Series 2926, European Central Bank.
    86. Marcelo A. T. Aragão, 2021. "A Few Things You Wanted to Know about the Economics of CBDCs, but were Afraid to Model: a survey of what we can learn from who has done," Working Papers Series 554, Central Bank of Brazil, Research Department.
    87. Bindseil, Ulrich & Senner, Richard, 2024. "Macroeconomic modelling of CBDC: a critical review," Working Paper Series 2978, European Central Bank.
    88. Abad, Jorge & Nuño, Galo & Thomas, Carlos, 2025. "CBDC and the operational framework of monetary policy," Journal of Monetary Economics, Elsevier, vol. 151(C).
    89. Ozili, Peterson K, 2021. "Central bank digital currency can lead to the collapse of cryptocurrency," MPRA Paper 111218, University Library of Munich, Germany.
    90. Kim, Duhyeong, 2025. "Negative nominal interest rates and monetary policy," Journal of Monetary Economics, Elsevier, vol. 154(C).
    91. Moro, Alessandro & Nispi Landi, Valerio, 2024. "The external financial spillovers of CBDCs," Journal of Economic Dynamics and Control, Elsevier, vol. 159(C).
    92. Grodecka-Messi, Anna & Zhang, Xin, 2023. "Private bank money vs central bank money: A historical lesson for CBDC introduction," Journal of Economic Dynamics and Control, Elsevier, vol. 154(C).
    93. Emilio Barucci & Andrea Gurgone & Giulia Iori & Michele Azzone, 2025. "Central Bank Digital Currency, Flight-to-Quality, and Bank-Runs in an Agent-Based Model," Papers 2510.21071, arXiv.org, revised Oct 2025.
    94. Giuseppe Gurrado & Donato Masciandaro, 2025. "Stablecoins vs CBDCs: the Digital Money Race in the Scientific and Social Networks," BAFFI CAREFIN Working Papers 25254, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    95. Claire Davison & Peyman Akhavan & Tony Jan & Neda Azizi & Somayeh Fathollahi & Nastaran Taheri & Omid Haass & Mukesh Prasad, 2022. "Evaluation of Sustainable Digital Currency Exchange Platforms Using Analytic Models," Sustainability, MDPI, vol. 14(10), pages 1-12, May.
    96. Gobbi, Lucio & D'Ippoliti, Carlo & Temperini, Jacopo, 2024. "The distributive impact of unconventional monetary policies – old and new," MPRA Paper 122934, University Library of Munich, Germany.
    97. Ohik Kwon & Seungduck Lee & Jaevin Park, 2022. "Central bank digital currency, tax evasion, and inflation tax," Economic Inquiry, Western Economic Association International, vol. 60(4), pages 1497-1519, October.
    98. Emilio Barucci & Matteo Brachetta & Daniele Marazzina, 2026. "The Adoption of Central Bank Digital Currency," Management Science, INFORMS, vol. 72(5), pages 3684-3698, May.

  2. Stephen D. Williamson, 2017. "Low Real Interest Rates and the Zero Lower Bound," Working Papers 2017-10, Federal Reserve Bank of St. Louis.

    Cited by:

    1. van Buggenum, Hugo, 2021. "Banks and financial markets in microfounded models of money," Other publications TiSEM f6e8dc53-9a1b-4f66-9cef-b, Tilburg University, School of Economics and Management.
    2. Uras, Burak R. & van Buggenum, Hugo, 2022. "Preference heterogeneity and optimal monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 134(C).
    3. John Stachurski & Junnan Zhang, 2019. "Dynamic Programming with State-Dependent Discounting," Papers 1908.08800, arXiv.org, revised Oct 2020.
    4. Elena Yuryevna Sokolova, 2019. "Modern Features of the Monetary Policy of the Leading World Countries," Spatial Economics=Prostranstvennaya Ekonomika, Economic Research Institute, Far Eastern Branch, Russian Academy of Sciences (Khabarovsk, Russia), issue 3, pages 147-164.
    5. Airaudo, Marco & Hajdini, Ina, 2023. "Wealth effects, price markups, and the neo-Fisherian hypothesis," European Economic Review, Elsevier, vol. 157(C).
    6. Athanasios Geromichalos & Lucas Herrenbrueck, 2017. "The Liquidity-Augmented Model of Macroeconomic Aggregates," Discussion Papers dp17-16, Department of Economics, Simon Fraser University.
    7. Aleksandra Praščević & Milutin Ješić, 2019. "Modeling Macroeconomic Policymakers’ Interactions under Zero Lower Bound Environment: The New Keynesian Theoretical Approach," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 8(1), pages 5-38.
    8. Lu, You-Xun, 2022. "The stabilizing effect of the zero lower bound: A perspective of interest rate target zones," The Quarterly Review of Economics and Finance, Elsevier, vol. 84(C), pages 61-67.
    9. Williamson, Stephen D., 2018. "Can the fiscal authority constrain the central bank?," Journal of Economic Dynamics and Control, Elsevier, vol. 89(C), pages 154-172.

  3. Stephen D. Williamson, 2015. "Current Federal Reserve Policy Under the Lens of Economic History: A Review Essay," Working Papers 2015-15, Federal Reserve Bank of St. Louis.

    Cited by:

    1. Fritz Breuss, 2016. "The Crisis Management of the ECB," WIFO Working Papers 507, WIFO.
    2. Blinder, Alan S. & Ehrmann, Michael & de Haan, Jakob & Jansen, David-Jan, 2017. "Necessity as the mother of invention: monetary policy after the crisis," Working Paper Series 2047, European Central Bank.
    3. Jimmy ALANI, 2021. "Financialization and political economy of financial regulation in Uganda," Journal of Economics and Political Economy, EconSciences Journals, vol. 8(1), pages 58-88, March.
    4. Yashar Blouri & Maximilian v. Ehrlich, 2017. "On the optimal design of place-based policies: A structural evaluation of EU regional transfers," Diskussionsschriften dp1702, Universitaet Bern, Departement Volkswirtschaft.
    5. Taneli Mäkinen & Fan Li & Andrea Mercatanti & Andrea Silvestrini, 2020. "Effects of eligibility for central bank purchases on corporate bond spreads," BIS Working Papers 894, Bank for International Settlements.
    6. Mäkinen, Taneli & Li, Fan & Mercatanti, Andrea & Silvestrini, Andrea, 2022. "Causal analysis of central bank holdings of corporate bonds under interference," Economic Modelling, Elsevier, vol. 113(C).
    7. NAKAJIMA, Jouchi, 2024. "Central bank balance sheets and long-term interest rates : Revisiting Japan's unconventional monetary policy experience," Discussion Paper Series 758, Institute of Economic Research, Hitotsubashi University.
    8. Jerry L. Jordan, 2016. "The New Monetary Framework," Cato Journal, Cato Journal, Cato Institute, vol. 36(2), pages 367-383, Spring/Su.

  4. David Andolfatto & Stephen D. Williamson, 2015. "Scarcity of Safe Assets, Inflation, and the Policy Trap," Working Papers 2015-2, Federal Reserve Bank of St. Louis.

    Cited by:

    1. Zijian Wang, 2023. "Money Laundering and the Privacy Design of Central Bank Digital Currency," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 604-632, December.
    2. Athanasios Geromichalos & Lucas Herrenbrueck, 2022. "The Liquidity-Augmented Model of Macroeconomic Aggregates: A New Monetarist DSGE Approach," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 45, pages 134-167, July.
    3. Lukas Altermatt & Kohei Iwasaki & Randall Wright, 2023. "General Equilibrium with Multiple Liquid Assets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 267-291, December.
    4. Guillaume Rocheteau & Pierre-Olivier Weill & Russell Wong, 2017. "A Tractable Model of Monetary Exchange with Ex-Post Heterogeneity," Working Paper 17-6, Federal Reserve Bank of Richmond.
    5. Joseph Steinberg, 2019. "On the Source of U.S. Trade Deficits: Global Saving Glut or Domestic Saving Drought?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 31, pages 200-223, January.
    6. Moritz Lenel & Monika Piazzesi & Martin Schneider, 2019. "The Short Rate Disconnect in a Monetary Economy," NBER Working Papers 26102, National Bureau of Economic Research, Inc.
    7. David Andolfatto, 2015. "A Model of U.S. Monetary Policy Before and After the Great Recession," Review, Federal Reserve Bank of St. Louis, vol. 97(3), pages 233-256.
    8. David Andolfatto & Andrew Spewak, 2019. "Understanding Lowflation," Review, Federal Reserve Bank of St. Louis, vol. 101(1), pages 1-26.
    9. Lucas Herrenbrueck, 2019. "Interest rates, moneyness, and the Fisher equation," 2019 Meeting Papers 1409, Society for Economic Dynamics.
    10. Liu, Yu-Chen & Li, Yiting, 2024. "Corporate finance, collateralized borrowing, and monetary policy," European Economic Review, Elsevier, vol. 170(C).
    11. Stephen D. Williamson, 2018. "Inflation Control: Do Central Bankers Have It Right?," Review, Federal Reserve Bank of St. Louis, vol. 100(2), pages 127-150.
    12. Roberto Piazza, 2016. "Self-fulfilling deflations," Temi di discussione (Economic working papers) 1080, Bank of Italy, Economic Research and International Relations Area.
    13. Uhlig, Harald & De Fiore, Fiorella & Hoerova, Marie, 2018. "Money Markets, Collateral and Monetary Policy," CEPR Discussion Papers 13335, Centre for Economic Policy Research.
    14. Stephen D. Williamson, 2015. "Interest on Reserves, Interbank Lending, and Monetary Policy," Working Papers 2015-24, Federal Reserve Bank of St. Louis.
    15. Dhital, Saroj & Gomis-Porqueras, Pedro & Haslag, Joseph H., 2021. "Monetary and fiscal policy interactions in a frictional model of fiat money, nominal public debt and banking," European Economic Review, Elsevier, vol. 139(C).
    16. Michael Bordo & Robert N McCauley, 2017. "Triffin: dilemma or myth?," BIS Working Papers 684, Bank for International Settlements.
    17. Athanasios Geromichalos & Lucas Herrenbrueck, 2015. "A Tractable Model of Indirect Asset Liquidity," Working Papers 126, University of California, Davis, Department of Economics.
    18. Rocheteau, Guillaume & Wright, Randall & Xiaolin Xiao, Sylvia, 2018. "Open market operations," Journal of Monetary Economics, Elsevier, vol. 98(C), pages 114-128.
    19. James B. Bullard, 2016. "Permazero," Review, Federal Reserve Bank of St. Louis, vol. 98(2).
      • James B. Bullard, 2015. "Permazero," Speech 256, Federal Reserve Bank of St. Louis.
      • James Bullard, 2016. "Permazero," Cato Journal, Cato Journal, Cato Institute, vol. 36(2), pages 415-429, Spring/Su.
    20. Andolfatto, David & Martin, Fernando M., 2018. "Monetary policy and liquid government debt," Journal of Economic Dynamics and Control, Elsevier, vol. 89(C), pages 183-199.
    21. Giuseppe Ferrero & Michele Loberto & Marcello Miccoli, 2021. "The assets’ pledgeability channel of unconventional monetary policy," Economic Inquiry, Western Economic Association International, vol. 59(4), pages 1547-1568, October.
    22. Gary Gorton & Ping He, 2023. "Optimal monetary policy in a collateralized economy," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 75(1), pages 55-89, January.
    23. Jaevin Park, 2020. "Inside Money, Business Cycle, and Bank Capital Requirements," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 36, pages 103-121, April.
    24. Herrenbrueck, Lucas, 2019. "Frictional asset markets and the liquidity channel of monetary policy," Journal of Economic Theory, Elsevier, vol. 181(C), pages 82-120.
    25. Lenel, Moritz & Piazzesi, Monika & Schneider, Martin, 2019. "The short rate disconnect in a monetary economy," Journal of Monetary Economics, Elsevier, vol. 106(C), pages 59-77.
    26. Feng Dong & Yi Wen, 2017. "Flight to What? — Dissecting Liquidity Shortages in the Financial Crisis," Working Papers 2017-25, Federal Reserve Bank of St. Louis.
    27. Stephen D. Williamson, 2017. "Low Real Interest Rates and the Zero Lower Bound," Working Papers 2017-10, Federal Reserve Bank of St. Louis.
    28. Yılmaz, Engin & Süslü, Bora, 2015. "The Relation between Money, Interest and Consumption in Developing Countries: The Case of Turkey," MPRA Paper 68614, University Library of Munich, Germany.
    29. Piazzesi, Monika & Lenel, Moritz & Schneider, Martin, 2019. "The Short Rate Disconnect in a Monetary Economy," CEPR Discussion Papers 13947, Centre for Economic Policy Research.
    30. Athanasios Geromichalos & Lucas Herrenbrueck, 2017. "The Liquidity-Augmented Model of Macroeconomic Aggregates," Discussion Papers dp17-16, Department of Economics, Simon Fraser University.
    31. Giuseppe Ferrero & Michele Loberto & Marcello Miccoli, 2017. "The collateral channel of unconventional monetary policy," Temi di discussione (Economic working papers) 1119, Bank of Italy, Economic Research and International Relations Area.
    32. William J. Crowder, 2020. "The Neo-Fisherian hypothesis: empirical implications and evidence?," Empirical Economics, Springer, vol. 58(6), pages 2867-2888, June.
    33. Feng Dong & Yi Wen, 2017. "Optimal Monetary Policy under Negative Interest Rate," Working Papers 2017-19, Federal Reserve Bank of St. Louis.
    34. Stephen Williamson, 2019. "Neo‐Fisherism and inflation control," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 52(3), pages 882-913, August.
    35. Mathieu Boullot, 2017. "Secular Stagnation, Liquidity Trap and Rational Asset Price Bubbles," Working Papers halshs-01295012, HAL.
    36. Fatih Tuluk, 2021. "Collateral Misrepresentation, External Auditing, and Optimal Supervisory Policy," Open Economies Review, Springer, vol. 32(5), pages 975-1016, November.
    37. Kim, Duhyeong, 2023. "International effects of quantitative easing and foreign exchange intervention," Journal of International Economics, Elsevier, vol. 145(C).
    38. Stephen D. Williamson, 2015. "Current Federal Reserve Policy Under the Lens of Economic History: A Review Essay," Working Papers 2015-15, Federal Reserve Bank of St. Louis.
    39. Williamson, Stephen D., 2018. "Can the fiscal authority constrain the central bank?," Journal of Economic Dynamics and Control, Elsevier, vol. 89(C), pages 154-172.
    40. Kim, Duhyeong, 2025. "Negative nominal interest rates and monetary policy," Journal of Monetary Economics, Elsevier, vol. 154(C).
    41. Begona Dominguez & Pedro Gomis-Porqueras, 2019. "The effects of secondary markets for government bonds on inflation dynamics," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 32, pages 249-273, April.
    42. Harrison, Andre & Reed, Robert R., 2023. "International capital flows, liquidity risk, and monetary policy," Journal of Macroeconomics, Elsevier, vol. 77(C).
    43. Yao, Wei, 2025. "The US Quantitative Easing Monetary Policy and Commodities’ Prices," Other publications TiSEM 185d14d3-9dc2-4276-82ec-e, Tilburg University, School of Economics and Management.
    44. Christian Pfister & Natacha Valla, 2018. "New Normal or New Orthodoxy ? Elements of a Central Banking Framework for the After-Crisis," Working papers 680, Banque de France.
    45. Chien-Chiang Wang, 2023. "Asset Market Frictions, Household Heterogeneity, and the Liquidity Theory of the Term Structure," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 47, pages 67-99, January.
    46. Jung, Kuk Mo, 2018. "Uncertainty-induced dynamic inefficiency and the optimal inflation rate," International Review of Economics & Finance, Elsevier, vol. 56(C), pages 486-506.

  5. Stephen D. Williamson, 2015. "Interest on Reserves, Interbank Lending, and Monetary Policy," Working Papers 2015-24, Federal Reserve Bank of St. Louis.

    Cited by:

    1. Gara Afonso & Marco Cipriani & Adam Copeland & Anna Kovner & Gabriele La Spada & Antoine Martin, 2021. "The Market Events of Mid-September 2019," Economic Policy Review, Federal Reserve Bank of New York, vol. 27(2), pages 1-26, August.
    2. Zijian Wang, 2023. "Money Laundering and the Privacy Design of Central Bank Digital Currency," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 604-632, December.
    3. Williamson, Stephen D., 2022. "Central bank digital currency and flight to safety," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    4. Neyer, Ulrike & Stempel, Daniel & Horst, Maximilian, 2022. "Asymmetric Macroeconomic Effects of QE and Excess Reserves in a Monetary Union," VfS Annual Conference 2022 (Basel): Big Data in Economics 264074, Verein für Socialpolitik / German Economic Association.
    5. Hogan, Thomas L., 2021. "Bank lending and interest on excess reserves: An empirical investigation," Journal of Macroeconomics, Elsevier, vol. 69(C).
    6. Berentsen, Aleksander & van Buggenum, Hugo & Ruprecht, Romina, 2025. "On the negatives of negative interest rates," European Economic Review, Elsevier, vol. 178(C).
    7. Angelo Ranaldo & Benedikt Ballensiefen & Hannah Winterberg, 2020. "Monetary policy disconnect," Working Papers on Finance 2003, University of St. Gallen, School of Finance.
    8. Stephen Williamson, 2019. "Central Bank Digital Currency: Welfare and Policy Implications," 2019 Meeting Papers 386, Society for Economic Dynamics.
    9. Begoña Domínguez & Pedro Gomis‐Porqueras, 2023. "Normalizing the Central Bank's Balance Sheet: Implications for Inflation and Debt Dynamics," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 55(4), pages 945-974, June.
    10. Roc Armenter & Benjamin Lester, 2017. "Excess Reserves and Monetary Policy Implementation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 23, pages 212-235, January.
    11. Gries, Thomas & Mitschke, Alexandra, 2019. "Systemic instability of the interbank credit market: A contribution to a resilient financial system," VfS Annual Conference 2019 (Leipzig): 30 Years after the Fall of the Berlin Wall - Democracy and Market Economy 203582, Verein für Socialpolitik / German Economic Association.
    12. Giuseppe Ferrero & Michele Loberto & Marcello Miccoli, 2021. "The assets’ pledgeability channel of unconventional monetary policy," Economic Inquiry, Western Economic Association International, vol. 59(4), pages 1547-1568, October.
    13. Jonathan Witmer, 2025. "The Optimum Quantity of Central Bank Reserves," Staff Working Papers 25-15, Bank of Canada.
    14. Marcelo Rezende & Mary-Frances Styczynski & Cindy M. Vojtech, 2016. "The Effects of Liquidity Regulation on Bank Demand in Monetary Policy Operations," Finance and Economics Discussion Series 2016-090, Board of Governors of the Federal Reserve System (U.S.).
    15. Aleksander Berentsen & Sébastien Kraenzlin & Benjamin Müller, 2016. "Exit strategies for monetary policy," ECON - Working Papers 241, Department of Economics - University of Zurich, revised Feb 2018.
    16. Horst, Maximilian & Neyer, Ulrike & Stempel, Daniel, 2020. "Asymmetric macroeconomic effects of QE-induced increases in excess reserves in a monetary union," DICE Discussion Papers 346, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
    17. Gara Afonso & Roc Armenter & Benjamin Lester, 2019. "A Model of the Federal Funds Market: Yesterday, Today, and Tomorrow," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 33, pages 177-204, July.
    18. Toni Gravelle & Ron Morrow & Jonathan Witmer, 2023. "Reviewing Canada’s Monetary Policy Implementation System: Does the Evolving Environment Support Maintaining a Floor System?," Discussion Papers 2023-10, Bank of Canada.
    19. Oxana Afanasyeva & Dmitriy Korovin, 2020. "The impact of reserve requirements of central banks on macroeconomic indicators," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 8(1), pages 413-429, September.
    20. Changhyun Lee, 2024. "The outside option channel of central bank asset purchase programs: A tale of two crises," Working Papers 363, University of California, Davis, Department of Economics.
    21. Fatih Tuluk, 2021. "Collateral Misrepresentation, External Auditing, and Optimal Supervisory Policy," Open Economies Review, Springer, vol. 32(5), pages 975-1016, November.
    22. Javier Bianchi & Saki Bigio, 2022. "Banks, Liquidity Management, and Monetary Policy," Econometrica, Econometric Society, vol. 90(1), pages 391-454, January.
    23. Horst Maximilian & Neyer Ulrike, 2019. "The Impact of Quantitative Easing on Bank Loan Supply and Monetary Policy Implementation in the Euro Area," Review of Economics, De Gruyter, vol. 70(3), pages 229-265, December.
    24. Stephen Williamson, 2019. "Low real interest rates and the zero lower bound," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 31, pages 36-62, January.
    25. Kim, Duhyeong, 2025. "Negative nominal interest rates and monetary policy," Journal of Monetary Economics, Elsevier, vol. 154(C).
    26. Philipp Roderweis & Jamel Saadaoui & Francisco Serranito, 2023. "The Unintended Consequences of ECB’s Asset Purchases. How Excess Reserves Shape Bank Lending," Working Papers of BETA 2023-34, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    27. Horst, Maximilian & Neyer, Ulrike, 2019. "The impact of quantitative easing on bank loan supply and monetary policy implementation in the euro area," DICE Discussion Papers 325, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
    28. Rezende, Marcelo & Styczynski, Mary-Frances & Vojtech, Cindy M., 2021. "The Effects of Liquidity Regulation on Bank Demand in Monetary Policy Operations," Journal of Financial Intermediation, Elsevier, vol. 46(C).
    29. George J. Bratsiotis, 2021. "Interest on Reserves as a Main Monetary Policy Tool," Economics Discussion Paper Series 2102, Economics, The University of Manchester, revised Feb 2022.
    30. Jonathan Witmer, 2020. "Monetary Policy Independence and the Strength of the Global Financial Cycle," Staff Working Papers 20-26, Bank of Canada.
    31. Hu, Tai-Wei, 2021. "Optimal monetary policy with interest on reserves and capital over-accumulation," Journal of Economic Theory, Elsevier, vol. 196(C).
    32. Garth Baughman & Francesca Carapella, 2018. "Voluntary Reserve Targets," Finance and Economics Discussion Series 2018-032, Board of Governors of the Federal Reserve System (U.S.).
    33. Magill, Michael & Quinzii, Martine & Rochet, Jean-Charles, 2020. "The safe asset, banking equilibrium, and optimal central bank monetary, prudential and balance-sheet policies," Journal of Monetary Economics, Elsevier, vol. 112(C), pages 113-128.

  6. Stephen D. Williamson, 2014. "Scarce collateral, the term premium, and quantitative easing," Working Papers 2014-8, Federal Reserve Bank of St. Louis.

    Cited by:

    1. Massimiliano Affinito, 2019. "What do almost 20 years of micro data and two crises say about the relationship between central bank and interbank market liquidity? Evidence from Italy," BIS Working Papers 821, Bank for International Settlements.
    2. Zijian Wang, 2023. "Money Laundering and the Privacy Design of Central Bank Digital Currency," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 604-632, December.
    3. Park, Jaevin & Kwon, Ohik, 2023. "Stablecoins: Legal restrictions theory and monetary policy," Economics Letters, Elsevier, vol. 226(C).
    4. Armelius, Hanna & Boel, Paola & Claussen, Carl Andreas & Nessén, Marianne, 2018. "The e-krona and the macroeconomy," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue 3, pages 43-65.
    5. Tarishi Matsuoka & Makoto Watanabe, 2025. "Banking Crises and Central Bank Digital Currency in a Monetary Economy," CESifo Working Paper Series 11922, CESifo.
    6. Williamson, Stephen D., 2022. "Central bank digital currency and flight to safety," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    7. Lukas Altermatt, 2019. "Inside Money, Investment, and Unconventional Monetary Policy," 2019 Meeting Papers 470, Society for Economic Dynamics.
    8. Cutsinger, Bryan P. & Luther, William J., 2022. "Seigniorage payments and the Federal Reserve’s new operating regime," Economics Letters, Elsevier, vol. 220(C).
    9. Marieh Azizirad, 2022. "Fisher vs Keynes: Does an Interest Rate Hike Cause Inflation to Increase or Decrease?," Discussion Papers dp22-08, Department of Economics, Simon Fraser University.
    10. Anne-Marie Rieu-Foucault, 2018. "Les interventions de crise de la FED et de la BCE diffèrent-elles ?," EconomiX Working Papers 2018-31, University of Paris Nanterre, EconomiX.
    11. He Liu & Yun Bai & Zhiguang Huang & Han Qiao & Shouyang Wang, 2023. "Private banking development in China under two organizational structures: Economic analysis from an organizational innovation perspective," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-23, December.
    12. Liu, Yu-Chen & Li, Yiting, 2024. "Corporate finance, collateralized borrowing, and monetary policy," European Economic Review, Elsevier, vol. 170(C).
    13. Han, Han, 2015. "Over-the-Counter Markets, Intermediation, and Monetary Policy," MPRA Paper 68709, University Library of Munich, Germany.
    14. Makoto (M.) Watanabe & Tarishi Matsuoka, 2019. "Banking Panics and the Lender of Last Resort in a Monetary Economy," Tinbergen Institute Discussion Papers 19-002/V, Tinbergen Institute.
    15. Young Sik Kim & Ohik Kwon, 2019. "Central Bank Digital Currency and Financial Stability," Working Papers 2019-6, Economic Research Institute, Bank of Korea.
    16. Dhital, Saroj & Gomis-Porqueras, Pedro & Haslag, Joseph H., 2021. "Monetary and fiscal policy interactions in a frictional model of fiat money, nominal public debt and banking," European Economic Review, Elsevier, vol. 139(C).
    17. Azariadis, Costas & Bullard, James & Singh, Aarti & Suda, Jacek, 2019. "Incomplete credit markets and monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 103(C), pages 83-101.
    18. Bredemeier, Christian & Juessen, Falko & Schabert, Andreas, 2022. "Why are fiscal multipliers moderate even under monetary accommodation?," European Economic Review, Elsevier, vol. 141(C).
    19. Saroj Bhattarai & Christopher J. Neely, 2016. "An Analysis of the Literature on International Unconventional Monetary Policy," Working Papers 2016-021, Federal Reserve Bank of St. Louis, revised 04 May 2020.
    20. Matsuoka, Tarishi, 2022. "Asset prices and standing facilities in a monetary economy," Journal of Economic Dynamics and Control, Elsevier, vol. 135(C).
    21. Christian Bredemeier & Andreas Schabert & Christoph Kaufmann, 2018. "Interest Rate Spreads and Forward Guidance," 2018 Meeting Papers 491, Society for Economic Dynamics.
    22. Rocheteau, Guillaume & Wright, Randall & Xiaolin Xiao, Sylvia, 2018. "Open market operations," Journal of Monetary Economics, Elsevier, vol. 98(C), pages 114-128.
    23. Nicola Amendola & Lorenzo Carbonari & Leo Ferraris, 2021. "Three Liquid Assets," CEIS Research Paper 516, Tor Vergata University, CEIS, revised 14 Oct 2021.
    24. Alexandre Corhay & Thilo Kind & Howard Kung & Gonzalo Morales, 2021. "Discount Rates, Debt Maturity, and the Fiscal Theory," Staff Working Papers 21-58, Bank of Canada.
    25. Begoña Domínguez & Pedro Gomis‐Porqueras, 2023. "Normalizing the Central Bank's Balance Sheet: Implications for Inflation and Debt Dynamics," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 55(4), pages 945-974, June.
    26. Makoto WATANABE & Tarishi Matsuoka, 2023. "A Monetary Equilibrium with the Lender of Last Resort," CIGS Working Paper Series 23-010E, The Canon Institute for Global Studies.
    27. Huber, Samuel & Kim, Jaehong, 2017. "On the optimal quantity of liquid bonds," Journal of Economic Dynamics and Control, Elsevier, vol. 79(C), pages 184-200.
    28. Giuseppe Ferrero & Michele Loberto & Marcello Miccoli, 2021. "The assets’ pledgeability channel of unconventional monetary policy," Economic Inquiry, Western Economic Association International, vol. 59(4), pages 1547-1568, October.
    29. Jonathan Witmer, 2025. "The Optimum Quantity of Central Bank Reserves," Staff Working Papers 25-15, Bank of Canada.
    30. Tao Liu & Dong Lu & Liang Wang, 2023. "Hegemony or Harmony? A Unified Framework for the International Monetary System," Working Papers 202305, University of Hawaii at Manoa, Department of Economics.
    31. Jaevin Park, 2020. "Inside Money, Business Cycle, and Bank Capital Requirements," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 36, pages 103-121, April.
    32. Chao Gu & Han Han & Randall Wright, 2016. "The Effects of Monetary Policy and Other Announcements," Working Papers 1621, Department of Economics, University of Missouri.
    33. Herrenbrueck, Lucas, 2019. "Frictional asset markets and the liquidity channel of monetary policy," Journal of Economic Theory, Elsevier, vol. 181(C), pages 82-120.
    34. Aleksander Berentsen & Sébastien Kraenzlin & Benjamin Müller, 2016. "Exit strategies for monetary policy," ECON - Working Papers 241, Department of Economics - University of Zurich, revised Feb 2018.
    35. Lenel, Moritz & Piazzesi, Monika & Schneider, Martin, 2019. "The short rate disconnect in a monetary economy," Journal of Monetary Economics, Elsevier, vol. 106(C), pages 59-77.
    36. Christian Bredemeier & Falko Juessen & Andreas Schabert, 2017. "Fiscal Multipliers and Monetary Policy: Reconciling Theory and Evidence," Working Paper Series in Economics 95, University of Cologne, Department of Economics.
    37. Williamson, Stephen D., 2019. "Interest on reserves, interbank lending, and monetary policy," Journal of Monetary Economics, Elsevier, vol. 101(C), pages 14-30.
    38. Marin Muzhani, 2023. "Economics of Economy Pricing," Vernon Press Titles in Economics, Vernon Art and Science Inc, edition 1, number 1750, December.
    39. Stephen D. Williamson, 2017. "Low Real Interest Rates and the Zero Lower Bound," Working Papers 2017-10, Federal Reserve Bank of St. Louis.
    40. Piazzesi, Monika & Lenel, Moritz & Schneider, Martin, 2019. "The Short Rate Disconnect in a Monetary Economy," CEPR Discussion Papers 13947, Centre for Economic Policy Research.
    41. Athanasios Geromichalos & Lucas Herrenbrueck, 2017. "The Liquidity-Augmented Model of Macroeconomic Aggregates," Discussion Papers dp17-16, Department of Economics, Simon Fraser University.
    42. Sangyup Choi & Inkee Jang & Kee-Youn Kang & Hyunpyung Kim, 2024. "Haircut, Interest Rate, and Collateral Quality in the Tri-Party Repo Market: Evidence and Theory," Working papers 2024rwp-229, Yonsei University, Yonsei Economics Research Institute.
    43. A. Mantovi, 2019. "Information insensitivity, collateral flows and the logic of financial stability," Economics Department Working Papers 2019-EP01, Department of Economics, Parma University (Italy).
    44. David Cashin & Erin E. Syron Ferris & Elizabeth Klee, 2023. "Treasury Safety, Liquidity, and Money Premium Dynamics: Evidence from Debt Limit Impasses," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 55(6), pages 1475-1506, September.
    45. Saroj Dhital & Pedro Gomis-Porqueras & Joseph H. Haslag, 2020. "Monetary and Fiscal Policy Interactions in a Frictional Model of Money, Nominal Public Debt and Banking," Working Papers 2002, Department of Economics, University of Missouri.
    46. Antonio Diez de los Rios, 2020. "A Portfolio-Balance Model of Inflation and Yield Curve Determination," Staff Working Papers 20-6, Bank of Canada.
    47. Heon Lee, 2021. "Money Creation and Banking: Theory and Evidence," Papers 2109.15096, arXiv.org, revised Jun 2024.
    48. Sheila Dow & Guðrún Johnsen & Alberto Montagnoli, 2015. "A critique of full reserve banking," Working Papers 2015008, The University of Sheffield, Department of Economics.
    49. Changhyun Lee, 2024. "The outside option channel of central bank asset purchase programs: A tale of two crises," Working Papers 363, University of California, Davis, Department of Economics.
    50. Aleksandra Praščević & Milutin Ješić, 2019. "Modeling Macroeconomic Policymakers’ Interactions under Zero Lower Bound Environment: The New Keynesian Theoretical Approach," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 8(1), pages 5-38.
    51. Fatih Tuluk, 2021. "Collateral Misrepresentation, External Auditing, and Optimal Supervisory Policy," Open Economies Review, Springer, vol. 32(5), pages 975-1016, November.
    52. Hsu, Feng-Jui & Chen, Sheng-Hung, 2021. "US quantitative easing and firm’s default risk: The role of Corporate Social Responsibility (CSR)," The Quarterly Review of Economics and Finance, Elsevier, vol. 80(C), pages 650-664.
    53. Kim, Duhyeong, 2023. "International effects of quantitative easing and foreign exchange intervention," Journal of International Economics, Elsevier, vol. 145(C).
    54. Hu, Tai-Wei & Li, Yiting & Liu, Yilei, 2025. "Optimal banking regulation and monetary policy," European Economic Review, Elsevier, vol. 178(C).
    55. Kee-Youn Kang, 2019. "Central Bank purchases of private assets: An evaluation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 31, pages 326-346, January.
    56. William J. Crowder, 2020. "Does the Fed Control Trend Inflation?," Annals of Economics and Finance, Society for AEF, vol. 21(2), pages 241-261, November.
    57. Andreas Schabert, 2017. "Welfare-Enhancing Distributional Effects of Central Bank Asset Purchases," Working Paper Series in Economics 94, University of Cologne, Department of Economics.
    58. Christopher Waller & Paola Boel, 2017. "On the Theoretical Efficacy of Quantitative Easing at the Zero Lower Bound," 2017 Meeting Papers 1030, Society for Economic Dynamics.
    59. Williamson, Stephen D., 2018. "Can the fiscal authority constrain the central bank?," Journal of Economic Dynamics and Control, Elsevier, vol. 89(C), pages 154-172.
    60. Kim, Duhyeong, 2025. "Negative nominal interest rates and monetary policy," Journal of Monetary Economics, Elsevier, vol. 154(C).
    61. David Andolfatto & Stephen D. Williamson, 2015. "Scarcity of Safe Assets, Inflation, and the Policy Trap," Working Papers 2015-2, Federal Reserve Bank of St. Louis.
    62. Altermatt, Lukas, 2018. "Savings, asset scarcity, and monetary policy," Working papers 2018/13, Faculty of Business and Economics - University of Basel.
    63. Tao Liu & Dong Lu & Liang Wang, 2025. "Hegemony or Harmony? A Unified Framework for the International Monetary System," Working Papers 202504, University of Hawaii at Manoa, Department of Economics.
    64. Howard Kung & Gonzalo Morales & Alexandre Corhay, 2017. "Fiscal Discount Rates and Debt Maturity," 2017 Meeting Papers 840, Society for Economic Dynamics.

  7. Stephen D. Williamson, 2014. "Low Real Interest Rates, Collateral Misrepresentation, and Monetary Policy," Working Papers 2014-26, Federal Reserve Bank of St. Louis.

    Cited by:

    1. Williamson, Stephen D., 2022. "Central bank digital currency and flight to safety," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    2. Liu, Yu-Chen & Li, Yiting, 2024. "Corporate finance, collateralized borrowing, and monetary policy," European Economic Review, Elsevier, vol. 170(C).
    3. Kang, Kee-Youn, 2021. "Optimal contract for asset trades: Collateralizing or selling?," Journal of Financial Markets, Elsevier, vol. 56(C).
    4. Williamson, Stephen, 2024. "Deposit insurance, bank regulation, and narrow banking," Journal of Economic Theory, Elsevier, vol. 219(C).
    5. Andolfatto, David & Williamson, Stephen, 2015. "Scarcity of safe assets, inflation, and the policy trap," Journal of Monetary Economics, Elsevier, vol. 73(C), pages 70-92.
    6. Stephen Williamson, 2019. "Neo‐Fisherism and inflation control," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 52(3), pages 882-913, August.
    7. Fatih Tuluk, 2021. "Collateral Misrepresentation, External Auditing, and Optimal Supervisory Policy," Open Economies Review, Springer, vol. 32(5), pages 975-1016, November.
    8. Kee-Youn Kang, 2019. "Central Bank purchases of private assets: An evaluation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 31, pages 326-346, January.
    9. Stephen Williamson, 2019. "Low real interest rates and the zero lower bound," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 31, pages 36-62, January.

  8. Stephen D. Williamson, 2014. "Keynesian inefficiency and optimal policy: a new monetarist approach," Working Papers 2014-9, Federal Reserve Bank of St. Louis.

    Cited by:

    1. Jung, Kuk Mo & Pyun, Ju Hyun, 2023. "A long-run approach to money, unemployment, and equity prices," Economic Modelling, Elsevier, vol. 125(C).

  9. Stephen Williamson, 2014. "Central Bank Purchases of Private Assets," 2014 Meeting Papers 208, Society for Economic Dynamics.

    Cited by:

    1. Han, Han, 2015. "Over-the-Counter Markets, Intermediation, and Monetary Policy," MPRA Paper 68709, University Library of Munich, Germany.
    2. Jobst, Clemens & Bignon, Vincent, 2017. "Economic crises and the eligiblity for the lender of last resort: evidence from 19th century France," Working Paper Series 2027, European Central Bank.
    3. Fatih Tuluk, 2019. "Shadow Banking, Capital Requirements and Monetary Policy," Working Papers 2019.05, International Network for Economic Research - INFER.
    4. Stephen D. Williamson, 2015. "Current Federal Reserve Policy Under the Lens of Economic History: A Review Essay," Working Papers 2015-15, Federal Reserve Bank of St. Louis.
    5. Sylvia Xiao & Randall Wright & Guillaume Rocheteau, 2017. "Open Market Operations," 2017 Meeting Papers 345, Society for Economic Dynamics.

  10. Francesca Carapella & Stephen D. Williamson, 2014. "Credit markets, limited commitment, and government debt," Working Papers 2014-10, Federal Reserve Bank of St. Louis.

    Cited by:

    1. Kiyotaki, Nobuhiro & Lagos, Ricardo & Wright, Randall, 2016. "Introduction to the symposium issue on money and liquidity," Journal of Economic Theory, Elsevier, vol. 164(C), pages 1-9.
    2. Lee, Seungduck, 2016. "Money, Asset Prices and the Liquidity Premium," MPRA Paper 75869, University Library of Munich, Germany.
    3. Lee, Seungduck, 2016. "Money, Asset Prices and the Liquidity Premium," MPRA Paper 74010, University Library of Munich, Germany.
    4. Athanasios Geromichalos & Jiwon Lee & Seungduck Lee & Keita Oikawa, 2014. "Over-the-Counter Trade and the Value of Assets as Collateral," Working Papers 96, University of California, Davis, Department of Economics.
    5. Kee-Youn Kang, 2023. "Cryptocurrency and double spending history: transactions with zero confirmation," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 75(2), pages 453-491, February.
    6. Chao Gu & Fabrizio Mattesini & Randall Wright, 2015. "Money and Credit Redux," Working Papers 1508, Department of Economics, University of Missouri.
    7. Fabienne Schneider & Remo Taudien, 2024. "Credit and Anonymity," Working Papers 24.04, Swiss National Bank, Study Center Gerzensee.
    8. Wang, Zijian, 2020. "Liquidity and private information in asset markets: To signal or not to signal," Journal of Economic Theory, Elsevier, vol. 190(C).
    9. Athanasios Geromichalos & Lucas Herrenbrueck & Zijian Wang, 2026. "Asymmetric information, asset markets, and the medium of exchange," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 81(3), pages 689-749, May.
    10. Eryzhenskiy, Ilya, 2025. "Intergenerational redistribution with endogenous constraints to household debt," Journal of Mathematical Economics, Elsevier, vol. 116(C).
    11. Lee, Seungduck, 2016. "Money, Asset Prices and the Liquidity Premium," MPRA Paper 73707, University Library of Munich, Germany.
    12. Carli, Francesco & Gomis Porqueras, Pedro, 2019. "Real consequences of open market operations: the role of limited commitment," MPRA Paper 94088, University Library of Munich, Germany.
    13. Bethune, Zachary & Hu, Tai-Wei & Rocheteau, Guillaume, 2018. "Indeterminacy in credit economies," Journal of Economic Theory, Elsevier, vol. 175(C), pages 556-584.
    14. Marina Azzimonti & Pierre Yared, 2018. "The Optimal Public and Private Provision of Safe Assets," NBER Working Papers 24534, National Bureau of Economic Research, Inc.
    15. Ohik Kwon & Manjong Lee, 2024. "Credit Market Frictions and Coessentiality of Money and Credit," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(1), pages 257-278, February.
    16. Lee, Seungduck, 2016. "Money, Asset Prices and the Liquidity Premium," MPRA Paper 73533, University Library of Munich, Germany.
    17. Francesca Carapella, 2017. "Credit markets, Limited commitment and Optimal monetary policy," 2017 Meeting Papers 1523, Society for Economic Dynamics.
    18. Lee, Seungduck, 2016. "Money, Asset Prices and the Liquidity Premium," MPRA Paper 74615, University Library of Munich, Germany.
    19. Pierre Yared & Marina Azzimonti, 2017. "The Public and Private Provision of Safe Assets," 2017 Meeting Papers 755, Society for Economic Dynamics.
    20. Chao He & Randall Wright & Yu Zhu, 2015. "Housing and Liquidity," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(3), pages 435-455, July.

  11. Stephen D. Williamson & Randall Wright, 2010. "New Monetarist Economics: methods," Staff Report 442, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Samuel Demeulemeester, 2024. "The case for 100% money: Ten reasons for separating money issuance from banking," Economic Affairs, Wiley Blackwell, vol. 44(1), pages 57-70, February.
    2. Berentsen, Aleksander & Huber, Samuel & Marchesiani, Alessandro, 2016. "The societal benefit of a financial transaction tax," European Economic Review, Elsevier, vol. 89(C), pages 303-323.
    3. Chao Gu & Randall Wright, 2011. "Endogenous Credit Cycles," NBER Working Papers 17510, National Bureau of Economic Research, Inc.
    4. Ed Nosal & Christopher J. Waller & Randall Wright, 2010. "Introduction to the macroeconomic dynamics: special issues on money, credit, and liquidity," Working Paper Series WP-2010-14, Federal Reserve Bank of Chicago.
    5. Schrimpf, Paul & Malamud, Semyon, 2018. "Intermediation markups and monetary policy pass-through," CEPR Discussion Papers 12623, Centre for Economic Policy Research.
    6. Guillaume Rocheteau, 2011. "The cost of inflation: a mechanism design approach," Working Papers (Old Series) 1103, Federal Reserve Bank of Cleveland.
    7. Andrés Alvarez & Vincent Bignon, 2010. "L. Walras and C. Menger: Two ways on the path of modern monetary theory," Working Papers hal-04140901, HAL.
    8. Choi, Hyung Sun, 2013. "Money and risk of loss in an asset market segmentation model," International Review of Economics & Finance, Elsevier, vol. 25(C), pages 146-155.
    9. Christie Smith & Aaron Kumar, 2018. "Crypto‐Currencies – An Introduction To Not‐So‐Funny Moneys," Journal of Economic Surveys, Wiley Blackwell, vol. 32(5), pages 1531-1559, December.
    10. Rocheteau, Guillaume & Wright, Randall, 2013. "Liquidity and asset-market dynamics," Journal of Monetary Economics, Elsevier, vol. 60(2), pages 275-294.
    11. Lotz, Sébastien & Zhang, Cathy, 2016. "Money and credit as means of payment: A new monetarist approach," Journal of Economic Theory, Elsevier, vol. 164(C), pages 68-100.
    12. Guerino Ardizzi & Simone Emiliozzi & Juri Marcucci & Libero Monteforte, 2019. "News and consumer card payments," Temi di discussione (Economic working papers) 1233, Bank of Italy, Economic Research and International Relations Area.
    13. Fernández-Villaverde, Jesús & Sanches, Daniel, 2023. "A model of the gold standard," Journal of Economic Theory, Elsevier, vol. 214(C).
    14. Seitz, Franz & Schmidt, Markus A., 2014. "Money in modern macro models: A review of the arguments," Weidener Diskussionspapiere 37, University of Applied Sciences Amberg-Weiden (OTH).
    15. Gu, Chao & Guzman, Mark & Haslag, Joseph, 2011. "Production, hidden action, and the payment system," Journal of Monetary Economics, Elsevier, vol. 58(2), pages 172-182, March.
    16. Gabriel Chodorow-Reich & Gita Gopinath & Prachi Mishra & Abhinav Narayanan, 2020. "Cash and the Economy: Evidence from India’s Demonetization," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 135(1), pages 57-103.
    17. Allen Head & Lucy Qian Liu & Guido Menzio & Randall Wright, 2011. "Sticky Prices: A New Monetarist Approach," NBER Working Papers 17520, National Bureau of Economic Research, Inc.
    18. Aquino, Juan & Vega, Marco, 2014. "¿Qué es la Nueva Economía Monetarista?," Revista Moneda, Banco Central de Reserva del Perú, issue 160, pages 31-33.
    19. Borio, Claudio, 2014. "The financial cycle and macroeconomics: What have we learnt?," Journal of Banking & Finance, Elsevier, vol. 45(C), pages 182-198.
    20. Claudio Borio, 2011. "Rediscovering the Macroeconomic Roots of Financial Stability Policy: Journey, Challenges, and a Way Forward," Annual Review of Financial Economics, Annual Reviews, vol. 3(1), pages 87-117, December.
    21. Pedro, Gomis-Porqueras & Cathy, Zhang, 2018. "Optimal Monetary and Fiscal Policy with Migration in a Currency Union," MPRA Paper 83754, University Library of Munich, Germany.
    22. Chao Gu & Fabrizio Mattesini & Randall Wright, 2013. "Banking: A New Monetarist Approach," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 80(2), pages 636-662.
    23. Rodríguez-Nava, Abigail & Vázquez-García, Agustín R. & Venegas-Martínez, Francisco, 2011. "Rigideces de precios en modelos de política monetaria: nueva macroeconomía clásica, nueva economía keynesiana y nuevos monetaristas," Sección de Estudios de Posgrado e Investigación de la Escuela Superios de Economía del Instituto Politécnico Nacional, in: Perrotini-Hernández, Ignacio (ed.), Economía: Teoría y Métodos, volume 1, chapter 12, pages 182-192, Escuela Superior de Economía, Instituto Politécnico Nacional.
    24. Boragan Aruoba & Morris Davis & Randall Wright, 2016. "Homework in Monetary Economics: Inflation, Home Production, and the Production of Homes," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 21, pages 105-124, July.
    25. Diarmid Weir, 2013. "Fiat Money, Individual Rationality and Production," Metroeconomica, Wiley Blackwell, vol. 64(4), pages 573-590, November.
    26. Aruoba, S. Boragan & Waller, Christopher J. & Wright, Randall, 2011. "Money and capital," Journal of Monetary Economics, Elsevier, vol. 58(2), pages 98-116, March.
    27. Zannini, Ugo, 2020. "The optimal quantity of money and partially-liquid assets," Journal of Economic Theory, Elsevier, vol. 188(C).
    28. Yuet-Yee Wong & Randall Wright, 2011. "Buyers, sellers and middlemen: variations in search theory," Working Papers 691, Federal Reserve Bank of Minneapolis.
    29. Jesús Fernández-Villaverde & Daniel R. Sanches, 2024. "Price-Level Determination Under the Gold Standard," Working Papers 24-06, Federal Reserve Bank of Philadelphia.
    30. Xuesong Huang & Todd Keister, 2026. "Stablecoins vs. Tokenized Deposits: The Narrow Banking Debate Revisited," Staff Reports 1179, Federal Reserve Bank of New York.
    31. Stephen D. Williamson, 2017. "Low Real Interest Rates and the Zero Lower Bound," Working Papers 2017-10, Federal Reserve Bank of St. Louis.
    32. Chiu, Jonathan & Koeppl, Thorsten, 2011. "Trading Dynamics with Adverse Selection and Search: Market Freeze, Intervention and Recovery," Queen's Economics Department Working Papers 273771, Queen's University - Department of Economics.
    33. Tarishi Matsuoka & Makoto Watanabe, 2017. "Banking Panics and Liquidity in a Monetary Economy," Tinbergen Institute Discussion Papers 17-091/VII, Tinbergen Institute.
    34. Gabriele Camera & YiLi Chien, 2013. "Two Monetary Models with Alternating Markets," Working Papers 13-25, Chapman University, Economic Science Institute.
    35. Yuet-Yee Wong & Randall Wright, 2011. "Buyers, Sellers and Middlemen: Variations on Search-Theoretic Themes," NBER Working Papers 17511, National Bureau of Economic Research, Inc.
    36. Adam Brzezinski & Nuno Palma & Francois R. Velde, 2024. "Understanding Money Using Historical Evidence," Working Paper Series WP 2024-10, Federal Reserve Bank of Chicago.
    37. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Models," MPRA Paper 21030, University Library of Munich, Germany.
    38. Altermatt, Lukas & Iwasaki, Kohei & Wright, Randall, 2021. "Asset pricing in monetary economies," Journal of International Money and Finance, Elsevier, vol. 115(C).
    39. Elena Sinelnikova-Muryleva, 2011. "Innovations in the sphere of payments and the money demand in Russia," Research Paper Series, Gaidar Institute for Economic Policy, issue 157P.
    40. Sinelnikova-Muryleva, Elena (Синельников-Мурылева, Елена), 2018. "Analysis of the Consequences of the Development of Payment Systems for Monetary Policy in the Context of Deepening Financial Markets [Анализ Последствий Развития Платежных Систем Для Денежно-Кредитной Политики В Условиях Углубления Финансовых Рынк," Working Papers 031813, Russian Presidential Academy of National Economy and Public Administration.
    41. Nuno Palma, 2019. "The Real Effects of Monetary Expansions: Evidence from a Large-Scale Historical Natural Experiment," Economics Discussion Paper Series 1904, Economics, The University of Manchester, revised Aug 2021.
    42. Thornton, Daniel L., 2014. "Monetary policy: Why money matters (and interest rates don’t)," Journal of Macroeconomics, Elsevier, vol. 40(C), pages 202-213.
    43. Sun, Hongfei, 2011. "Monetary and Fiscal Policies in a Heterogeneous-Agent Economy," Queen's Economics Department Working Papers 273761, Queen's University - Department of Economics.
    44. Ed Nosal & Randall Wright, 2010. "Summer workshop on money, banking, payments and finance: an overview," Working Paper Series WP-2010-15, Federal Reserve Bank of Chicago.
    45. Dong, Mei & Huangfu, Stella & Sun, Hongfei & Zhou, Chenggang, 2021. "A macroeconomic theory of banking oligopoly," European Economic Review, Elsevier, vol. 138(C).
    46. Wen, Shaobo & An, Haizhong & Chen, Zhihua & Liu, Xueyong, 2017. "Driving factors of interactions between the exchange rate market and the commodity market: A wavelet-based complex network perspective," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 479(C), pages 299-308.
    47. Richard G. Anderson & Barry E. Jones, 2011. "A comprehensive revision of the U.S. monetary services (divisia) indexes," Review, Federal Reserve Bank of St. Louis, vol. 93(Sep), pages 325-360.
    48. Moosavi Mohseni, Reza & Cao, Jiling, 2020. "Monetary policy and financial economic growth," The Journal of Economic Asymmetries, Elsevier, vol. 22(C).
    49. Gabriele Camera & YiLi Chien, 2013. "Modeling monetary economies: an equivalence result," Working Papers 2013-009, Federal Reserve Bank of St. Louis.
    50. Williamson, Stephen D., 2016. "Scarce collateral, the term premium, and quantitative easing," Journal of Economic Theory, Elsevier, vol. 164(C), pages 136-165.
    51. Chu, Angus C. & Kan, Kamhon & Lai, Ching-Chong & Liao, Chih-Hsing, 2014. "Money, random matching and endogenous growth: A quantitative analysis," Journal of Economic Dynamics and Control, Elsevier, vol. 41(C), pages 173-187.
    52. Liang Wang, 2011. "Inflation and Welfare with Search and Price Dispersion," Working Papers 201113, University of Hawaii at Manoa, Department of Economics.
    53. Golec, Pascal & Perotti, Enrico, 2017. "Safe assets: a review," Working Paper Series 2035, European Central Bank.
    54. Chao He & Randall Wright & Yu Zhu, 2015. "Housing and Liquidity," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(3), pages 435-455, July.

  12. Stephen D. Williamson & Randall Wright, 2010. "New Monetarist Economics: models," Staff Report 443, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Fernando M. Martin, 2016. "The Value of Constraints on Discretionary Government Policy," Working Papers 2016-19, Federal Reserve Bank of St. Louis.
    2. Alberto Trejos & Randall Wright, 2014. "Search-Based Models of Money and Finance: An Integrated Approach," Working Papers 709, Federal Reserve Bank of Minneapolis.
    3. Jonathan Chiu & Cesaire Meh & Randall Wright, 2011. "Innovation and Growth with Financial, and other, Frictions," NBER Working Papers 17512, National Bureau of Economic Research, Inc.
    4. Samuel Demeulemeester, 2024. "The case for 100% money: Ten reasons for separating money issuance from banking," Economic Affairs, Wiley Blackwell, vol. 44(1), pages 57-70, February.
    5. Martin, Fernando M., 2011. "On the joint determination of fiscal and monetary policy," Journal of Monetary Economics, Elsevier, vol. 58(2), pages 132-145, March.
    6. Berentsen, Aleksander & Huber, Samuel & Marchesiani, Alessandro, 2016. "The societal benefit of a financial transaction tax," European Economic Review, Elsevier, vol. 89(C), pages 303-323.
    7. Fernando M. Martin, 2011. "Government policy in monetary economies," Working Papers 2011-026, Federal Reserve Bank of St. Louis.
    8. Fernando Martin, 2019. "How to Starve the Beast: Fiscal and Monetary Policy Rules," 2019 Meeting Papers 1181, Society for Economic Dynamics.
    9. Radwanski, Juliusz, 2021. "The Equilibrium Value of Bitcoin," MPRA Paper 110746, University Library of Munich, Germany.
    10. Seon Tae Kim & Alessandro Marchesiani, 2020. "Market Intelligence Gathering and Money Demand," Working Papers 202004, University of Liverpool, Department of Economics.
    11. Jonathan Chiu & Mei Dong & Enchuan Shao, 2012. "On the Welfare Effects of Credit Arrangements," Staff Working Papers 12-43, Bank of Canada.
    12. Valentina Aprigliano & Guerino Ardizzi & Libero Monteforte, 2017. "Using the payment system data to forecast the Italian GDP," Temi di discussione (Economic working papers) 1098, Bank of Italy, Economic Research and International Relations Area.
    13. Han, Han, 2015. "Over-the-Counter Markets, Intermediation, and Monetary Policy," MPRA Paper 68709, University Library of Munich, Germany.
    14. Domeij, David & Ellingsen, Tore, 2015. "Rational Bubbles and Economic Crises: A Quantitative Analysis," SSE Working Paper Series in Economics 2015:1, Stockholm School of Economics.
    15. Mahjus Ekananda & Tulus Suryanto, 2021. "The Influence of Global Financial Liquidity on the Indonesian Economy: Dynamic Analysis with Threshold VAR," Economies, MDPI, vol. 9(4), pages 1-20, October.
    16. Chao Gu & Randall Wright, 2011. "Endogenous Credit Cycles," NBER Working Papers 17510, National Bureau of Economic Research, Inc.
    17. Ed Nosal & Christopher J. Waller & Randall Wright, 2010. "Introduction to the macroeconomic dynamics: special issues on money, credit, and liquidity," Working Paper Series WP-2010-14, Federal Reserve Bank of Chicago.
    18. van Buggenum, Hugo, 2021. "Banks and financial markets in microfounded models of money," Other publications TiSEM f6e8dc53-9a1b-4f66-9cef-b, Tilburg University, School of Economics and Management.
    19. Makoto (M.) Watanabe & Tarishi Matsuoka, 2019. "Banking Panics and the Lender of Last Resort in a Monetary Economy," Tinbergen Institute Discussion Papers 19-002/V, Tinbergen Institute.
    20. Liu, Tao & Lu, Dong & Zhang, Ruifeng, 2017. "Currency choice in international trade: a new monetarist approach and firm-level evidence," MPRA Paper 79149, University Library of Munich, Germany.
    21. Carli, Francesco & Uras, Burak, 2022. "Money, E-money, and Consumer Welfare," Discussion Paper 2022-032, Tilburg University, Center for Economic Research.
    22. Hirano, Tomohiro & Toda, Alexis Akira, 2024. "Bubble economics," Journal of Mathematical Economics, Elsevier, vol. 111(C).
    23. Kee-Youn Kang, 2023. "Cryptocurrency and double spending history: transactions with zero confirmation," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 75(2), pages 453-491, February.
    24. Stephen D. Williamson & Randall Wright, 2010. "New monetarist economics: methods," Review, Federal Reserve Bank of St. Louis, vol. 92(May), pages 265-302.
    25. Aaron Kumar & Christie Smith, 2017. "Crypto-currencies – An introduction to not-so-funny moneys," Reserve Bank of New Zealand Analytical Notes series AN2017/07, Reserve Bank of New Zealand.
    26. Fernando M. Martin, 2019. "How to Starve the Beast: Fiscal Policy Rules," Working Papers 2019-026, Federal Reserve Bank of St. Louis, revised 08 Aug 2023.
    27. Lucy Qian Liu & Liang Wang & Randall Wright, 2015. "Costly Credit and Sticky Prices," Working Papers 201505, University of Hawaii at Manoa, Department of Economics.
    28. Assenmacher, Katrin & Bitter, Lea & Ristiniemi, Annukka, 2023. "CBDC and business cycle dynamics in a New Monetarist New Keynesian model," Working Paper Series 2811, European Central Bank.
    29. Eisei Ohtaki, 2016. "Optimality of the Friedman rule under ambiguity," Working Papers e103, Tokyo Center for Economic Research.
    30. Yu Zhu & Randall Wright & Chao He, 2013. "Housing and Liquidity," 2013 Meeting Papers 168, Society for Economic Dynamics.
    31. Rocheteau, Guillaume & Wright, Randall, 2013. "Liquidity and asset-market dynamics," Journal of Monetary Economics, Elsevier, vol. 60(2), pages 275-294.
    32. Aleksander Berentsen & Fabian Schär, 2018. "The Case for Central Bank Electronic Money and the Non-case for Central Bank Cryptocurrencies," Review, Federal Reserve Bank of St. Louis, vol. 100(2), pages 97-106.
    33. Ed Nosal & Yuet-Yee Wong & Randall Wright, 2014. "More on Middlemen: Equilibrium Entry and Efficiency in Intermediated Markets," Working Paper Series WP-2014-18, Federal Reserve Bank of Chicago.
    34. Daniel Fried, 2017. "Inflation, Default, and the Currency Composition of Sovereign Debt in Emerging Economies: Working Paper 2017-01," Working Papers 52385, Congressional Budget Office.
    35. Fernando M. Martin, 2020. "Fiscal Dominance," Working Papers 2020-040, Federal Reserve Bank of St. Louis, revised 26 Aug 2023.
    36. Allen Head & Lucy Qian Liu & Guido Menzio & Randall Wright, 2011. "Sticky Prices: A New Monetarist Approach," NBER Working Papers 17520, National Bureau of Economic Research, Inc.
    37. Hu, Tai-Wei & Rocheteau, Guillaume, 2013. "On the coexistence of money and higher-return assets and its social role," Journal of Economic Theory, Elsevier, vol. 148(6), pages 2520-2560.
    38. Richard G. Anderson & Michael Bordo & John V. Duca, 2016. "Money and Velocity During Financial Crises: From the Great Depression to the Great Recession," Economics Working Papers 16111, Hoover Institution, Stanford University.
    39. Randall Wright, 2014. "Marriage, Markets and Money: A Coasian Theory of Household Formation," 2014 Meeting Papers 237, Society for Economic Dynamics.
    40. Aleksander Berentsen & Samuel Huber & Alessandro Marchesiani, 2015. "Limited commitment and the demand for money," ECON - Working Papers 199, Department of Economics - University of Zurich, revised Feb 2016.
    41. Fernando M. Martin, 2011. "Lagos-Wright vs. Cash-in-Advance: Government Policy Response to War-Expenditure Shocks," 2011 Meeting Papers 745, Society for Economic Dynamics.
    42. Matsuoka, Tarishi & Watanabe, Makoto, 2019. "Banking crises and liquidity in a monetary economy," Journal of Economic Dynamics and Control, Elsevier, vol. 108(C).
    43. Venky Venkateswaran & Randall Wright, 2013. "Pledgability and Liquidity: A New Monetarist Model of Financial and Macroeconomic Activity," NBER Working Papers 19009, National Bureau of Economic Research, Inc.
    44. Huber, Samuel & Kim, Jaehong, 2017. "On the optimal quantity of liquid bonds," Journal of Economic Dynamics and Control, Elsevier, vol. 79(C), pages 184-200.
    45. Kang, Kee-Youn, 2019. "Cryptocurrency, Delivery Lag, and Double Spending History," MPRA Paper 93598, University Library of Munich, Germany.
    46. Huber, Samuel & Kim, Jaehong, 2019. "The role of trading frictions in financial markets," Journal of Economic Dynamics and Control, Elsevier, vol. 99(C), pages 1-18.
    47. Boragan Aruoba & Morris Davis & Randall Wright, 2016. "Homework in Monetary Economics: Inflation, Home Production, and the Production of Homes," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 21, pages 105-124, July.
    48. Kurmann, André & Rabinovich, Stanislav, 2018. "Dynamic inefficiency in decentralized capital markets," Journal of Economic Theory, Elsevier, vol. 173(C), pages 231-256.
    49. Zannini, Ugo, 2020. "The optimal quantity of money and partially-liquid assets," Journal of Economic Theory, Elsevier, vol. 188(C).
    50. Aruoba, S. Boragan & Waller, Christopher J. & Wright, Randall, 2011. "Money and capital," Journal of Monetary Economics, Elsevier, vol. 58(2), pages 98-116, March.
    51. Chu, Angus C. & Liao, Chih-Hsing & Liu, Xiangbo & Zhang, Mengbo, 2015. "Indeterminacy in a Matching Model of Money with Productive Government Expenditure," MPRA Paper 67172, University Library of Munich, Germany.
    52. Yuet-Yee Wong & Randall Wright, 2011. "Buyers, sellers and middlemen: variations in search theory," Working Papers 691, Federal Reserve Bank of Minneapolis.
    53. Shengxing Zhang, 2014. "Collateral Risk, Repo Rollover and Shadow Banking," 2014 Meeting Papers 562, Society for Economic Dynamics.
    54. Zhixiu Yu, 2023. "On the Coexistence of Cryptocurrency and Fiat Money," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 49, pages 147-180, July.
    55. Rafael Silveira & Randall Wright, 2016. "Venture Capital: A Model of Search and Bargaining," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 19, pages 232-246, January.
    56. Jin, Gu & Zhu, Tao, 2017. "Nonneutrality of Money in Dispersion: Hume Revisited," MPRA Paper 79561, University Library of Munich, Germany.
    57. Xuesong Huang & Todd Keister, 2026. "Stablecoins vs. Tokenized Deposits: The Narrow Banking Debate Revisited," Staff Reports 1179, Federal Reserve Bank of New York.
    58. Stephen D. Williamson, 2017. "Low Real Interest Rates and the Zero Lower Bound," Working Papers 2017-10, Federal Reserve Bank of St. Louis.
    59. Hannes Malmberg & Erik Öberg, 2021. "Price‐Level Determination When Tax Payments Are Required in Money," Scandinavian Journal of Economics, Wiley Blackwell, vol. 123(2), pages 621-644, April.
    60. Williamson, Stephen, 2009. "Liquidity, Financial Intermediation, and Monetary Policy in a New Monetarist Model," MPRA Paper 20692, University Library of Munich, Germany.
    61. Solomon, Bernard Daniel, 2010. "Firm leverage, household leverage and the business cycle," MPRA Paper 26504, University Library of Munich, Germany.
    62. Tarishi Matsuoka & Makoto Watanabe, 2017. "Banking Panics and Liquidity in a Monetary Economy," Tinbergen Institute Discussion Papers 17-091/VII, Tinbergen Institute.
    63. Athanasios Geromichalos & Lucas Herrenbrueck, 2017. "The Liquidity-Augmented Model of Macroeconomic Aggregates," Discussion Papers dp17-16, Department of Economics, Simon Fraser University.
    64. Seon Tae Kim & Alessandro Marchesiani, 2024. "Market intelligence gathering, asymmetric information, and the instability of money demand," Economic Inquiry, Western Economic Association International, vol. 62(3), pages 1216-1245, July.
    65. Daniela Puzzello & Brit Grosskpof & John Duffy, 2011. "Gift Exchange versus Monetary Exchange: Experimental Evidence," 2011 Meeting Papers 1153, Society for Economic Dynamics.
    66. Masudul Hasan Adil & Neeraj R. Hatekar & Taniya Ghosh, 2020. "Role of money in the monetary policy: A New Keynesian and new monetarist perspective," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2020-005, Indira Gandhi Institute of Development Research, Mumbai, India.
    67. Yuet-Yee Wong & Randall Wright, 2011. "Buyers, Sellers and Middlemen: Variations on Search-Theoretic Themes," NBER Working Papers 17511, National Bureau of Economic Research, Inc.
    68. Adam Brzezinski & Nuno Palma & Francois R. Velde, 2024. "Understanding Money Using Historical Evidence," Working Paper Series WP 2024-10, Federal Reserve Bank of Chicago.
    69. Martin Fernando M., 2012. "Government Policy Response to War-Expenditure Shocks," The B.E. Journal of Macroeconomics, De Gruyter, vol. 12(1), pages 1-40, July.
    70. Altermatt, Lukas & Iwasaki, Kohei & Wright, Randall, 2021. "Asset pricing in monetary economies," Journal of International Money and Finance, Elsevier, vol. 115(C).
    71. Jaccard, Ivan, 2024. "Monetary asymmetries without (and with) price stickiness," Working Paper Series 2928, European Central Bank.
    72. Carli, Francesco & Uras, Burak R., 2024. "E-money, risk-sharing, and welfare," European Economic Review, Elsevier, vol. 169(C).
    73. Lawrence H. White, 2025. "Should the Federal Reserve raise its inflation target?," Southern Economic Journal, John Wiley & Sons, vol. 91(4), pages 1372-1390, April.
    74. Herrenbrueck, Lucas, 2014. "Quantitative Easing and the Liquidity Channel of Monetary Policy," MPRA Paper 70686, University Library of Munich, Germany, revised 10 Apr 2016.
    75. Chu, Angus C. & Lai, Ching-Chong & Liao, Chih-Hsing, 2012. "Search and endogenous growth: when Romer meets Lagos and Wright," MPRA Paper 36691, University Library of Munich, Germany.
    76. Ed Nosal & Randall Wright, 2010. "Summer workshop on money, banking, payments and finance: an overview," Working Paper Series WP-2010-15, Federal Reserve Bank of Chicago.
    77. Parag Waknis, 2011. "Endogenous Monetary Policy: A Leviathan Central Bank in a Lagos-Wright Economy," Working papers 2011-20, University of Connecticut, Department of Economics.
    78. Dong, Mei & Huangfu, Stella & Sun, Hongfei & Zhou, Chenggang, 2021. "A macroeconomic theory of banking oligopoly," European Economic Review, Elsevier, vol. 138(C).
    79. Kurmann, André, 2014. "Holdups and overinvestment in capital markets," Journal of Economic Theory, Elsevier, vol. 151(C), pages 88-113.
    80. Michael D. Bordo & John V. Duca, 2023. "Money Matters: Broad Divisia Money and the Recovery of Nominal GDP from the COVID-19 Recession," NBER Working Papers 31304, National Bureau of Economic Research, Inc.
    81. Konstantin Platonov, 2024. "Inflation targeting, output stabilization, and real indeterminacy in monetary models with an interest rate rule," Economic Inquiry, Western Economic Association International, vol. 62(4), pages 1467-1493, October.
    82. Richard G. Anderson & Barry E. Jones, 2011. "A comprehensive revision of the U.S. monetary services (divisia) indexes," Review, Federal Reserve Bank of St. Louis, vol. 93(Sep), pages 325-360.
    83. Javier Bianchi & Saki Bigio, 2022. "Banks, Liquidity Management, and Monetary Policy," Econometrica, Econometric Society, vol. 90(1), pages 391-454, January.
    84. Dumitriu, Ramona & Stefanescu, Razvan, 2013. "Provocările politicii monetare [Monetary policy challenges]," MPRA Paper 50261, University Library of Munich, Germany, revised 28 Sep 2013.
    85. Moosavi Mohseni, Reza & Cao, Jiling, 2020. "Monetary policy and financial economic growth," The Journal of Economic Asymmetries, Elsevier, vol. 22(C).
    86. Sylvia Xiao & Randall Wright & Guillaume Rocheteau, 2017. "Open Market Operations," 2017 Meeting Papers 345, Society for Economic Dynamics.
    87. Guillaume Rocheteau & Pierre-Olivier Weill, 2011. "Liquidity in frictional asset markets," Working Papers (Old Series) 1105, Federal Reserve Bank of Cleveland.
    88. Platonov, Konstantin & Goren, Amir, 2024. "Inflation targeting and output stabilization in an estimated monetary model," Journal of Economics and Business, Elsevier, vol. 132(C).
    89. Liang Wang, 2011. "Inflation and Welfare with Search and Price Dispersion," Working Papers 201113, University of Hawaii at Manoa, Department of Economics.

  13. Williamson, Stephen, 2009. "Liquidity, Financial Intermediation, and Monetary Policy in a New Monetarist Model," MPRA Paper 20692, University Library of Munich, Germany.

    Cited by:

    1. Charles Kahn, 2013. "Private payment systems, collateral, and interest rates," Annals of Finance, Springer, vol. 9(1), pages 83-114, February.
    2. Ed Nosal & Christopher J. Waller & Randall Wright, 2010. "Introduction to the macroeconomic dynamics: special issues on money, credit, and liquidity," Working Paper Series WP-2010-14, Federal Reserve Bank of Chicago.
    3. Stephen D. Williamson & Randall Wright, 2010. "New monetarist economics: methods," Review, Federal Reserve Bank of St. Louis, vol. 92(May), pages 265-302.
    4. Javier Bianchi & Saki Bigio, 2014. "Banks, Liquidity Management and Monetary Policy," NBER Working Papers 20490, National Bureau of Economic Research, Inc.
    5. Marco Airaudo & María Pía Olivero, 2014. "Optimal Monetary Policy with Counter-Cyclical Credit Spreads," School of Economics Working Paper Series 2014-1, LeBow College of Business, Drexel University.
    6. Christopher Waller & Paola Boel, 2017. "On the Theoretical Efficacy of Quantitative Easing at the Zero Lower Bound," 2017 Meeting Papers 1030, Society for Economic Dynamics.

  14. Williamson, Stephen & Sanches, Daniel, 2009. "Money and Credit With Limited Commitment and Theft," MPRA Paper 20690, University Library of Munich, Germany.

    Cited by:

    1. Zijian Wang, 2023. "Money Laundering and the Privacy Design of Central Bank Digital Currency," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 604-632, December.
    2. Chao Gu & Cyril Monnet & Ed Nosal & Randall Wright, 2019. "On the Instability of Banking and other Financial Intermediation," Diskussionsschriften dp1902, Universitaet Bern, Departement Volkswirtschaft.
    3. Berentsen, Aleksander & Huber, Samuel & Marchesiani, Alessandro, 2016. "The societal benefit of a financial transaction tax," European Economic Review, Elsevier, vol. 89(C), pages 303-323.
    4. Jonathan Chiu & Mei Dong & Enchuan Shao, 2012. "On the Welfare Effects of Credit Arrangements," Staff Working Papers 12-43, Bank of Canada.
    5. Luis Araujo & Bernardo Guimaraes, 2017. "A Coordination Approach to the Essentiality of Money," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 24, pages 14-24, March.
    6. Lukas Altermatt & Christian Wipf, 2020. "Liquidity, the Mundell-Tobin Effect, and the Friedman Rule," Diskussionsschriften dp2013, Universitaet Bern, Departement Volkswirtschaft.
    7. Stephen D. Williamson, 2014. "Low Real Interest Rates, Collateral Misrepresentation, and Monetary Policy," Working Papers 2014-26, Federal Reserve Bank of St. Louis.
    8. Bruno Karoubi & R駩s Chenavaz, 2015. "Prices for cash and cash for prices? Theory and evidence on convenient pricing," Applied Economics, Taylor & Francis Journals, vol. 47(38), pages 4102-4115, August.
    9. Han, Han, 2015. "Over-the-Counter Markets, Intermediation, and Monetary Policy," MPRA Paper 68709, University Library of Munich, Germany.
    10. Lotz, Sebastien & Zhang, Cathy, 2015. "Money and Credit as Means of Payment: A New Monetarist Approach," MPRA Paper 64535, University Library of Munich, Germany.
    11. Cyril Monnet, 2011. "Discussion of “Counterfeiting as Private Money in Mechanism Design”," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(s2), pages 637-643, October.
    12. Chao Gu & Cyril Monnet & Ed Nosal & Randall Wright, 2019. "On the Instability of Banking and Financial Intermediation," Working Papers 1901, Department of Economics, University of Missouri.
    13. Chao Gu & Randall Wright, 2011. "Endogenous Credit Cycles," NBER Working Papers 17510, National Bureau of Economic Research, Inc.
    14. Ed Nosal & Christopher J. Waller & Randall Wright, 2010. "Introduction to the macroeconomic dynamics: special issues on money, credit, and liquidity," Working Paper Series WP-2010-14, Federal Reserve Bank of Chicago.
    15. Russell Wong & Cathy Zhang & Guillaume Rocheteau, 2017. "Lending Relationships, Banking Crises and Optimal Monetary Policies," 2017 Meeting Papers 152, Society for Economic Dynamics.
    16. Randall Wright & Cathy Zhang & Guillaume Rocheteau, 2016. "Corporate Finance and Monetary Policy," 2016 Meeting Papers 97, Society for Economic Dynamics.
    17. Kee-Youn Kang, 2023. "Cryptocurrency and double spending history: transactions with zero confirmation," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 75(2), pages 453-491, February.
    18. Stephen D. Williamson & Randall Wright, 2010. "New monetarist economics: methods," Review, Federal Reserve Bank of St. Louis, vol. 92(May), pages 265-302.
    19. Choi, Hyung Sun, 2013. "Money and risk of loss in an asset market segmentation model," International Review of Economics & Finance, Elsevier, vol. 25(C), pages 146-155.
    20. James B. Bullard & Aarti Singh, 2016. "Incomplete Credit Markets and Monetary Policy with Heterogeneous Labor Supply : a presentation at Bank of Korea 2016 Conference, Employment and Growth, Seoul, Korea, May 30, 2016," Speech 270, Federal Reserve Bank of St. Louis.
    21. Matsuoka, Tarishi, 2022. "Asset prices and standing facilities in a monetary economy," Journal of Economic Dynamics and Control, Elsevier, vol. 135(C).
    22. Beck, T.H.L. & Pamuk, H. & Ramrattan, R. & Uras, R.B., 2015. "Mobile Money, Trade Credit and Economic Development : Theory and Evidence," Discussion Paper 2015-023, Tilburg University, Center for Economic Research.
    23. Zachary Bethune & Tai-Wei Hu & Guillaume Rocheteau, 2018. "Optimal Credit Cycles," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 27, pages 231-245, January.
    24. Kang, Kee-Youn, 2017. "Counterfeiting, screening and government policy," Journal of Economic Theory, Elsevier, vol. 172(C), pages 26-54.
    25. Bouzas, Tulio & Uras, Burak, 2026. "The Price of Traceability: E-Payments, Tax Compliance, and Policy," Discussion Paper 2026-006, Tilburg University, Center for Economic Research.
    26. Randall Wright & Vaidyanathan (Venky) Venkateswaran, 2012. "Pledgability and Liquidity," 2012 Meeting Papers 601, Society for Economic Dynamics.
    27. Moscarini, Giuseppe & Wright, Randall, 2010. "Introduction to Search Theory and Applications," Journal of Economic Theory, Elsevier, vol. 145(4), pages 1319-1324, July.
    28. Araujo, Luis & Hu, Tai-Wei, 2018. "Optimal monetary interventions in credit markets," Journal of Economic Theory, Elsevier, vol. 178(C), pages 455-487.
    29. Berentsen, Aleksander & Monnet, Cyril, 2008. "Monetary policy in a channel system," Journal of Monetary Economics, Elsevier, vol. 55(6), pages 1067-1080, September.
    30. Zachary Bethune & Guillaume Rocheteau & Russell Wong & Cathy Zhang, 2020. "Lending Relationships and Optimal Monetary Policy," Working Paper 20-13, Federal Reserve Bank of Richmond.
    31. Mohammed Ait Lahcen & Pedro Gomis‐Porqueras, 2021. "A Model of Endogenous Financial Inclusion: Implications for Inequality and Monetary Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 53(5), pages 1175-1209, August.
    32. Alejandro SALAZAR-ADAMS & Nicolás PINEDA-PABLOS, 2010. "Policies for Meeting Future Water Needs in Mexican Cities," EcoMod2010 259600147, EcoMod.
    33. Kang, Kee-Youn, 2019. "Cryptocurrency, Delivery Lag, and Double Spending History," MPRA Paper 93598, University Library of Munich, Germany.
    34. Boragan Aruoba & Morris Davis & Randall Wright, 2016. "Homework in Monetary Economics: Inflation, Home Production, and the Production of Homes," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 21, pages 105-124, July.
    35. Janet Hua Jiang & Enchuan Shao, 2020. "The Cash Paradox," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 36, pages 177-197, April.
    36. Zachary Bethune & Guillaume Rocheteau & Peter Rupert, 2015. "Aggregate Unemployment and Household Unsecured Debt," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(1), pages 77-100, January.
    37. Chao Gu & Fabrizio Mattesini & Randall Wright, 2015. "Money and Credit Redux," Working Papers 1508, Department of Economics, University of Missouri.
    38. Pedro Gomis-Porqueras & Daniel R. Sanches, 2011. "Optimal monetary policy in a model of money and credit," Working Papers 11-28, Federal Reserve Bank of Philadelphia.
    39. Yu Awaya & Hiroki Fukai & Makoto Watanabe, 2021. "A Model Of Collateral: Endogenizing The Borrowing Constraint," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 62(3), pages 1131-1151, August.
    40. Luis Araujo & Leo Ferraris, 2019. "The Societal Benefits of Money and Interest Bearing Debt," CEIS Research Paper 453, Tor Vergata University, CEIS, revised 19 Feb 2019.
    41. Araujo, Luis & Camargo, Braz, 2015. "Limited monitoring and the essentiality of money," Journal of Mathematical Economics, Elsevier, vol. 58(C), pages 32-37.
    42. Bouzas, Tulio & Uras, Burak, 2026. "The Price of Traceability: E-Payments, Tax Compliance, and Policy," Other publications TiSEM b35a98be-6600-4dcd-8010-b, Tilburg University, School of Economics and Management.
    43. Alin OPREANA & Simona VINEREAN, 2015. "Analysis of the Economic Research Context after the Outbreak of the Economic Crisis of 2007-2009," Expert Journal of Economics, Sprint Investify, vol. 3(1), pages 77-92.
    44. Williamson, Stephen, 2009. "Liquidity, Financial Intermediation, and Monetary Policy in a New Monetarist Model," MPRA Paper 20692, University Library of Munich, Germany.
    45. Randall Wright & Cyril Monnet & Fabrizio Mattesini, 2009. "Banking: a mechanism design approach," 2009 Meeting Papers 635, Society for Economic Dynamics.
    46. Seon Tae Kim & Alessandro Marchesiani, 2024. "Market intelligence gathering, asymmetric information, and the instability of money demand," Economic Inquiry, Western Economic Association International, vol. 62(3), pages 1216-1245, July.
    47. Zhixiong Zeng & Yi Jin, 2023. "Managing Liquidity," Management Science, INFORMS, vol. 69(9), pages 5578-5595, September.
    48. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Models," MPRA Paper 21030, University Library of Munich, Germany.
    49. Fernando Alvarez & Francesco Lippi & Roberto Robatto, 2019. "Cost of Inflation in Inventory Theoretical Models," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 32, pages 206-226, April.
    50. Heon Lee, 2021. "Money Creation and Banking: Theory and Evidence," Papers 2109.15096, arXiv.org, revised Jun 2024.
    51. Choi, Hyung Sun, 2014. "Money, credit, risk of loss, and limited participation," International Review of Economics & Finance, Elsevier, vol. 34(C), pages 9-23.
    52. Kang, Kee-Youn & Jang, Inkee, 2020. "Dynamic Adverse Selection and Belief Update in Credit Markets," MPRA Paper 99071, University Library of Munich, Germany.
    53. Bethune, Zachary & Hu, Tai-Wei & Rocheteau, Guillaume, 2018. "Indeterminacy in credit economies," Journal of Economic Theory, Elsevier, vol. 175(C), pages 556-584.
    54. Costas Azariadis & James B. Bullard & Aarti Singh & Jacek Suda, 2015. "Incomplete Credit Markets and Monetary Policy," Working Papers 2015-10, Federal Reserve Bank of St. Louis.
    55. Hazra, Devika, 2017. "Monetary policy and alternative means of payment," The Quarterly Review of Economics and Finance, Elsevier, vol. 65(C), pages 378-387.
    56. Choi, Hyung Sun, 2019. "Money, debit card, gross-settlement risk, and central banking," The North American Journal of Economics and Finance, Elsevier, vol. 50(C).
    57. Syngjoo Choi & Bongseop Kim & Young Sik Kim & Ohik Kwon, 2025. "Central Bank Digital Currency And Privacy: A Randomized Survey Experiment," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 66(2), pages 823-847, May.
    58. Giorgia Piacentino & Anjan Thakor & Jason Donaldson, 2016. "Warehouse Banking," 2016 Meeting Papers 588, Society for Economic Dynamics.
    59. Ohik Kwon & Manjong Lee, 2024. "Credit Market Frictions and Coessentiality of Money and Credit," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(1), pages 257-278, February.
    60. Gu, Chao & Monnet, Cyril & Nosal, Ed & Wright, Randall, 2023. "Diamond–Dybvig and beyond: On the instability of banking," European Economic Review, Elsevier, vol. 154(C).
    61. Francesca Carapella, 2017. "Credit markets, Limited commitment and Optimal monetary policy," 2017 Meeting Papers 1523, Society for Economic Dynamics.
    62. Sébastien Lotz & Françoise Vasselin, 2019. "A New Monetarist Model Of Fiat And E‐Money," Economic Inquiry, Western Economic Association International, vol. 57(1), pages 498-514, January.
    63. Kim, Duhyeong, 2025. "Negative nominal interest rates and monetary policy," Journal of Monetary Economics, Elsevier, vol. 154(C).
    64. Sylvia Xiao & Randall Wright & Guillaume Rocheteau, 2017. "Open Market Operations," 2017 Meeting Papers 345, Society for Economic Dynamics.
    65. Dotsey, Michael & Guerron-Quintana, Pablo A., 2016. "Interest rates and prices in an inventory model of money with credit," Journal of Monetary Economics, Elsevier, vol. 83(C), pages 71-89.
    66. Becsi, Zsolt & Li, Victor E. & Wang, Ping, 2013. "Credit mismatch and breakdown," European Economic Review, Elsevier, vol. 59(C), pages 109-125.
    67. Tanaka, Yoshitaka, 2019. "Reallocation of production inputs in a monetary economy," Economics Letters, Elsevier, vol. 183(C), pages 1-1.
    68. Stephen Williamson, 2014. "Central Bank Purchases of Private Assets," 2014 Meeting Papers 208, Society for Economic Dynamics.
    69. Mei Dong, 2011. "Money and Costly Credit," Staff Working Papers 11-7, Bank of Canada.
    70. Beck, Thorsten & Pamuk, Haki & Ramrattan, Ravindra & Uras, Burak R., 2018. "Payment instruments, finance and development," Journal of Development Economics, Elsevier, vol. 133(C), pages 162-186.
    71. Williamson, Stephen D., 2016. "Scarce collateral, the term premium, and quantitative easing," Journal of Economic Theory, Elsevier, vol. 164(C), pages 136-165.
    72. David Andolfatto & Stephen D. Williamson, 2015. "Scarcity of Safe Assets, Inflation, and the Policy Trap," Working Papers 2015-2, Federal Reserve Bank of St. Louis.
    73. Thorsten Beck & Ravindra Ramrattan & Haki Pamuk & Burak R. Uras, 2016. "Payment Instruments, Enforceability and Development: Evidence from Mobile Money Technology," 2016 Meeting Papers 198, Society for Economic Dynamics.
    74. Chao He & Randall Wright & Yu Zhu, 2015. "Housing and Liquidity," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(3), pages 435-455, July.
    75. Cyril Monnet, 2010. "Comment on Cavalcanti and Nosal's \"Counterfeiting as private money in mechanism design\"," Working Papers 10-29, Federal Reserve Bank of Philadelphia.
    76. Carli, Francesco & Gomis-Porqueras, Pedro, 2021. "Real consequences of open market operations: The role of limited commitment," European Economic Review, Elsevier, vol. 132(C).
    77. Ohik Kwon & Jaevin Park, 2018. "E-money: Legal Restrictions Theory and Monetary Policy," Working Papers 2018-17, Economic Research Institute, Bank of Korea.

  15. Williamson, Stephen & Sanches, Daniel, 2009. "Adverse Selection, Segmented Markets, and the Role of Monetary Policy," MPRA Paper 20691, University Library of Munich, Germany.

    Cited by:

    1. Stephen D. Williamson & Randall Wright, 2010. "New monetarist economics: methods," Review, Federal Reserve Bank of St. Louis, vol. 92(May), pages 265-302.
    2. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Models," MPRA Paper 21030, University Library of Munich, Germany.

  16. Stephen Williamson & Daniel Sanches, 2008. "Money and Credit with Limited Commitment," 2008 Meeting Papers 502, Society for Economic Dynamics.

    Cited by:

    1. David Andolfatto, 2011. "The simple analytics of money and credit in a quasi-linear environment," Working Papers 2011-038, Federal Reserve Bank of St. Louis.
    2. Berentsen, Aleksander & Monnet, Cyril, 2008. "Monetary policy in a channel system," Journal of Monetary Economics, Elsevier, vol. 55(6), pages 1067-1080, September.
    3. Andolfatto, David, 2010. "Essential interest-bearing money," Journal of Economic Theory, Elsevier, vol. 145(4), pages 1495-1507, July.
    4. Williamson, Stephen, 2009. "Liquidity, Financial Intermediation, and Monetary Policy in a New Monetarist Model," MPRA Paper 20692, University Library of Munich, Germany.
    5. Randall Wright & Cyril Monnet & Fabrizio Mattesini, 2009. "Banking: a mechanism design approach," 2009 Meeting Papers 635, Society for Economic Dynamics.
    6. Mei Dong, 2009. "Money and Costly Credit," 2009 Meeting Papers 404, Society for Economic Dynamics.
    7. Alessandro Marchesiani & Aleksander Berentsen, 2010. "Standing Facilities Versus Open Market Operations: Equivalence Results," 2010 Meeting Papers 929, Society for Economic Dynamics.
    8. Stephen Williamson & Francesca Carapella, 2012. "Credit Markets, Limited Commitment, and Government Debt," 2012 Meeting Papers 226, Society for Economic Dynamics.

  17. Stephen D. Williamson, 2006. "Transactions, Credit, and Central Banking in a Model of Segmented Markets," 2006 Meeting Papers 287, Society for Economic Dynamics.

    Cited by:

    1. Waknis, Parag, 2017. "A Segmented Markets Model to Teach Analysis of Monetary Policy Shocks in Developing Economies," MPRA Paper 78011, University Library of Munich, Germany.
    2. Choi, Hyung Sun & Lee, Manjong, 2016. "Credit, banking, liquidity shortfall, and monetary policy," International Review of Economics & Finance, Elsevier, vol. 46(C), pages 87-99.
    3. Choi, Hyung Sun, 2015. "Monetary policy, endogenous transactions, and financial market segmentation," Journal of Macroeconomics, Elsevier, vol. 44(C), pages 234-251.
    4. Adão, Bernardino & Silva, André C., 2020. "The effect of firm cash holdings on monetary policy," European Economic Review, Elsevier, vol. 128(C).
    5. Waknis, Parag, 2019. "Demonetization as a Payments System Shock under Goods and Financial Market Segmentation: A Short Run Analysis," MPRA Paper 94171, University Library of Munich, Germany.
    6. Enders, Zeno, 2017. "Heterogeneous consumers, segmented asset markets, and the real effects of monetary policy," VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking 168227, Verein für Socialpolitik / German Economic Association.
    7. Jonathan Chiu & Alexandra Lai, 2007. "Modelling Payments Systems: A Review of the Literature," Staff Working Papers 07-28, Bank of Canada.
    8. Simon Bilo, 2018. "Lucas and Hume on Monetary Non-neutrality: A Tension between the Logic and the Technique of Economics," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 44(3), pages 364-380, June.
    9. Mahmoudi, Babak, 2013. "Open-Market Operations, Asset Distributions, and Endogenous Market Segmentation," MPRA Paper 50089, University Library of Munich, Germany.
    10. Choi, Hyung Sun, 2023. "Money, payments systems, limited participation, and central banking," The North American Journal of Economics and Finance, Elsevier, vol. 64(C).
    11. Choi, Hyung Sun, 2014. "Money, credit, risk of loss, and limited participation," International Review of Economics & Finance, Elsevier, vol. 34(C), pages 9-23.
    12. Waknis, Parag, 2017. "Demonetisation: Some Theoretical Perspectives," MPRA Paper 76391, University Library of Munich, Germany.
    13. Hyung Sun Choi & Manjong Lee, 2016. "Multiple Means of Payment, Excess Reserves, and Monetary Policy," Korean Economic Review, Korean Economic Association, vol. 32, pages 5-21.
    14. Li, Yan & Carroll, Wayne, 2011. "The payment mechanisms and liquidity effects," Journal of Macroeconomics, Elsevier, vol. 33(4), pages 656-667.

  18. Stephen D. Williamson, 2005. "Monetary Policy and Distribution," 2005 Meeting Papers 379, Society for Economic Dynamics.

    Cited by:

    1. Stephen D. Williamson, 2009. "Transactions, Credit, and Central Banking in a Model of Segmented Markets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 12(2), pages 344-362, April.
    2. Jin, Gu & Zhu, Tao, 2022. "Heterogeneity, decentralized trade, and the long-run real effects of inflation," Journal of Economic Theory, Elsevier, vol. 201(C).
    3. Shi, Shouyong, 2008. "Efficiency improvement from restricting the liquidity of nominal bonds," Journal of Monetary Economics, Elsevier, vol. 55(6), pages 1025-1037, September.
    4. Mandel, Antoine & Taghawi-Nejad, Davoud & Veetil, Vipin P., 2019. "The price effects of monetary shocks in a network economy," Journal of Economic Behavior & Organization, Elsevier, vol. 164(C), pages 300-316.
    5. Villarreal, Francisco G., 2014. "Financial Services and Household Inequality in Mexico," MPRA Paper 57075, University Library of Munich, Germany.
    6. Fujiwara, Ippei & Teranishi, Yuki, 2008. "A dynamic new Keynesian life-cycle model: Societal aging, demographics, and monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 32(8), pages 2398-2427, August.
    7. Firouz Gahvari & Luca Micheletto, 2012. "Monetary Policy and Redistribution: What can or cannot be Neutralized with Mirrleesian Taxes," CESifo Working Paper Series 3711, CESifo.
    8. Biljana Jovanovic & Marko Josimovski, 2021. "Income-specific inflation rates and the effects of monetary policy: the case of North Macedonia," Working Papers 2021-01, National Bank of the Republic of North Macedonia.
    9. Süssmuth, Bernd & Wieschemeyer, Matthias, 2022. "Taxation and the distributional impact of inflation: The U.S. post-war experience," Economic Modelling, Elsevier, vol. 111(C).
    10. Fabio Anobile & Marco Maria Matarrese & Alberto Costantiello & Lucio Laureti, 2025. "Insights on measuring the economic impact of monetary policy and inequality," Economic Change and Restructuring, Springer, vol. 58(4), pages 1-28, August.
    11. Gabriela Araujo & David Rivero Leiva & Hugo Rodríguez Mendizábal, 2026. "Endogenous Bank Risks and the Lending Channel of Monetary Policy," Working Papers 1549, Barcelona School of Economics.
    12. Choi, Hyung Sun, 2013. "Money and risk of loss in an asset market segmentation model," International Review of Economics & Finance, Elsevier, vol. 25(C), pages 146-155.
    13. Bosupeng, Mpho & Biza-Khupe, Simangaliso, 2015. "The Impact of Money Supply Volatility on the Fisher Effect –A Botswana Empirical Perspective," MPRA Paper 77920, University Library of Munich, Germany, revised 2015.
    14. Prasad, Eswar, 2013. "Distributional Effects of Macroeconomic Policy Choices in Emerging Market Economies," IZA Discussion Papers 7777, IZA Network @ LISER.
    15. Carlos Garriga & Finn E. Kydland & Roman Šustek, 2016. "Nominal rigidities in debt and product markets," Working Papers 2016-17, Federal Reserve Bank of St. Louis.
    16. Williamson, Stephen & Sanches, Daniel, 2009. "Adverse Selection, Segmented Markets, and the Role of Monetary Policy," MPRA Paper 20691, University Library of Munich, Germany.
    17. Chakrabarti, Anindya S., 2018. "Dispersion in macroeconomic volatility between the core and periphery of the international trade network," Journal of Economic Dynamics and Control, Elsevier, vol. 88(C), pages 31-50.
    18. Levchenko, Andrei & Cravino, Javier & Lan, Ting, 2018. "Price stickiness along the income distribution and the effects of monetary policy," CEPR Discussion Papers 12967, Centre for Economic Policy Research.
    19. Head, Allen & Kumar, Alok & Lapham, Beverly, 2006. "Market Power, Price Adjustment, and Inflation," Queen's Economics Department Working Papers 273565, Queen's University - Department of Economics.
    20. Michael Patrick Curran & Matthew J. Fagerstrom, 2019. "Monetary Growth and Financial Sector Wages," Villanova School of Business Department of Economics and Statistics Working Paper Series 41, Villanova School of Business Department of Economics and Statistics.
    21. Peiris, M.U. & Shirobokov, A. & Tsomocos, D.P., 2024. "Does “Lean Against the Wind” monetary policy improve welfare in a commodity exporter?," Journal of International Money and Finance, Elsevier, vol. 141(C).
    22. Makoto Nakajima, 2013. "Monetary Policy with Heterogeneous Agents," 2013 Meeting Papers 356, Society for Economic Dynamics.
    23. Areosa, Waldyr Dutra & Areosa, Marta B.M., 2016. "The inequality channel of monetary transmission," Journal of Macroeconomics, Elsevier, vol. 48(C), pages 214-230.
    24. Chakrabarti, Anindya S., 2016. "Inflationary effects of monetary policies in newly industrialized economies with cross-sectoral labor and capital immobility," Journal of Macroeconomics, Elsevier, vol. 50(C), pages 151-167.
    25. Hazra, Devika, 2022. "Does monetary policy favor the skilled? − Distributional role of monetary policy," The Quarterly Review of Economics and Finance, Elsevier, vol. 86(C), pages 65-86.
    26. Shouyong Shi, 2006. "A Microfoundation of Monetary Economics," Working Papers tecipa-211, University of Toronto, Department of Economics.
    27. Sutirtha Bagchi & Michael Patrick Curran & Matthew J. Fagerstrom, 2019. "What is the Impact of Monetary Policy on Wealth Inequality?," Villanova School of Business Department of Economics and Statistics Working Paper Series 39, Villanova School of Business Department of Economics and Statistics.
    28. Antoine Mandel & Vipin P. Veetil, 2019. "Monetary Dynamics in a Network Economy," Documents de travail du Centre d'Economie de la Sorbonne 19021, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    29. Waknis, Parag, 2019. "Demonetization as a Payments System Shock under Goods and Financial Market Segmentation: A Short Run Analysis," MPRA Paper 94171, University Library of Munich, Germany.
    30. Gahvari, Firouz & Micheletto, Luca, 2016. "Capital income taxation and the Atkinson–Stiglitz theorem," Economics Letters, Elsevier, vol. 147(C), pages 86-89.
    31. Zannini, Ugo, 2020. "The optimal quantity of money and partially-liquid assets," Journal of Economic Theory, Elsevier, vol. 188(C).
    32. Feng Dong & Yi Wen, 2018. "Long and Plosser Meet Bewley and Lucas," Working Papers 2018-8, Federal Reserve Bank of St. Louis.
    33. Chakrabarti, Anindya S., 2015. "Dispersion in macroeconomic volatility between the core and periphery of the international trade network," IIMA Working Papers WP2015-08-08, Indian Institute of Management Ahmedabad, Research and Publication Department.
    34. Enders, Zeno, 2017. "Heterogeneous consumers, segmented asset markets, and the real effects of monetary policy," VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking 168227, Verein für Socialpolitik / German Economic Association.
    35. Dhital, Saroj & Jiang, Senyuan & Reese, Jillian, 2023. "Effects of monetary and government spending policy on economic inequality," Journal of Macroeconomics, Elsevier, vol. 77(C).
    36. Díaz-Giménez, Javier & Kirkby, Robert, 2016. "Inflation and the growth rate of money in the long run and the short run," Working Paper Series 19418, Victoria University of Wellington, School of Economics and Finance.
    37. Simon Bilo, 2018. "Lucas and Hume on Monetary Non-neutrality: A Tension between the Logic and the Technique of Economics," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 44(3), pages 364-380, June.
    38. Firouz Gahvari & Luca Micheletto, 2019. "Heterogeneity, monetary policy, Mirrleesian taxes, and the Friedman rule," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 67(4), pages 983-1018, June.
    39. Mahmoudi, Babak, 2013. "Open-Market Operations, Asset Distributions, and Endogenous Market Segmentation," MPRA Paper 50089, University Library of Munich, Germany.
    40. Young Sik Kim & Manjong Lee, 2010. "An Analytical Approach to the Liquidity Effects of Monetary Policy," Korean Economic Review, Korean Economic Association, vol. 26, pages 453-475.
    41. Shouyong Shi, 2014. "Liquidity, Interest Rates and Output," Annals of Economics and Finance, Society for AEF, vol. 15(1), pages 53-95, May.
    42. Choi, Hyung Sun, 2014. "Money, credit, risk of loss, and limited participation," International Review of Economics & Finance, Elsevier, vol. 34(C), pages 9-23.
    43. Hyung Sun Choi, 2011. "Monetary Policy And Endowment Risk In A Limited Participation Model," Economic Inquiry, Western Economic Association International, vol. 49(1), pages 89-93, January.
    44. Shouyong Shi, 2006. "Welfare improvement from restricting the liquidity of nominal bonds," 2006 Meeting Papers 245, Society for Economic Dynamics.
    45. Chakrabarti, Anindya S., 2015. "Inflationary effects of monetary policies in newly industrialized economies with cross-sectoral labor and capital immobility," IIMA Working Papers WP2015-08-07, Indian Institute of Management Ahmedabad, Research and Publication Department.
    46. Aubhik Khan & Julia Thomas, 2015. "Revisiting the Tale of Two Interest Rates with Endogenous Market Segmentation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(2), pages 243-268, April.
    47. Albert, Juan-Francisco & Peñalver, Antonio & Perez-Bernabeu, Alberto, 2020. "The effects of monetary policy on income and wealth inequality in the U.S. Exploring different channels," Structural Change and Economic Dynamics, Elsevier, vol. 55(C), pages 88-106.
    48. Aubhik Khan & Julia K. Thomas, 2007. "Inflation and interest rates with endogenous market segmentation," Working Papers 07-1, Federal Reserve Bank of Philadelphia.
    49. Michael Reiter & Philipp Hergovich, 2016. "Housing and the Redistributive Effects of Monetary Policy," 2016 Meeting Papers 1324, Society for Economic Dynamics.
    50. Lucas Hafemann & Paul Rudel & Joerg Schmidt, 2017. "Moving Closer or Drifting Apart: Distributional Effects of Monetary Policy," MAGKS Papers on Economics 201721, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    51. Marta B. M. Areosa & Waldyr D. Areosa & Pierre Monnin, 2016. "How Would Monetary Policy Look Like if John Rawls Had Been Hired as a Chairman of the Fed?," Working Papers Series 447, Central Bank of Brazil, Research Department.
    52. Dietrich, Diemo & Shin, Jong Kook & Tvede, Mich, 2020. "Debt constraints and monetary policy," Journal of Mathematical Economics, Elsevier, vol. 87(C), pages 31-42.
    53. Pierre Monnin & Alexander Barkawi, 2015. "Monetary Policy and Sustainability. The Case of Bangladesh," Discussion Notes 1501, Council on Economic Policies.
    54. Anthonisen, Niels, 2010. "Monetary shocks in a spatial overlapping generations model," Journal of Economic Dynamics and Control, Elsevier, vol. 34(12), pages 2461-2484, December.
    55. Anthonisen, Niels, 2013. "On the long-run relationship between inflation and output in a spatial overlapping generations model," Journal of Economic Dynamics and Control, Elsevier, vol. 37(12), pages 2500-2524.
    56. Shouyong Shi, 2006. "Viewpoint: A microfoundation of monetary economics," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 39(3), pages 643-688, August.
    57. Pierre Monnin, 2014. "Inflation and Income Inequality in Developed Economies," Working Papers 1401, Council on Economic Policies.
    58. Louis Rouanet & Peter Hazlett, 2023. "The redistributive politics of monetary policy," Public Choice, Springer, vol. 194(1), pages 1-26, January.
    59. Xavier Ragot & Florin O. Bilbiie, 2016. "Monetary Policy, Inflation, and Inequality: The Case for Helicopters," 2016 Meeting Papers 1663, Society for Economic Dynamics.

  19. Stephen Williamson, 2004. "Search, Limited Participation, and Monetary Policy," 2004 Meeting Papers 214, Society for Economic Dynamics.

    Cited by:

    1. Guillaume Rocheteau & Pierre-Olivier Weill & Tsz-Nga Wong, 2015. "Working through the Distribution: Money in the Short and Long Run," NBER Working Papers 21779, National Bureau of Economic Research, Inc.
    2. Stephen D. Williamson, 2009. "Transactions, Credit, and Central Banking in a Model of Segmented Markets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 12(2), pages 344-362, April.
    3. Irina A. Telyukova & Randall Wright, 2007. "A model of money and credit, with application to the credit card debt puzzle," Working Papers (Old Series) 0711, Federal Reserve Bank of Cleveland.
    4. Rocheteau, Guillaume & Rupert, Peter & Shell, Karl & Wright, Randall, 2005. "General Equilibrium with Nonconvexities, Sunspots, and Money," Working Papers 05-16, Cornell University, Center for Analytic Economics.
    5. Berentsen, Aleksander & Menzio, Guido & Wright, Randall D., 2009. "Inflation and unemployment in the long run," Kiel Working Papers 1501, Kiel Institute for the World Economy.
    6. Salem Abo-Zaid & Anastasia Zervou, 2016. "Financing of Firms, Labor Reallocation and the Distributional Role of Monetary Policy," Working Papers 20161020_001, Texas A&M University, Department of Economics.
    7. Lucas Herrenbrueck, 2016. "Quantitative Easing and the Liquidity Channel of Monetary Policy," 2016 Meeting Papers 767, Society for Economic Dynamics.
    8. Craig, Ben & Rocheteau, Guillaume, 2008. "State-dependent pricing, inflation, and welfare in search economies," European Economic Review, Elsevier, vol. 52(3), pages 441-468, April.
    9. Yulei Peng & Anastasia Zervou, 2014. "Monetary Policy Rules and the Equity Premium," Working Papers 20141115_001, Texas A&M University, Department of Economics.
    10. Chiu, Jonathan & Molico, Miguel, 2010. "Liquidity, redistribution, and the welfare cost of inflation," Journal of Monetary Economics, Elsevier, vol. 57(4), pages 428-438, May.
    11. Piti Disyatat, 2008. "Monetary policy implementation: Misconceptions and their consequences," BIS Working Papers 269, Bank for International Settlements.
    12. Jonathan Chiu & Miguel Molico, 2008. "Uncertainty, Inflation, and Welfare," Staff Working Papers 08-13, Bank of Canada.
    13. Miguel Molico & Yahong Zhang, 2006. "Monetary Policy and the Distribution of Money and Capital," Computing in Economics and Finance 2006 136, Society for Computational Economics.
    14. Venky Venkateswaran & Randall Wright, 2013. "Pledgability and Liquidity: A New Monetarist Model of Financial and Macroeconomic Activity," NBER Working Papers 19009, National Bureau of Economic Research, Inc.
    15. Zeno Enders, 2006. "Slow Money Dissemination," Economics Working Papers ECO2006/25, European University Institute.
    16. Huberto M. Ennis, 2005. "Search, Money, and Inflation under Private Information," 2005 Meeting Papers 135, Society for Economic Dynamics.
    17. Huberto M. Ennis, 2007. "Avoiding the inflation tax," Working Paper 07-06, Federal Reserve Bank of Richmond.
    18. David Andolfatto, 2007. "Incentives and the Limits to Deflationary Policy," Discussion Papers dp07-14, Department of Economics, Simon Fraser University.
    19. Herrenbrueck, Lucas, 2019. "Frictional asset markets and the liquidity channel of monetary policy," Journal of Economic Theory, Elsevier, vol. 181(C), pages 82-120.
    20. Peng, Yulei & Zervou, Anastasia, 2022. "Monetary policy rules and the equity premium in a segmented markets model," Journal of Macroeconomics, Elsevier, vol. 73(C).
    21. Jonathan Chiu & Miguel Molico, 2021. "Short-Run Dynamics in a Search-Theoretic Model of Monetary Exchange," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 42, pages 133-155, October.
    22. Xavier Ragot, 2018. "Limited Participation, Capital Accumulation and Optimal Monetary Policy," Working Papers hal-03444395, HAL.
    23. Williamson, Stephen D., 2008. "Monetary policy and distribution," Journal of Monetary Economics, Elsevier, vol. 55(6), pages 1038-1053, September.
    24. Enders, Zeno, 2017. "Heterogeneous consumers, segmented asset markets, and the real effects of monetary policy," VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking 168227, Verein für Socialpolitik / German Economic Association.
    25. Chung, Kyuil, 2009. "Does the liquidity effect guarantee a positive term premium?," Economic Modelling, Elsevier, vol. 26(5), pages 893-903, September.
    26. Shelley, Gary & Wallace, Frederick, 2006. "Long run effects of money on real consumption and investment in the U.S," MPRA Paper 4136, University Library of Munich, Germany.
    27. Mahmoudi, Babak, 2013. "Open-Market Operations, Asset Distributions, and Endogenous Market Segmentation," MPRA Paper 50089, University Library of Munich, Germany.
    28. Choi, Hyung Sun, 2023. "Money, payments systems, limited participation, and central banking," The North American Journal of Economics and Finance, Elsevier, vol. 64(C).
    29. Zervou, Anastasia S., 2013. "Financial market segmentation, stock market volatility and the role of monetary policy," European Economic Review, Elsevier, vol. 63(C), pages 256-272.
    30. Shouyong Shi, 2014. "Liquidity, Interest Rates and Output," Annals of Economics and Finance, Society for AEF, vol. 15(1), pages 53-95, May.
    31. Hyung Sun Choi, 2011. "Monetary Policy And Endowment Risk In A Limited Participation Model," Economic Inquiry, Western Economic Association International, vol. 49(1), pages 89-93, January.
    32. Tsz-Nga Wong & Pierre-Olivier Weill & Guillaume Rocheteau, 2015. "Long-Run and Short-Run Effects of Money Injections," 2015 Meeting Papers 793, Society for Economic Dynamics.
    33. Hazra, Devika, 2018. "Distributional role of monetary policy under limited credit access," Research in Economics, Elsevier, vol. 72(4), pages 494-510.
    34. Huber, Samuel & Kim, Jaehong, 2020. "An overlapping generations model for monetary policy analysis," European Economic Review, Elsevier, vol. 125(C).
    35. Eric Olson & Andrew T. Young, 2015. "Discretionary monetary policy, quantitative easing and the decline in US labor share," Economics and Business Letters, Oviedo University Press, vol. 4(2), pages 63-78.

  20. Wang, Cheng & Williamson, Stephen D., 2002. "Moral Hazard, Optimal Unemployment Insurance and Experience Rating," Staff General Research Papers Archive 10133, Iowa State University, Department of Economics.

    Cited by:

    1. Facundo Piguillem & Hernan Ruffo & Nicholas Trachter, 2023. "Unemployment Insurance when the Wealth Distribution Matters," Working Paper 23-08, Federal Reserve Bank of Richmond.
    2. Kartik B. Athreya & Nicole B. Simpson, 2004. "Unsecured debt with public insurance : from bad to worse," Working Paper 03-14, Federal Reserve Bank of Richmond.
    3. Similan Rujiwattanapong, 2024. "Job Search, Job Findings and the Role of Unemployment Insurance History," Discussion Papers 2441, Centre for Macroeconomics (CFM).
    4. Mankart, Jochen & Oikonomou, Rigas, 2015. "Household search and the aggregate labor market," Discussion Papers 26/2015, Deutsche Bundesbank.
    5. Fuller, David L., 2014. "Adverse selection and moral hazard: Quantitative implications for unemployment insurance," Journal of Monetary Economics, Elsevier, vol. 62(C), pages 108-122.
    6. Javier Fernández‐Blanco, 2013. "Labor Market Equilibrium With Rehiring," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 54(3), pages 885-914, August.
    7. Rasmus Lentz & Torben Tranas, 2005. "Job Search and Savings: Wealth Effects and Duration Dependence," Journal of Labor Economics, University of Chicago Press, vol. 23(3), pages 467-490, July.
    8. Fabre, Alice & Pallage, Stéphane & Zimmermann, Christian, 2014. "Universal Basic Income versus Unemployment Insurance," IZA Discussion Papers 8667, IZA Network @ LISER.
    9. Setty, Ofer, 2012. "Unemployment Accounts," Foerder Institute for Economic Research Working Papers 275765, Tel-Aviv University > Foerder Institute for Economic Research.
    10. Popp, Aaron, 2017. "Unemployment insurance in a three-state model of the labor market," Journal of Monetary Economics, Elsevier, vol. 90(C), pages 142-157.
    11. Guo, Audrey & Johnston, Andrew C., 2020. "The Finance of Unemployment Compensation and its Consequence for the Labor Market," IZA Discussion Papers 13330, IZA Network @ LISER.
    12. Rasmus Lentz, 2009. "Optimal Unemployment Insurance in an Estimated Job Search Model with Savings," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 12(1), pages 37-57, January.
    13. MUKOYAMA, Toshihiko & SAHIN, Aysegül, 2004. "Repeated Moral Hazard with Persistence," Cahiers de recherche 01-2004, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
    14. Nicholas Lawson, 2013. "Fiscal Externalities and Optimal Unemployment Insurance," Working Papers halshs-00907807, HAL.
    15. Stephane Pallage & Christian Zimmermann, 2004. "On Voters' Attitudes Towards Unemployment Insurance Subsidies across Regions: A Canadian Simulation," Working papers 2004-34, University of Connecticut, Department of Economics.
    16. Tomer Blumkin & Leif Danziger & Eran Yashiv, 2016. "Optimal Unemployment Benefit Policy and the Firm Productivity Distribution," CESifo Working Paper Series 5931, CESifo.
    17. Gustavo de Souza & Andre Luduvice, 2022. "Optimal Unemployment Insurance Requirements," Working Paper Series WP 2022-45, Federal Reserve Bank of Chicago.
    18. Beblavý, Miroslav & Lenaerts, Karolien & Maselli, Ilaria, 2017. "Design of a European Unemployment Benefit Scheme," CEPS Papers 12263, Centre for European Policy Studies.
    19. David Fuller & Damba Lkhagvasuren & Stephane Auray, 2018. "Unemployment Insurance Take-up Rates in an Equilibrium Search Model," 2018 Meeting Papers 496, Society for Economic Dynamics.
    20. Robert Shimer & Ivan Werning, 2005. "Liquidity and Insurance for the Unemployed," NBER Working Papers 11689, National Bureau of Economic Research, Inc.
    21. Hagedorn, Marcus & Kaul, Ashok & Mennel, Tim, 2002. "An Adverse Selection Model of Optimal Unemployment Insurance," IZA Discussion Papers 681, IZA Network @ LISER.
    22. Mark Huggett (Georgetown University) and Juan Carlos Parra (Georgetown University), 2005. "Quantifying the Inefficiency of the US Social Insurance System," Working Papers gueconwpa~05-05-16, Georgetown University, Department of Economics.
    23. Kankanamge, Sumudu & Weitzenblum, Thomas, 2016. "Time-consistent unemployment insurance," TSE Working Papers 16-657, Toulouse School of Economics (TSE).
    24. Bruno Coquet, 2017. "Les allocations chômage devraient-elles être dégressives ?," Sciences Po Economics Publications (main) hal-03457573, HAL.
    25. Setty, Ofer, 2012. "Optimal Unemployment Insurance with Monitoring," Foerder Institute for Economic Research Working Papers 275766, Tel-Aviv University > Foerder Institute for Economic Research.
    26. Pavoni, Nicola, 2007. "On optimal unemployment compensation," Journal of Monetary Economics, Elsevier, vol. 54(6), pages 1612-1630, September.
    27. Kam, Timothy & Stauber, Ronald, 2016. "Solving dynamic public insurance games with endogenous agent distributions: Theory and computational approximation," Journal of Mathematical Economics, Elsevier, vol. 64(C), pages 77-98.
    28. Koehne, Sebastian & Kuhn, Moritz, 2013. "Should Unemployment Insurance Be Asset-Tested?," IZA Discussion Papers 7488, IZA Network @ LISER.
    29. Algan, Yann & Cheron, Arnaud & Hairault, Jean-Olivier & Langot, Francois, 2004. "Self-insurance and inequality," Economics Letters, Elsevier, vol. 85(3), pages 295-299, December.
    30. Etienne Lalé, 2014. "Front-loading the Payment of Unemployment Benefits," Bristol Economics Discussion Papers 15/651, School of Economics, University of Bristol, UK, revised 16 Nov 2015.
    31. Cahuc, Pierre, 2014. "Search, Flows, Job Creations and Destructions," IZA Discussion Papers 8173, IZA Network @ LISER.
    32. David L. Fuller & B. Ravikumar & Yuzhe Zhang, 2012. "Unemployment insurance fraud and optimal monitoring," Working Papers 2012-024, Federal Reserve Bank of St. Louis.
    33. Serdar Birinci & Kurt Gerrard See, 2018. "How Should Unemployment Insurance vary over the Business Cycle?," 2018 Meeting Papers 69, Society for Economic Dynamics.
    34. Mark Huggett & Juan Carols Parra, 2006. "How Well Does the US Social Insurance System Provide Social Insurance?," Working Papers gueconwpa~06-06-11, Georgetown University, Department of Economics.
    35. Toshihiko Mukoyama, 2010. "Understanding the Welfare Effects of Unemployment Insurance Policy in General Equilibrium," 2010 Meeting Papers 286, Society for Economic Dynamics.
    36. Gaillard, Alexandre & Kankanamge, Sumudu, 2018. "Entrepreneurship, Labor Market Mobility and the Role of Entrepreneurial Insurance," TSE Working Papers 18-929, Toulouse School of Economics (TSE), revised Jan 2019.
    37. Pei, Yun & Xie, Zoe, 2022. "Timing and time inconsistency in search models," Economics Letters, Elsevier, vol. 220(C).
    38. Chao, Ying H., 2025. "A quantitative analysis of relaxing UI eligibility requirements," Labour Economics, Elsevier, vol. 94(C).
    39. Fernando Cirelli & Emilio Espino & Juan M. Sanchez, 2018. "Designing Unemployment Insurance for Developing Countries," Working Papers 2018-006, Federal Reserve Bank of St. Louis, revised 10 Sep 2020.
    40. Taskin, Temel, 2011. "Unemployment insurance and home production," MPRA Paper 34878, University Library of Munich, Germany.
    41. Christian Holzner & Volker Meier & Martin Werding, 2006. "Time Limits in a Two-tier Unemployment Benefit Scheme under Involuntary Unemployment," ifo Working Paper Series 29, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    42. Oikonomou, Rigas, 2013. "Optimal Unemployment Insurance with Private Insurance," MPRA Paper 55726, University Library of Munich, Germany.
    43. Walter Nicholson & Karen Needels, 2006. "Unemployment Insurance: Strengthening the Relationship between Theory and Policy," Journal of Economic Perspectives, American Economic Association, vol. 20(3), pages 47-70, Summer.
    44. Michau, Jean-Baptiste, 2015. "Optimal labor market policy with search frictions and risk-averse workers," Labour Economics, Elsevier, vol. 35(C), pages 93-107.
    45. Xie, Zoe & Pei, Yun, 2016. "A Quantitative Theory of Time-Consistent Unemployment Insurance," MPRA Paper 74698, University Library of Munich, Germany.
    46. Martin Gervais & Lawrence Warren & Reza Boostani, 2022. "Optimal unemployment insurance in a directed search model," Economic Inquiry, Western Economic Association International, vol. 60(4), pages 1473-1496, October.
    47. Yann Algan & Olivier Allais, 2004. "Incomplete Unemployment Insurance under Aggregate Fluctuations," Economics Bulletin, AccessEcon, vol. 5(14), pages 1-7.
    48. Pei, Yun & Xie, Zoe, 2016. "Government Commitment and Unemployment Insurance Over the Business Cycle," MPRA Paper 76563, University Library of Munich, Germany.
    49. Mikhail Golosov & Pricila Maziero & Guido Menzio, 2012. "Taxation and Redistribution of Residual Income Inequality," NBER Working Papers 18151, National Bureau of Economic Research, Inc.
    50. Stéphane Pallage & Christian Zimmermann, 1999. "Assurance chômage et sociétés," Cahiers de recherche du Département des sciences économiques, UQAM 9904, Université du Québec à Montréal, Département des sciences économiques.
    51. Gavrel, Frédéric & Lebon, Isabelle & Rebière, Thérèse, 2010. "Layoff taxes and minimum wage: Two complementary public policies," Economics Letters, Elsevier, vol. 107(1), pages 30-32, April.
    52. Schwartz, J., 2015. "Optimal unemployment insurance: When search takes effort and money," Labour Economics, Elsevier, vol. 36(C), pages 1-17.
    53. Athanasios Geromichalos, 2015. "Unemployment Insurance and Optimal Taxation in a Search Model of the Labor Market," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(2), pages 365-380, April.
    54. Walter Nicholson & Karen Needels & Heinrich Hock, 2014. "Unemployment Compensation During the Great Recession: Theory and Evidence," National Tax Journal, National Tax Association;National Tax Journal, vol. 67(1), pages 187-218, March.
    55. Audrey Guo & Andrew C. Johnston, 2021. "The Finance of Unemployment Compensation and Its Consequences," Public Finance Review, , vol. 49(3), pages 392-434, May.
    56. Ortega, Javier & Rioux, Laurence, 2007. "On the Extent of Re-Entitlement Effects in Unemployment Compensation," IZA Discussion Papers 2807, IZA Network @ LISER.
    57. Walter Nicholson & Karen Needels, "undated". "The EUC08 Program in Theoretical and Historical Perspective," Mathematica Policy Research Reports 9046cb11c3aa44c8a036a6e38, Mathematica Policy Research.
    58. Erhan Bayraktar & Indrajit Mitra & Jingjie Zhang, 2024. "Countercyclical unemployment benefits: a general equilibrium analysis of transition dynamics," Mathematics and Financial Economics, Springer, volume 18, number 3, December.
    59. Xie, Zoe Leiyu & Yu, Pei Cheng, 2025. "Temptation, Self-Control, and the Design of Optimal Unemployment Insurance," Policy Research Working Paper Series 11265, The World Bank.
    60. Lee, Kangoh, 2022. "Unemployment insurance, mobile capital, output, and distributive effects," Economic Modelling, Elsevier, vol. 115(C).
    61. Nicola Pavoni & Giovanni L. Violante, 2005. "Optimal welfare-to-work programs," Discussion Paper / Institute for Empirical Macroeconomics 143, Federal Reserve Bank of Minneapolis.
    62. Cheng Wang, 1995. "Dynamic Insurance with Private Information and Balanced Budgets," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 62(4), pages 577-595.
    63. Oikonomou Rigas, 2018. "Unemployment insurance with limited commitment wage contracts and savings," The B.E. Journal of Macroeconomics, De Gruyter, vol. 18(1), pages 1-21, January.
    64. Stephen Woodbury, 2013. "Unemployment Insurance," Upjohn Working Papers 14-208, W.E. Upjohn Institute for Employment Research.
    65. Thérèse REBIÈRE & Frédéric GAVREL & Isabelle LEBON, 2009. "Formal Education Versus Learning-by-doing," EcoMod2009 21500078, EcoMod.
    66. Stéphane Pallage & Michel A. Robe & Catherine Bérubé, 2006. "The Potential of Foreign Aid as Insurance," IMF Staff Papers, Palgrave Macmillan, vol. 53(3), pages 1-5.
    67. Pei, Yun & Xie, Zoe, 2021. "A quantitative theory of time-consistent unemployment insurance," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 848-870.
    68. Walter Nicholson & Karen Needels, "undated". "Optimal Extended Unemployment Benefits," Mathematica Policy Research Reports 3362c47819f246f7a3b20dd00, Mathematica Policy Research.
    69. Gilles Joseph & Thomas Weitzenblum, 2003. "Optimal Unemployment Insurance: Transitional Dynamics vs. Steady State," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(4), pages 869-884, October.
    70. Joseph, Gilles & Maingé, Paul-Emile, 2023. "Characterization of optimal durations of unemployment benefits in a nonstationary job search model," Mathematical Social Sciences, Elsevier, vol. 125(C), pages 76-93.
    71. Nicholas Trachter & Hernan Ruffo & Facundo Piguillem, 2012. "Unemployment Insurance in a Life Cycle General Equilibrium Model with Human Capital," 2012 Meeting Papers 1046, Society for Economic Dynamics.
    72. Stéphane Auray & David L. Fuller, 2020. "Eligibility, experience rating, and unemployment insurance take‐up," Quantitative Economics, Econometric Society, vol. 11(3), pages 1059-1107, July.
    73. Atila Abdulkadiroglu & Burhanettin Kuruscu & Aysegul Sahin, 2002. "Unemployment Insurance and the Role of Self-Insurance," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 5(3), pages 681-703, July.

  21. S. Rao Aiyagari & Stephen D. Williamson, 1998. "Money and dynamic credit arrangements with private information," Working Papers (Old Series) 9807, Federal Reserve Bank of Cleveland.

    Cited by:

    1. Díaz, Antonia & Perera-Tallo, Fernando, 2011. "Credit and inflation under borrowerʼs lack of commitment," Journal of Economic Theory, Elsevier, vol. 146(5), pages 1888-1914, September.
    2. Edward J. Green, 2002. "Payment Arrangements and Inflation," American Economic Review, American Economic Association, vol. 92(2), pages 51-57, May.
    3. Shuyun May Li, 2009. "Optimal Lending Contracts with Asymmetric Information and Two-sided Limited Commitment or Impatient Entrepreneur," Department of Economics - Working Papers Series 1065, The University of Melbourne.
    4. Vincent Bignon & R gis Breton & Mariana Rojas Breu, 2015. "Monetary Union with A Single Currency and Imperfect Credit Market Integration," Working papers 541, Banque de France.
    5. Cyril Monnet & William Roberds, 2007. "Optimal pricing of payment services when cash is an alternative," Working Papers 07-26, Federal Reserve Bank of Philadelphia.
    6. Vincent Bignon & Régis Breton & Mariana Rojas Breu, 2019. "Currency union with or without banking union," Post-Print hal-02313956, HAL.
    7. Amy Hongfei Sun, 2007. "Banking, Inside Money And Outside Money," Working Paper 1146, Economics Department, Queen's University.
    8. Kahn, Charles M. & Roberds, William, 2008. "Credit and identity theft," Journal of Monetary Economics, Elsevier, vol. 55(2), pages 251-264, March.
    9. Li, Ying-Syuan & Li, Yiting, 2013. "Liquidity and asset prices: A new monetarist approach," Journal of Monetary Economics, Elsevier, vol. 60(4), pages 426-438.
    10. Koeppl, Thorsten & Monnet, Cyril & Temzelides, Ted, 2006. "A Dynamic Model of Settlement," Queen's Economics Department Working Papers 273529, Queen's University - Department of Economics.
    11. Mariana Rojas Breu, 2013. "The Welfare Effect Of Access To Credit," Economic Inquiry, Western Economic Association International, vol. 51(1), pages 235-247, January.
    12. Charles Kahn & James McAndrews & William Roberds, 2001. "A Theory of Transactions Privacy," Center for Financial Institutions Working Papers 01-12, Wharton School Center for Financial Institutions, University of Pennsylvania.
    13. Aleksander Berentsen & Christopher Waller, 2009. "Outside versus inside bonds: A Modigliani-Miller type result for liquidity constrained economies," IEW - Working Papers 443, Institute for Empirical Research in Economics - University of Zurich.
    14. Russell Wong & Cathy Zhang & Guillaume Rocheteau, 2017. "Lending Relationships, Banking Crises and Optimal Monetary Policies," 2017 Meeting Papers 152, Society for Economic Dynamics.
    15. Christopher J. Waller, 2009. "Dynamic taxation, private information and money," Working Papers 2009-035, Federal Reserve Bank of St. Louis.
    16. Gaetano Antinolfi & Costas Azariadis & James B. Bullard, 2012. "The optimal inflation target in an economy with limited enforcement," Working Papers 2012-044, Federal Reserve Bank of St. Louis.
    17. Sun, Hongfei, 2007. "Banking, Inside Money and Outside Money," Queen's Economics Department Working Papers 273622, Queen's University - Department of Economics.
    18. Shuyun May Li, 2009. "Optimal Lending Contracts with Long Run Borrowing Constraints," Department of Economics - Working Papers Series 1084, The University of Melbourne.
    19. Mariana Rojas-Breu, 2011. "Debt enforcement and the return on money," Working papers 345, Banque de France.
    20. Nicholas Glenn & Robert Reed, 2024. "Cryptocurrency, Security, and Financial Intermediation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(1), pages 185-223, February.
    21. Temzelides, Ted & Williamson, Stephen D., 2001. "Payments Systems Design in Deterministic and Private Information Environments," Journal of Economic Theory, Elsevier, vol. 99(1-2), pages 297-326, July.
    22. Berentsen, Aleksander & Camera, Gabriele & Waller, Christopher, 2007. "Money, credit and banking," Journal of Economic Theory, Elsevier, vol. 135(1), pages 171-195, July.
    23. Sanches, Daniel & Williamson, Stephen, 2010. "Money and credit with limited commitment and theft," Journal of Economic Theory, Elsevier, vol. 145(4), pages 1525-1549, July.
    24. Li, Shuyun May, 2013. "Optimal lending contracts with long run borrowing constraints," Journal of Economic Dynamics and Control, Elsevier, vol. 37(5), pages 964-983.
    25. Pedro Gomis‐Porqueras & Daniel Sanches, 2013. "Optimal Monetary Policy in a Model of Money and Credit," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(4), pages 701-730, June.
    26. Thorsten Koeppl & Cyril Monnet & Ted Temzelides, 2007. "A dynamic model of the payment system," Working Papers 07-22, Federal Reserve Bank of Philadelphia.
    27. Pedro Gomis‐Porqueras & Christopher Waller, 2022. "Optimal Taxes under Private Information: The Role of Inflation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 54(7), pages 1941-1969, October.
    28. Berentsen, Aleksander & Monnet, Cyril, 2008. "Monetary policy in a channel system," Journal of Monetary Economics, Elsevier, vol. 55(6), pages 1067-1080, September.
    29. Stephen D. Williamson, 1998. "Payments Systems with Random Matching and Private Information," Game Theory and Information 9802004, University Library of Munich, Germany.
    30. Françoise Vasselin, 2018. "The Competition Between Cash and Mobile Payments in Markets with Mobile Partnerships A Monetary Search Model Point of View," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-01722404, HAL.
    31. Monnet, Cyril & Roberds, William, 2008. "Optimal pricing of payment services," Journal of Monetary Economics, Elsevier, vol. 55(8), pages 1428-1440, November.
    32. Stephen Williamson & Daniel Sanches, 2008. "Money and Credit with Limited Commitment," 2008 Meeting Papers 502, Society for Economic Dynamics.
    33. Ed Nosal & Guillaume Rocheteau, 2006. "The economics of payments," Policy Discussion Papers, Federal Reserve Bank of Cleveland, issue Feb.
    34. Zachary Bethune & Guillaume Rocheteau & Peter Rupert, 2015. "Aggregate Unemployment and Household Unsecured Debt," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(1), pages 77-100, January.
    35. Rufin-Willy Mantsie, 2012. "In Search of Inflation Rate Compatible with Growth Target in CEMAC Countries," Brussels Economic Review, ULB -- Universite Libre de Bruxelles, vol. 55(4), pages 329-350.
    36. Yi Wen, 2012. "Liquidity and welfare," Working Papers 2012-037, Federal Reserve Bank of St. Louis.
    37. Daniel, Sanches, 2011. "A dynamic model of unsecured credit," Journal of Economic Theory, Elsevier, vol. 146(5), pages 1941-1964, September.
    38. Koeppl, Thorsten & Monnet, Cyril & Temzelides, Ted, 2009. "Optimal Clearing Arrangements for Financial Trades," Queen's Economics Department Working Papers 273708, Queen's University - Department of Economics.
    39. Cyril Monnet & William Roberds, 2006. "Credit and the no-surcharge rule," FRB Atlanta Working Paper 2006-25, Federal Reserve Bank of Atlanta.
    40. S. Rao Aiyagari & Stephen D. Williamson, 1999. "Credit in a Random Matching Model with Private Information," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 2(1), pages 36-64, January.
    41. Kahn, Charles M. & Roberds, William, 2009. "Why pay? An introduction to payments economics," Journal of Financial Intermediation, Elsevier, vol. 18(1), pages 1-23, January.
    42. Cheng Wang, 1995. "Dynamic Insurance with Private Information and Balanced Budgets," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 62(4), pages 577-595.
    43. Wang, Cheng & Williamson, Stephen D., 2002. "Moral hazard, optimal unemployment insurance, and experience rating," Journal of Monetary Economics, Elsevier, vol. 49(7), pages 1337-1371, October.
    44. Charles M. Kahn & James J. McAndrews & William Roberds, 2004. "Money is privacy," FRB Atlanta Working Paper 2004-18, Federal Reserve Bank of Atlanta.
      • Charles M. Kahn & James McAndrews & William Roberds, 2005. "Money Is Privacy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 46(2), pages 377-399, May.
    45. Francesca Carapella & Stephen D. Williamson, 2014. "Credit markets, limited commitment, and government debt," Working Papers 2014-10, Federal Reserve Bank of St. Louis.
    46. Fernando Perera-Tallo & Antonia Diaz, 2007. "Credit and Inflation under Borrowers' Lack of Commitment," 2007 Meeting Papers 429, Society for Economic Dynamics.
    47. Rojas Breu, Mariana, 2017. "Debt enforcement and the value of money," Journal of Economic Theory, Elsevier, vol. 168(C), pages 237-251.
    48. Lizarazo, Sandra & Da-Rocha, Jose-Maria, 2011. "Optimal monetary policy and default," MPRA Paper 31931, University Library of Munich, Germany.
    49. Alessandro Marchesiani & Aleksander Berentsen, 2010. "Standing Facilities Versus Open Market Operations: Equivalence Results," 2010 Meeting Papers 929, Society for Economic Dynamics.
    50. Yili Chien & Junsang Lee, 2009. "Optimal Capital Taxation Under Limited Commitment," CAMA Working Papers 2009-06, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    51. Vincent Bignon & Régis Breton & Mariana Rojas Breu, 2018. "Currency Union with and without Banking Union," Working Papers hal-01685893, HAL.
    52. Young Sik Kim, 2003. "Money, Growth and Risk Sharing with Private Information," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(2), pages 276-299, April.
    53. Jonathan Chiu & Seyed Mohammadreza Davoodalhosseini, 2023. "Central Bank Digital Currency and Banking: Macroeconomic Benefits of a Cash-Like Design," Management Science, INFORMS, vol. 69(11), pages 6708-6730, November.
    54. Aleksander Berentsen & Christopher Waller, 2008. "Outside Versus Inside Bonds," IEW - Working Papers 372, Institute for Empirical Research in Economics - University of Zurich.
    55. Becsi, Zsolt & Li, Victor E. & Wang, Ping, 2013. "Credit mismatch and breakdown," European Economic Review, Elsevier, vol. 59(C), pages 109-125.
    56. S. Rao Aiyagari & Stephen D. Williamson, 1998. "Money, Credit, and Allocation Under Complete Dynamic Contracts and Incomplete Markets," Game Theory and Information 9802003, University Library of Munich, Germany.
    57. Chien-Chiang Wang, 2023. "Asset Market Frictions, Household Heterogeneity, and the Liquidity Theory of the Term Structure," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 47, pages 67-99, January.
    58. Ohik Kwon & Seungduck Lee & Jaevin Park, 2022. "Central bank digital currency, tax evasion, and inflation tax," Economic Inquiry, Western Economic Association International, vol. 60(4), pages 1497-1519, October.

  22. Williamson, S.D., 1998. "Private Money," Working Papers 98-09, University of Iowa, Department of Economics.

    Cited by:

    1. Berentsen, Aleksander, 2005. "On the Private Provision of Fiat Currency," MPRA Paper 36601, University Library of Munich, Germany.
    2. Bullard, James & Smith, Bruce D., 2003. "The value of inside and outside money," Journal of Monetary Economics, Elsevier, vol. 50(2), pages 389-417, March.
    3. James B. Bullard & Bruce Smith, 2001. "The value of inside and outside money: expanded version," Working Papers 2001-011, Federal Reserve Bank of St. Louis.
    4. Mariana Rojas Breu, 2013. "The Welfare Effect Of Access To Credit," Economic Inquiry, Western Economic Association International, vol. 51(1), pages 235-247, January.
    5. Li, Yiting, 2006. "Banks, private money, and government regulation," Journal of Monetary Economics, Elsevier, vol. 53(8), pages 2067-2083, November.
    6. Bossone, Biagio, 2001. "Do banks have a future?: A study on banking and finance as we move into the third millennium," Journal of Banking & Finance, Elsevier, vol. 25(12), pages 2239-2276, December.
    7. Svetlana Boyarchenko & Sergei Levendorskii, 2004. "Inside and Outside Money, with an Application to the Russian Virtual Economy," Macroeconomics 0405009, University Library of Munich, Germany.
    8. Nobuhiro Kiyotaki & John Moore, 2002. "Evil Is the Root of All Money," American Economic Review, American Economic Association, vol. 92(2), pages 62-66, May.
    9. Waknis, Parag, 2017. "Competitive Supply of Money in a New Monetarist Model," MPRA Paper 75401, University Library of Munich, Germany.
    10. Stephen D. Williamson & Randall Wright, 2010. "New monetarist economics: methods," Review, Federal Reserve Bank of St. Louis, vol. 92(May), pages 265-302.
    11. Cyril Monnet & Daniel R. Sanches, 2012. "Private liquidity and banking regulation," Working Papers 12-11, Federal Reserve Bank of Philadelphia.
    12. Wilfredo Toledo, 2006. "El dinero en los modelos macroeconómicos," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 8(15), pages 97-116, July-Dece.
    13. Simpson Prescott, Edward & Weinberg, John A., 2003. "Incentives, communication, and payment instruments," Journal of Monetary Economics, Elsevier, vol. 50(2), pages 433-454, March.
    14. David C. Mills, 2007. "Imperfect monitoring and the discounting of inside money," Finance and Economics Discussion Series 2007-58, Board of Governors of the Federal Reserve System (U.S.).
    15. Leo Ferraris, 2002. "Money and credit in random matching models of money," Working Papers in Public Economics 59, Department of Economics and Law, Sapienza University of Rome.
    16. Temzelides, Ted & Williamson, Stephen D., 2001. "Private money, settlement, and discounts," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 54(1), pages 85-108, June.
    17. Costas Azariadis & James B. Bullard & Bruce Smith, 2000. "Private and public circulating liabilities," Working Papers 2000-012, Federal Reserve Bank of St. Louis.
    18. Ed Nosal & Guillaume Rocheteau, 2006. "The economics of payments," Policy Discussion Papers, Federal Reserve Bank of Cleveland, issue Feb.
    19. Daniel Sanches, 2016. "On the Inherent Instability of Private Money," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 20, pages 198-214, April.
    20. Li, Yan, 2009. "The theory of fiat money and private money as alternative media of exchange," International Review of Economics & Finance, Elsevier, vol. 18(4), pages 568-582, October.
    21. Stephen D. Williamson, 2002. "Private money and counterfeiting," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 37-57.
    22. Burdett, Kenneth & Trejos, Alberto & Wright, Randall, 2001. "Cigarette Money," Journal of Economic Theory, Elsevier, vol. 99(1-2), pages 117-142, July.
    23. Agapov Stanislav & Boyarchenko Svetlana & Levendorsky Sergey, 2003. "A Three-Sector Model of the Russian Virtual Economy," EERC Working Paper Series 02-06e, EERC Research Network, Russia and CIS.
    24. Pingle, Mark & Mukhopadhyay, Sankar, 2010. "Private money as a competing medium of exchange," Journal of Macroeconomics, Elsevier, vol. 32(2), pages 541-554, June.
    25. Boel, Paola & Camera, Gabriele, 2004. "Efficient Monetary Allocations and the Illiquidity of Bonds," Purdue University Economics Working Papers 1171, Purdue University, Department of Economics.
    26. Williamson, Stephen, 2009. "Liquidity, Financial Intermediation, and Monetary Policy in a New Monetarist Model," MPRA Paper 20692, University Library of Munich, Germany.
    27. Smith, Bruce D., 2001. "Introduction to Monetary and Financial Arrangements," Journal of Economic Theory, Elsevier, vol. 99(1-2), pages 1-21, July.
    28. S.I. Boyarchenko & S.Z. Levendorskii, 2000. "Search-Money-and-Barter Models of Financial Stabilization," William Davidson Institute Working Papers Series 332, William Davidson Institute at the University of Michigan.
    29. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Models," MPRA Paper 21030, University Library of Munich, Germany.
    30. Araujo, Luis & Camargo, Braz, 2008. "Endogenous supply of fiat money," Journal of Economic Theory, Elsevier, vol. 142(1), pages 48-72, September.
    31. Kahn, Charles M. & Roberds, William, 2009. "Why pay? An introduction to payments economics," Journal of Financial Intermediation, Elsevier, vol. 18(1), pages 1-23, January.
    32. Holthausen, Cornelia & Monnet, Cyril, 2003. "Money and payments: a modern perspective," Working Paper Series 245, European Central Bank.
    33. Junfeng Qiu, 2011. "Bank money, aggregate liquidity, and asset prices," Annals of Economics and Finance, Society for AEF, vol. 12(2), pages 295-346, November.
    34. Sissoko, Carolyn, 2007. "An Idealized View of Financial Intermediation," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy, vol. 1, pages 1-29.
    35. Stephan Imhof & Cyril Monnet & Shengxing Zhang, 2018. "The Risk-Taking Channel of Liquidity Regulations and Monetary Policy," Working Papers 2018-13, Swiss National Bank.
    36. Kahn, Charles M. & Roberds, William, 2007. "Transferability, finality, and debt settlement," Journal of Monetary Economics, Elsevier, vol. 54(4), pages 955-978, May.
    37. Xavier Cuadras Morató, 2005. "Circulation of private notes during a currency shortage," Economics Working Papers 811, Department of Economics and Business, Universitat Pompeu Fabra.
    38. Jesús Fernández‐Villaverde, 2018. "Cryptocurrencies: A Crash Course in Digital Monetary Economics," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 51(4), pages 514-526, December.
    39. Bossone, Biagio, 2000. "What makes banks special ? a study of banking, finance, and economic development," Policy Research Working Paper Series 2408, The World Bank.
    40. Martin, Antoine & Schreft, Stacey L., 2006. "Currency competition: A partial vindication of Hayek," Journal of Monetary Economics, Elsevier, vol. 53(8), pages 2085-2111, November.
    41. Stephen Williamson, 2000. "The Research Agenda: Payment Systems and Private Money," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 2(1), November.
    42. Kim, Young Sik & Lee, Manjong, 2010. "A model of debit card as a means of payment," Journal of Economic Dynamics and Control, Elsevier, vol. 34(8), pages 1359-1368, August.

  23. Wang, Cheng & Williamson, Steve, 1998. "Debt Contracts and Financial Intermediation with Costly Screening," Staff General Research Papers Archive 5086, Iowa State University, Department of Economics.

    Cited by:

    1. Juan M. Sánchez, 2018. "The Information Technology Revolution And The Unsecured Credit Market," Economic Inquiry, Western Economic Association International, vol. 56(2), pages 914-930, April.
    2. He, Qichun, 2011. "The impact of the distribution of property rights on inventions on growth: a two-representative-agent model with asymmetric information," MPRA Paper 34450, University Library of Munich, Germany.
    3. Wai‐Hong Ho & Yong Wang, 2013. "Asymmetric Information, Auditing Commitment, and Economic Growth," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 46(2), pages 611-633, May.
    4. Anthony Yezer & Pingkang Yu, 2016. "Costly Screening, Self-Selection, Fraud, and the Organization of Credit Markets," Working Papers 2016-4, The George Washington University, Institute for International Economic Policy.
    5. Vauhkonen, Jukka, 2003. "Are adverse selection models of debt robust to changes in market structure?," Bank of Finland Research Discussion Papers 28/2003, Bank of Finland.
    6. Chenyu Shan & Dragon Yongjun Tang & Wenya Wang, 2025. "Outsourcing Bank Loan Screening: The Economics of Third‐Party Loan Guarantees," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 57(8), pages 2003-2042, December.
    7. Hyytinen, Ari, 2003. "Information production and lending market competition," Journal of Economics and Business, Elsevier, vol. 55(3), pages 233-253.
    8. Jang, Inkee & Kang, Kee-Youn, 2021. "Adverse selection and costly information acquisition in asset markets," Journal of Mathematical Economics, Elsevier, vol. 97(C).
    9. Bose, Arup & Pal, Debashis & Sappington, David E.M., 2012. "Extreme screening policies," European Economic Review, Elsevier, vol. 56(8), pages 1607-1620.
    10. Hyytinen, Ari, 2001. "Information Production, Banking Competition and the Market Structure of the Banking Industry," Discussion Papers 749, The Research Institute of the Finnish Economy.
    11. Ho, Wai-Hong & Wang, Yong, 2008. "Asymmetric Information, Auditing Commitment and Economic Growth," MPRA Paper 17469, University Library of Munich, Germany.
    12. Bernhardt Dan, 2012. "Screening and Financial Contracting in the Face of Outside Competition," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 12(1), pages 1-40, May.
    13. Karel Janda, 2003. "Credit guarantees in a credit market with adverse selection," Prague Economic Papers, Prague University of Economics and Business, vol. 2003(4), pages 331-349.
    14. Yun Gao & Kenichi Ueda, 2025. "Loan Screening under Symmetrically Imperfect Information," CARF F-Series CARF-F-614, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    15. Gangopadhyay, Shubhashis & Mukhopadhyay, Bappaditya, 2002. "Multiple bank lending and seniority in claims," Journal of Economics and Business, Elsevier, vol. 54(1), pages 7-30.
    16. Karel Janda, 2008. "Which Government Interventions Are Good in Alleviating Credit Market Failures?," Working Papers IES 2008/12, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Jul 2008.
    17. Hyytinen, Ari & Toivanen, Otto, 2000. "Monitoring and market power in loan markets," Bank of Finland Research Discussion Papers 9/2000, Bank of Finland.
    18. Wai‐Hong Ho & Yong Wang, 2005. "Public capital, asymmetric information, and economic growth," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 38(1), pages 57-80, February.
    19. Ari Hyytinen & Otto Toivanen, 2000. "Monitoring and Market Power in Credit Markets," Econometric Society World Congress 2000 Contributed Papers 1879, Econometric Society.
    20. David Hillier & Beatriz Martínez & Pankaj C. Patel & Julio Pindado & Ignacio Requejo, 2018. "Pound of Flesh? Debt Contract Strictness and Family Firms," Entrepreneurship Theory and Practice, , vol. 42(2), pages 259-282, March.
    21. A. Fedele & A. Mantovani & F. Liucci, 2010. "Credit availability in the crisis: which role for the European Investment Bank Group?," Working Papers 699, Dipartimento Scienze Economiche, Universita' di Bologna.
    22. Wai-Hong Ho & Yong Wang, 2005. "Public capital, asymmetric information, and economic growth," Canadian Journal of Economics, Canadian Economics Association, vol. 38(1), pages 57-80, February.
    23. Bossone, Biagio, 2000. "What makes banks special ? a study of banking, finance, and economic development," Policy Research Working Paper Series 2408, The World Bank.

  24. Aiyagari, S.R. & Williamson, S.D., 1997. "Credit in a Random Matching Model with Private Information," Working Papers 97-03, University of Iowa, Department of Economics.

    Cited by:

    1. Shuyun May Li, 2009. "Optimal Lending Contracts with Asymmetric Information and Two-sided Limited Commitment or Impatient Entrepreneur," Department of Economics - Working Papers Series 1065, The University of Melbourne.
    2. Marina Pavan, 2003. "Consumer Durables and Risky Borrowing: the Effects of Bankruptcy Protection," Boston College Working Papers in Economics 573, Boston College Department of Economics, revised 01 May 2005.
    3. Aubhik Khan & B. Ravikumar, 1998. "Growth and Risk-Sharing with Private Information," Macroeconomics 9802003, University Library of Munich, Germany.
    4. Koeppl, Thorsten & Monnet, Cyril & Temzelides, Ted, 2006. "A Dynamic Model of Settlement," Queen's Economics Department Working Papers 273529, Queen's University - Department of Economics.
    5. Ricardo Cavalcanti & Andres Erosa & Ted Temzelides, 1998. "Private Money and Reserve Management in a Random Matching Model," Macroeconomics 9803008, University Library of Munich, Germany.
    6. Sofía Bauducco & Alexandre Janiak, 2015. "On the welfare cost of bank concentration," Documentos de Trabajo 321, Centro de Economía Aplicada, Universidad de Chile.
    7. Jin, Yi & Temzelides, Ted, 1998. "On the Local Interaction of Money and Credit," Working Papers 99-05, University of Iowa, Department of Economics.
    8. Shuyun May Li, 2009. "Optimal Lending Contracts with Long Run Borrowing Constraints," Department of Economics - Working Papers Series 1084, The University of Melbourne.
    9. Temzelides, Ted & Williamson, Stephen D., 2001. "Payments Systems Design in Deterministic and Private Information Environments," Journal of Economic Theory, Elsevier, vol. 99(1-2), pages 297-326, July.
    10. Sanches, Daniel & Williamson, Stephen, 2010. "Money and credit with limited commitment and theft," Journal of Economic Theory, Elsevier, vol. 145(4), pages 1525-1549, July.
    11. Li, Shuyun May, 2013. "Optimal lending contracts with long run borrowing constraints," Journal of Economic Dynamics and Control, Elsevier, vol. 37(5), pages 964-983.
    12. Leo Ferraris, 2002. "Money and credit in random matching models of money," Working Papers in Public Economics 59, Department of Economics and Law, Sapienza University of Rome.
    13. S. Rao Aiyagari & Stephen D. Williamson, 1998. "Money and Dynamic Credit Arrangements with Private Information," Game Theory and Information 9802002, University Library of Munich, Germany.
    14. Stephen D. Williamson, 1998. "Payments Systems with Random Matching and Private Information," Game Theory and Information 9802004, University Library of Munich, Germany.
    15. Ed Nosal & Guillaume Rocheteau, 2006. "The economics of payments," Policy Discussion Papers, Federal Reserve Bank of Cleveland, issue Feb.
    16. Stephen D. Williamson, 2002. "Private money and counterfeiting," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 37-57.
    17. Chao Gu & Fabrizio Mattesini & Randall Wright, 2015. "Money and Credit Redux," Working Papers 1508, Department of Economics, University of Missouri.
    18. Daniel, Sanches, 2011. "A dynamic model of unsecured credit," Journal of Economic Theory, Elsevier, vol. 146(5), pages 1941-1964, September.
    19. Shuyun May Li, 2008. "Costly External Finance, Reallocation, and Aggregate Productivity," Department of Economics - Working Papers Series 1044, The University of Melbourne.
    20. Wang, Cheng & Williamson, Stephen D., 2002. "Moral hazard, optimal unemployment insurance, and experience rating," Journal of Monetary Economics, Elsevier, vol. 49(7), pages 1337-1371, October.
    21. Baglioni, Angelo & Colombo, Luca & Rossi, Paola, 2025. "Debt restructuring with multiple bank relationships," Journal of Banking & Finance, Elsevier, vol. 178(C).
    22. Young Sik Kim, 2003. "Money, Growth and Risk Sharing with Private Information," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(2), pages 276-299, April.
    23. Latchezar Popov & B Ravikumar & Aubhik Khan, 2012. "Enduring Relationships in an Economy with Capital and Private Information," 2012 Meeting Papers 1056, Society for Economic Dynamics.
    24. Narayana R. Kocherlakota, 1996. "Money is memory," Staff Report 218, Federal Reserve Bank of Minneapolis.
    25. S. Rao Aiyagari & Stephen D. Williamson, 1998. "Money, Credit, and Allocation Under Complete Dynamic Contracts and Incomplete Markets," Game Theory and Information 9802003, University Library of Munich, Germany.
    26. Stephen Williamson, 2000. "The Research Agenda: Payment Systems and Private Money," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 2(1), November.

  25. Williamson, Stephen, 1997. "Payments Systems with Random Matching and Private Information," Working Papers 97-21, University of Iowa, Department of Economics.

    Cited by:

    1. Temzelides, Ted & Williamson, Stephen D., 2001. "Payments Systems Design in Deterministic and Private Information Environments," Journal of Economic Theory, Elsevier, vol. 99(1-2), pages 297-326, July.
    2. Li, Shuyun May, 2013. "Optimal lending contracts with long run borrowing constraints," Journal of Economic Dynamics and Control, Elsevier, vol. 37(5), pages 964-983.
    3. Williamson, Stephen D., 2003. "Payments systems and monetary policy," Journal of Monetary Economics, Elsevier, vol. 50(2), pages 475-495, March.
    4. Ed Nosal & Guillaume Rocheteau, 2006. "The economics of payments," Policy Discussion Papers, Federal Reserve Bank of Cleveland, issue Feb.
    5. S. Rao Aiyagari & Stephen D. Williamson, 1999. "Credit in a Random Matching Model with Private Information," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 2(1), pages 36-64, January.
    6. Stephen Williamson, 2000. "The Research Agenda: Payment Systems and Private Money," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 2(1), November.
    7. Agostino Capponi & Jin-Wook Chang, 2025. "Settlement Speed and Financial Stability," Finance and Economics Discussion Series 2025-101r1, Board of Governors of the Federal Reserve System (U.S.), revised 05 Jun 2026.

  26. Aiyagari, S. Rao & Williamson, Stephen, 1997. "Money, Credit, and Allocation Under Complete Dynamic Contracts and Incomplete Markets," Working Papers 97-20, University of Iowa, Department of Economics.

    Cited by:

    1. Stephen D. Williamson, 1998. "Payments Systems with Random Matching and Private Information," Game Theory and Information 9802004, University Library of Munich, Germany.

  27. Wang, C. & Williamson, S., 1995. "Unemployment Insurance with Moral Hazard in a Dynamic Economy," GSIA Working Papers 1995-13, Carnegie Mellon University, Tepper School of Business.

    Cited by:

    1. Saarenheimo, Tuomas, 2001. "Should unemployment benefits decrease as the unemployment spell lengthens?," Bank of Finland Research Discussion Papers 23/2001, Bank of Finland.
    2. Luz Adriana Flórez, 2014. "The Efficiency of the Informal Sector on the Search and Matching Framework," Borradores de Economia 832, Banco de la Republica de Colombia.
    3. Fabre, Alice & Pallage, Stéphane & Zimmermann, Christian, 2014. "Universal Basic Income versus Unemployment Insurance," IZA Discussion Papers 8667, IZA Network @ LISER.
    4. Alvarez-Parra, Fernando A. & Sanchez, Juan M., 2006. "Unemployment Insurance in an Economy with a Hidden Labor Market," MPRA Paper 2531, University Library of Munich, Germany.
    5. Ramon Marimon & Fabrizio Zilibotti, 1997. "Unemployment vs. Mismatch of Talents: Reconsidering Unemployment Benefits," NBER Working Papers 6038, National Bureau of Economic Research, Inc.
    6. David Card & Raj Chetty & Andrea Weber, 2006. "Cash-on-Hand and Competing Models of Intertemporal Behavior: New Evidence from the Labor Market," NBER Working Papers 12639, National Bureau of Economic Research, Inc.
    7. Carl Davidson & Stephen A. Woodbury, 1997. "The Optimal Dole with Risk Aversion, Job Destruction, and Worker Heterogeneity," Upjohn Working Papers 97-47, W.E. Upjohn Institute for Employment Research.
    8. Vodopivec, Milan & Raju, Dhushyanth, 2002. "Income support systems for the unemployed : issues and options," The Social Policy and Labor Discussion Paper Series 25529, The World Bank.
    9. Andreas Pollak, 2004. "Optimal Unemployment Insurance with Variable Skill Levels," Labor and Demography 0409004, University Library of Munich, Germany.
    10. Robert J. Shiller, 1997. "Expanding the Scope of Individual Risk Management: Moral Hazard and Other Behavioral Considerations," Cowles Foundation Discussion Papers 1145, Cowles Foundation for Research in Economics, Yale University.
    11. Stephane Pallage & Christian Zimmermann, 2004. "On Voters' Attitudes Towards Unemployment Insurance Subsidies across Regions: A Canadian Simulation," Working papers 2004-34, University of Connecticut, Department of Economics.
    12. Peter Fredriksson & Bertil Holmlund, 2003. "Optimal Unemployment Insurance Design: Time Limits, Monitoring, or Workfare?," CESifo Working Paper Series 1019, CESifo.
    13. Dan Anderberg, 2003. "Voluntary income sharing and the design of unemployment insurance," Journal of Population Economics, Springer;European Society for Population Economics, vol. 16(1), pages 71-90, February.
    14. World Bank, 2001. "Poverty and Income Distribution in a High Growth Economy : The Case of Chile 1987-98, Volume 2. Background Papers," World Bank Publications - Reports 15469, The World Bank Group.
    15. Gustavo de Souza & Andre Luduvice, 2022. "Optimal Unemployment Insurance Requirements," Working Paper Series WP 2022-45, Federal Reserve Bank of Chicago.
    16. Bruno, VAN DER LINDEN, 2003. "Unemployment insurance and training in an equilibrium matching model with heterogeneous agents," LIDAM Discussion Papers IRES 2003001, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    17. Kyyrä, Tomi & Pesola, Hanna & Rissanen, Aarne, 2017. "Unemployment Insurance in Finland: A Review of Recent Changes and Empirical Evidence on Behavioral Responses," Research Reports 184, VATT Institute for Economic Research.
    18. Mikhail Golosov & Aleh Tsyvinski, 2003. "Designing Optimal Disability Insurance," Levine's Working Paper Archive 506439000000000217, David K. Levine.
    19. Kankanamge, Sumudu & Weitzenblum, Thomas, 2016. "Time-consistent unemployment insurance," TSE Working Papers 16-657, Toulouse School of Economics (TSE).
    20. Fujimoto, Junichi & Lee, Junsang, 2020. "Optimal self-financing microfinance contracts when borrowers have risk aversion and limited commitment," Journal of Mathematical Economics, Elsevier, vol. 91(C), pages 60-79.
    21. Young, Eric R., 2004. "Unemployment insurance and capital accumulation," Journal of Monetary Economics, Elsevier, vol. 51(8), pages 1683-1710, November.
    22. Hassler, John & Rodríguez Mora, José V, 2007. "Unemployment Insurance Design: Inducing Moving and Retraining," CEPR Discussion Papers 6364, Centre for Economic Policy Research.
    23. Stephane Pallage & Christian Zimmermann, 1997. "Moral Hazard and Optimal Unemployment Insurance in an Economy with Heterogeneous Skills," Cahiers de recherche CREFE / CREFE Working Papers 54, CREFE, Université du Québec à Montréal.
    24. Chetty, Nadarajan & Finkelstein, Amy Nadya, 2013. "Social Insurance: Connecting Theory to Data," Scholarly Articles 34330197, Harvard University Department of Economics.
    25. Pissarides, Christopher, 2002. "Consumption and savings with unemployment risk: implications for optimal employment contracts," LSE Research Online Documents on Economics 2211, London School of Economics and Political Science, LSE Library.
    26. Pavoni, Nicola, 2007. "On optimal unemployment compensation," Journal of Monetary Economics, Elsevier, vol. 54(6), pages 1612-1630, September.
    27. Kam, Timothy & Stauber, Ronald, 2016. "Solving dynamic public insurance games with endogenous agent distributions: Theory and computational approximation," Journal of Mathematical Economics, Elsevier, vol. 64(C), pages 77-98.
    28. Demougin, Dominique M. & Helm, Carsten, 2008. "Incentive contracts and efficient unemployment benefits," Darmstadt Discussion Papers in Economics 191, Darmstadt University of Technology, Department of Law and Economics.
    29. Spinnewijn, Johannes, 2013. "Training and search during unemployment," Journal of Public Economics, Elsevier, vol. 99(C), pages 49-65.
    30. J. Ignacio García‐Pérez, 2006. "Job separation in a non‐stationary search model: a structural estimation to evaluate alternative unemployment insurance systems," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 21(2), pages 245-272, March.
    31. Mathieu Taschereau-Dumouchel & Edouard Schaal, 2010. "Optimal Policy in a Labor Market with Adverse Selection," 2010 Meeting Papers 1070, Society for Economic Dynamics.
    32. Peter Fredriksson & Bertil Holmlund, 2006. "Improving Incentives in Unemployment Insurance: A Review of Recent Research," Journal of Economic Surveys, Wiley Blackwell, vol. 20(3), pages 357-386, July.
    33. Alice Fabre & Stéphane Pallage, 2013. "Child Labor, Idiosyncratic Shocks, and Social Policy," AMSE Working Papers 1358, Aix-Marseille School of Economics, France, revised 05 Nov 2013.
    34. Nicola Pavoni & Ofer Setty & Giovanni Violante, 2016. "The design of 'soft' welfare-to-work programs," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 20, pages 160-180, April.
    35. Mikhail Golosov & Aleh Tsyvinski, 2004. "Designing Optimal Disability Insurance: A Case for Asset Testing," NBER Working Papers 10792, National Bureau of Economic Research, Inc.
    36. Tatsiramos, K. & van Ours, J.C., 2012. "Labor Market Effects of Unemployment Insurance Design," Other publications TiSEM 0550ec64-1dd7-4fd8-a559-7, Tilburg University, School of Economics and Management.
    37. Burkhard Heer, 2000. "Employment And Welfare Effects Of A Two-Tier Unemployment Compensation System," Computing in Economics and Finance 2000 3, Society for Computational Economics.
    38. Noah Williams & Rui Li, 2014. "Optimal Unemployment Insurance and Cyclical Fluctuations," 2014 Meeting Papers 804, Society for Economic Dynamics.
    39. Mikhail Golosov & Aleh Tsyvinski, 2006. "Optimal Taxation with Endogenous Insurance Markets," Levine's Bibliography 784828000000000445, UCLA Department of Economics.
    40. Violante, Giovanni & Pavoni, Nicola, 2006. "Optimal Welfare-to-Work Programs," CEPR Discussion Papers 5937, Centre for Economic Policy Research.
    41. Robert Shimer & Ivan Werning, 2005. "Liquidity and insurance for the unemployed," Staff Report 366, Federal Reserve Bank of Minneapolis.
    42. Christian Holzner & Volker Meier & Martin Werding, 2006. "Time Limits in a Two-tier Unemployment Benefit Scheme under Involuntary Unemployment," ifo Working Paper Series 29, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    43. Conny Wunsch, 2009. "Optimal Use of Labor Market Policies: The Role of Job Search Assistance," CESifo Working Paper Series 2890, CESifo.
    44. Boone, J. & Fredriksson, P. & Holmlund, B. & van Ours, J.C., 2007. "Optimal unemployment insurance with monitoring and sanctions," Other publications TiSEM f2b1b916-41f5-4964-bad8-3, Tilburg University, School of Economics and Management.
    45. Dean Franklet & Laura Meriluoto & George Ross & Cameron Scott & Patrick Williams, 2018. "Public implementation of Blockchain Technology," Working Papers in Economics 18/23, University of Canterbury, Department of Economics and Finance.
    46. Walter Nicholson & Karen Needels, 2006. "Unemployment Insurance: Strengthening the Relationship between Theory and Policy," Journal of Economic Perspectives, American Economic Association, vol. 20(3), pages 47-70, Summer.
    47. Reichling, Felix, 2006. "Optimal Unemployment Insurance in Labor Market Equilibrium when Workers can Self-Insure," MPRA Paper 5362, University Library of Munich, Germany, revised 16 Oct 2007.
    48. Fehn, Rainer, 2002. "Arbeitsmarktflexibilisierung und Arbeitslosigkeit," Discussion Paper Series 54, Julius Maximilian University of Würzburg, Chair of Economic Order and Social Policy.
    49. Hopenhayn, Hugo A & Nicolini, Juan Pablo, 1997. "Optimal Unemployment Insurance," Journal of Political Economy, University of Chicago Press, vol. 105(2), pages 412-438, April.
    50. Stéphane Pallage & Christian Zimmermann, 1999. "Assurance chômage et sociétés," Cahiers de recherche du Département des sciences économiques, UQAM 9904, Université du Québec à Montréal, Département des sciences économiques.
    51. Schwartz, J., 2015. "Optimal unemployment insurance: When search takes effort and money," Labour Economics, Elsevier, vol. 36(C), pages 1-17.
    52. Stephane Pallage & Christian Zimmermann, 1999. "Heterogeneous Labor Markets and the Generosity Towards the Unemployed: An International Perspective," Cahiers de recherche CREFE / CREFE Working Papers 88, CREFE, Université du Québec à Montréal.
    53. Wang, C., 1995. "Incentives, CEO Compensation, and Shareholder Wealth in a Dynamic Agency Model," GSIA Working Papers 1995-08, Carnegie Mellon University, Tepper School of Business.
    54. Sahin Avcioglu & Bilgehan Karabay, 2020. "Labor market regulation under self‐enforcing contracts," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 22(6), pages 1965-2018, December.
    55. Joseph Stiglitz, 1999. "Taxation, Public Policy, and Dynamics of Unemployment," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 6(3), pages 239-262, August.
    56. Sánchez, Juan M., 2008. "Optimal state-contingent unemployment insurance," Economics Letters, Elsevier, vol. 98(3), pages 348-357, March.
    57. Christopher A. Pissarides, 2010. "Why Do Firms Offer ‘Employment Protection’?," Economica, London School of Economics and Political Science, vol. 77(308), pages 613-636, October.
    58. Cheng Wang, 1995. "Dynamic Insurance with Private Information and Balanced Budgets," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 62(4), pages 577-595.
    59. Stephane Pallage & Christian Zimmermann, 1998. "Voting on Unemployment Insurance Generosity," Cahiers de recherche CREFE / CREFE Working Papers 64, CREFE, Université du Québec à Montréal.
    60. Wang, Cheng & Williamson, Stephen D., 2002. "Moral hazard, optimal unemployment insurance, and experience rating," Journal of Monetary Economics, Elsevier, vol. 49(7), pages 1337-1371, October.
    61. Fredriksson, Peter & Holmlund, Bertil, 1998. "Optimal Unemployment Insurance in Search Equilibrium," Working Paper Series 1998:2, Uppsala University, Department of Economics.
    62. Jeremy Schwartz, 2013. "Unemployment Insurance and the Business Cycle: What Adjustments are Needed?," Southern Economic Journal, John Wiley & Sons, vol. 79(3), pages 680-702, January.
    63. Burkhard Heer & Albrecht Morgenstern, 2005. "The Labor Market Effects of Indexing Unemployment Benefits to Previous Earnings," Public Finance Review, , vol. 33(3), pages 385-402, May.
    64. Edi Karni, 1999. "Optimal Unemployment Insurance: A Survey," Southern Economic Journal, John Wiley & Sons, vol. 66(2), pages 442-465, October.
    65. Cahuc, Pierre & Lehmann, Etienne, 2000. "Should unemployment benefits decrease with the unemployment spell?," Journal of Public Economics, Elsevier, vol. 77(1), pages 135-153, July.
    66. Engström, Per & Holmlund, Bertil, 2005. "Worker Absenteeism in Search Equilibrium," Working Paper Series 2005:22, Uppsala University, Department of Economics.
    67. Jeremy Schwartz, 2012. "Unemployment Insurance and the Business Cycle: What Adjustments are Needed?," EcoMod2012 3674, EcoMod.
    68. David L. Fuller, 2010. "Adverse Selection and Moral Hazard: Quantitative Implications for Unemployment Insurance," Working Papers 12004, Concordia University, Department of Economics, revised Sep 2011.
    69. Cheng Wang & Youzhi Yang, 2023. "On the Pure Theory of Wage Dispersion," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 47, pages 246-277, January.
    70. Wang, Cheng & Yang, Youzhi, 2015. "Equilibrium matching and termination," Journal of Monetary Economics, Elsevier, vol. 76(C), pages 208-229.
    71. Tobias Laun, 2020. "Optimal Social Insurance with Endogenous Health," Scandinavian Journal of Economics, Wiley Blackwell, vol. 122(2), pages 464-493, April.
    72. Castro-Fernandez, Rodriguo & Wodon, Quentin, 2002. "Protecting the Unemployed in Chile: From State Assistance to Individual Insurance?," MPRA Paper 15416, University Library of Munich, Germany.
    73. Glismann, Hans H. & Schrader, Klaus, 2001. "Alternative Systeme der Arbeitslosenversicherung: das Beispiel der Vereinigten Staaten und des Vereinigten Königreichs," Kiel Working Papers 1032, Kiel Institute for the World Economy.
    74. Álvarez-Parra, Fernando & Sánchez, Juan M., 2009. "Unemployment insurance with a hidden labor market," Journal of Monetary Economics, Elsevier, vol. 56(7), pages 954-967, October.
    75. Sergio Cappellini, 2022. "Optimal Unemployment Insurance with Worker Profiling," "Marco Fanno" Working Papers 0294, Dipartimento di Scienze Economiche "Marco Fanno".
    76. Pissarides, Christopher, 2002. "Consumption and Savings with Unemployment Risk: Implications for Employment Contracts," CEPR Discussion Papers 3367, Centre for Economic Policy Research.

  28. Williamson, S.D., 1995. "Discount Window Lending and Deposit Insurance," Working Papers 95-01, University of Iowa, Department of Economics.

    Cited by:

    1. Antoine Martin, 2001. "Liquidity provision vs. deposit insurance : preventing bank panics without moral hazard?," Research Working Paper RWP 01-05, Federal Reserve Bank of Kansas City.
    2. Antoine Martin, 2005. "Reconciling Bagehot with the Fed's response to September 11," Staff Reports 217, Federal Reserve Bank of New York.
    3. Antinolfi, Gaetano & Huybens, Elisabeth & Keister, Todd, 2001. "Monetary Stability and Liquidity Crises: The Role of the Lender of Last Resort," Journal of Economic Theory, Elsevier, vol. 99(1-2), pages 187-219, July.
    4. Kawamura, Enrique, 2007. "Exchange rate regimes, banking and the non-tradable sector," Journal of Monetary Economics, Elsevier, vol. 54(2), pages 325-345, March.
    5. Chang, Roberto & Velasco, Andres, 2000. "Financial Fragility and the Exchange Rate Regime," Journal of Economic Theory, Elsevier, vol. 92(1), pages 1-34, May.
    6. Huberto M. Ennis, 2016. "Models of Discount Window Lending: A Review," Economic Quarterly, Federal Reserve Bank of Richmond, issue 1Q, pages 1-50.
    7. Enrique L. Kawamura, 2004. "Exchange Rate Regimes, Monetary Policy and Banking Performance in Economies with Cash Constraints. Chang and Velasco Revisited," Working Papers 66, Universidad de San Andres, Departamento de Economia, revised Jan 2004.
    8. Vincent Bignon & Marc Flandreau & Stefano Ugolini, 2012. "Bagehot for Beginners : The Making of Lender of Last Resort Operations in the Mid-Nineteenth Century," Post-Print halshs-00844045, HAL.
    9. Makoto WATANABE & Tarishi Matsuoka, 2023. "A Monetary Equilibrium with the Lender of Last Resort," CIGS Working Paper Series 23-010E, The Canon Institute for Global Studies.
    10. Todd Keister, 2009. "Central Bank Lending and Inflation," 2009 Meeting Papers 782, Society for Economic Dynamics.
    11. Loewy Michael B., 2003. "``To Furnish an Elastic Currency'': Banking, Aggregate Risk, and Welfare," The B.E. Journal of Macroeconomics, De Gruyter, vol. 3(1), pages 1-19, March.
    12. David A. Marshall & Edward Simpson Prescott, 2000. "Bank capital regulation with and without state-contingent penalties," Working Paper Series WP-00-10, Federal Reserve Bank of Chicago.
    13. Sophio Khundadze, 2010. "Expected Effect of Deposit Insurance System Over the State of the Banking Environment of Georgia," IBSU Scientific Journal, International Black Sea University, vol. 4(2), pages 53-72.
    14. Antoine Martin, 2009. "Reconciling Bagehot and the Fed's Response to September 11," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(2‐3), pages 397-415, March.
    15. Hajime Tomura, 2019. "On Separation between Payment and Saving Instruments," Working Papers 1813, Waseda University, Faculty of Political Science and Economics.
    16. Antoine Martin, 2002. "Reconciling Bagehot with the Fed's response to Sept. 11," Research Working Paper RWP 02-10, Federal Reserve Bank of Kansas City.
    17. Gaetano Antinolfi & Todd Keister, 2003. "Discount Window Policy, Banking Crises, and Indeterminacy of Equilibrium," Working Papers 0305, Centro de Investigacion Economica, ITAM.
    18. Schreft, Stacey L. & Smith, Bruce D., 2000. "The evolution of cash transactions: Some implications for monetary policy," Journal of Monetary Economics, Elsevier, vol. 46(1), pages 97-120, August.
    19. Gaetano Antinolfi & Todd Keister, 2000. "Liquidity Crises and Discount Window Lending: Theory and Implications for the Dollarization Debate," Working Papers 0002, Centro de Investigacion Economica, ITAM.
    20. Hajime Tomura, 2019. "Imperfect Contract Enforcement and Nominal Liabilities," Working Papers 1905, Waseda University, Faculty of Political Science and Economics.
    21. Enrique L. Kawamura, 2003. "Diamond-Dybvig Banks in Two-Good, Two-Currencies, Small Open Economies with Cash-in-Advance Constraints," Working Papers 57, Universidad de San Andres, Departamento de Economia, revised Jan 2004.
    22. Smith, Bruce D. & Wang, Cheng, 1998. "Repeated insurance relationships in a costly state verification model: With an application to deposit insurance," Journal of Monetary Economics, Elsevier, vol. 42(2), pages 207-240, July.
    23. Nancy Silva, 2008. "Deposit Insurance, Moral Hazard and the Risk of Runs," Working Papers Central Bank of Chile 474, Central Bank of Chile.

  29. Cheng Wang & Stephen D. Williamson, 1993. "Adverse Selection in Credit Markets with Costly Screening," Finance 9310001, University Library of Munich, Germany, revised 10 Nov 1993.

    Cited by:

    1. Stephen D. Williamson, 1995. "Discount Window Lending and Deposit Insurance," Macroeconomics 9504001, University Library of Munich, Germany, revised 18 Apr 1995.
    2. Choe, Chongwoo, 1998. "Contract design and costly verification games," Journal of Economic Behavior & Organization, Elsevier, vol. 34(2), pages 327-340, February.

  30. Bruce Champ & Bruce D. Smith & Stephen D. Williamson, 1991. "Currency Elasticity and Banking Panics: Theory and Evidence," University of Western Ontario, Departmental Research Report Series 9109, University of Western Ontario, Department of Economics.

    Cited by:

    1. Eisei Ohtaki, 2013. "Asymmetric Liquidity Shocks and Optimality of the Freidman Rule," Working Papers e058, Tokyo Center for Economic Research.
    2. Chang, Chia-Ying, 2012. "When banking systems meet currencies," Working Paper Series 18620, Victoria University of Wellington, School of Economics and Finance.
    3. Bhattacharya, Joydeep & Singh, Rajesh, 2006. "On the Usefulness of the Constrained Planning Problem in a Model of Money," Staff General Research Papers Archive 12660, Iowa State University, Department of Economics.
    4. Antoine Martin, 2001. "Liquidity provision vs. deposit insurance : preventing bank panics without moral hazard?," Research Working Paper RWP 01-05, Federal Reserve Bank of Kansas City.
    5. Chao Gu & Cyril Monnet & Ed Nosal & Randall Wright, 2019. "On the Instability of Banking and other Financial Intermediation," Diskussionsschriften dp1902, Universitaet Bern, Departement Volkswirtschaft.
    6. John Duffy & Maxim Nikitin, 2004. "Dollarization Traps," Econometric Society 2004 North American Summer Meetings 456, Econometric Society.
    7. Antinolfi, Gaetano & Huybens, Elisabeth & Keister, Todd, 2001. "Monetary Stability and Liquidity Crises: The Role of the Lender of Last Resort," Journal of Economic Theory, Elsevier, vol. 99(1-2), pages 187-219, July.
    8. Antoine Martin, 2005. "Reconciling Bagehot with the Fed's response to September 11," Staff Reports 217, Federal Reserve Bank of New York.
    9. Fernando Martin & Aleksander Berentsen & David Andolfatto, 2016. "Financial Fragility in Monetary Economies," 2016 Meeting Papers 1626, Society for Economic Dynamics.
    10. Keshab Bhattarai, 2015. "Financial Deepening and Economic Growth in Advanced and Emerging Economies," Review of Development Economics, Wiley Blackwell, vol. 19(1), pages 178-195, February.
    11. Bruce Smith & Warren E. Weber, 1998. "Private money creation and the Suffolk Banking System," Working Papers 591, Federal Reserve Bank of Minneapolis.
    12. Claeys, Sophie & Schoors, Koen, 2007. "Bank supervision Russian style: Evidence of conflicts between micro- and macroprudential concerns," Working Paper Series 205, Sveriges Riksbank (Central Bank of Sweden).
    13. Bhattacharya, Joydeep & Singh, Rajesh, 2008. "Optimal choice of monetary policy instruments in an economy with real and liquidity shocks," Journal of Economic Dynamics and Control, Elsevier, vol. 32(4), pages 1273-1311, April.
    14. Kawamura, Enrique, 2007. "Exchange rate regimes, banking and the non-tradable sector," Journal of Monetary Economics, Elsevier, vol. 54(2), pages 325-345, March.
    15. Chao Gu & Joseph Haslag, 2014. "Unconventional Optimal Open Market Purchases," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 17(3), pages 543-558, July.
    16. Bhattacharya, Joydeep & Haslag, Joseph & Russell, Steven, 2004. "The Role of Money in Two Alternative Models: When is the Friedman Rule Optimal, and Why?," Staff General Research Papers Archive 11950, Iowa State University, Department of Economics.
    17. Wang, Tianxi, 2014. "Lend out IOU: A Model of Money Creation by Banks and Central Banking," Economics Discussion Papers 12227, University of Essex, Department of Economics.
    18. Koen Schoors & Konstantin Sonin, 2005. "Passive Creditors," William Davidson Institute Working Papers Series wp737, William Davidson Institute at the University of Michigan.
    19. Douglas W. Diamond & Raghuram G. Rajan, 2003. "Money in a Theory of Banking," NBER Working Papers 10070, National Bureau of Economic Research, Inc.
    20. Freeman, Scott, 1999. "Rediscounting under aggregate risk," Journal of Monetary Economics, Elsevier, vol. 43(1), pages 197-216, February.
    21. Peck, James & Shell, Karl, 2010. "Could making banks hold only liquid assets induce bank runs?," Journal of Monetary Economics, Elsevier, vol. 57(4), pages 420-427, May.
    22. Ennis, Huberto M. & Keister, Todd, 2006. "Bank runs and investment decisions revisited," Journal of Monetary Economics, Elsevier, vol. 53(2), pages 217-232, March.
    23. Bullard, James & Smith, Bruce D., 2003. "The value of inside and outside money," Journal of Monetary Economics, Elsevier, vol. 50(2), pages 389-417, March.
    24. William A. Brock & Joseph H. Haslag, 2017. "To Fed Watch or Not to Fed Watch: Equilibrium Analysis of Bank System Dynamics," Working Papers 1712, Department of Economics, University of Missouri.
    25. Stephen D. Williamson, 1998. "Discount Window Lending and Deposit Insurance," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(1), pages 246-275, January.
    26. Edgar A. Ghossoub & Robert R. Reed, 2021. "Banking Competition, Capital Accumulation, And Interest On Reserves," Economic Inquiry, Western Economic Association International, vol. 59(2), pages 671-695, April.
    27. Joseph H. Haslag & Joydeep Bhattacharya & Antoine Martin, 2004. "Sub-Optimality of the Friedman Rule in Townsends Turnpike and Limited Communication Models of money: Do finite lives and initial dates matter?," Working Papers 0415, Department of Economics, University of Missouri, revised 21 Dec 2004.
    28. Daniel R. Sanches, 2014. "Banking panics and protracted recessions," Working Papers 14-37, Federal Reserve Bank of Philadelphia.
    29. Gaetano Antinolfi & Claudia M. Landeo & Maxim Nikitin, 2007. "Dollarization and the inflation threshold," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 40(2), pages 628-649, May.
    30. James B. Bullard & Bruce Smith, 2001. "The value of inside and outside money: expanded version," Working Papers 2001-011, Federal Reserve Bank of St. Louis.
    31. Samartin, Margarita, 2003. "Should bank runs be prevented?," Journal of Banking & Finance, Elsevier, vol. 27(5), pages 977-1000, May.
    32. Jon R. Moen & Ellis W. Tallman, 1999. "Why didn't the United States establish a central bank until after the panic of 1907?," FRB Atlanta Working Paper 99-16, Federal Reserve Bank of Atlanta.
    33. Chao Gu & Cyril Monnet & Ed Nosal & Randall Wright, 2019. "On the Instability of Banking and Financial Intermediation," Working Papers 1901, Department of Economics, University of Missouri.
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    Cited by:

    1. Guerdjikova, Ani, 2006. "Portfolio Choice and Asset Prices in an Economy Populated by Case-Based Decision Makers," Working Papers 06-13, Cornell University, Center for Analytic Economics.
    2. Hugo A. Hopenhayn & Ingrid M. Werner, 1993. "Information, liquidity and asset trading in a random matching game," Economics Working Papers 19, Department of Economics and Business, Universitat Pompeu Fabra.
    3. Ya-Fang Cheng & Eugene Burgos Mutuc & Fu-Sheng Tsai & Kun-Hwa Lu & Chien-Ho Lin, 2018. "Social Capital and Stock Market Participation via Technologies: The Role of Households’ Risk Attitude and Cognitive Ability," Sustainability, MDPI, vol. 10(6), pages 1-14, June.
    4. Mohammed Ait Lahcen & Pedro Gomis‐Porqueras, 2021. "A Model of Endogenous Financial Inclusion: Implications for Inequality and Monetary Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 53(5), pages 1175-1209, August.
    5. Asgharian, Hossein & Liu, Lu & Lundtofte, Frederik, 2014. "Institutional Quality, Trust and Stock Market Participation: Learning to Forget," Knut Wicksell Working Paper Series 2014/2, Lund University, Knut Wicksell Centre for Financial Studies.
    6. Liu, Qi & Sun, Bo, 2018. "Managerial manipulation, corporate governance, and limited market participation," Journal of Economic Dynamics and Control, Elsevier, vol. 90(C), pages 98-117.
    7. Bo Sun, 2011. "Limited market participation and asset prices in the presence of earnings management," International Finance Discussion Papers 1019, Board of Governors of the Federal Reserve System (U.S.).
    8. Marekwica, Marcel & Schaefer, Alexander & Sebastian, Steffen, 2013. "Life cycle asset allocation in the presence of housing and tax-deferred investing," Journal of Economic Dynamics and Control, Elsevier, vol. 37(6), pages 1110-1125.
    9. Hiroaki OHNO, 2011. "Limited Market Participation, Financial Intermediaries,And Endogenous Growth," Review of Economics & Finance, Better Advances Press, Canada, vol. 1, pages 53-62, August.
    10. Ohno, Hiroaki, 2009. "Incomplete market participation, endogenous endowment risks and welfare," Journal of Economics and Business, Elsevier, vol. 61(5), pages 392-403, September.

  32. Stephen D. Williamson & Randall Wright, 1991. "Barter and monetary exchange under private information," Staff Report 141, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Kiyotaki, Nobuhiro & Lagos, Ricardo & Wright, Randall, 2016. "Introduction to the symposium issue on money and liquidity," Journal of Economic Theory, Elsevier, vol. 164(C), pages 1-9.
    2. Shao Enchuan, 2009. "Money and Barter under Private Information," The B.E. Journal of Macroeconomics, De Gruyter, vol. 9(1), pages 1-38, February.
    3. Madison, Florian, 2024. "A microfounded approach to currency substitution and government policy," Journal of Economic Theory, Elsevier, vol. 219(C).
    4. Centi Jean-Pierre, 1999. "Money And Credit In An Openended Universe," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 9(2-3), pages 293-320, June.
    5. Charles M. Kahn & William Roberds, 1995. "On the efficiency of cash settlement," FRB Atlanta Working Paper 95-11, Federal Reserve Bank of Atlanta.
    6. Manolis Galenianos & Rosalie Liccardo Pacula & Nicola Persico, 2009. "A Search-Theoretic Model of the Retail Market for Illicit Drugs," NBER Working Papers 14980, National Bureau of Economic Research, Inc.
    7. Alberto Trejos & Randall Wright, 1996. "Search-theoretic models of international currency," Review, Federal Reserve Bank of St. Louis, vol. 78(May), pages 117-132.
    8. Tao Peng, 2017. "Money And Product Quality Under Asymmetric Information," Economic Inquiry, Western Economic Association International, vol. 55(3), pages 1388-1399, July.
    9. Li, Yiting, 1995. "Commodity money under private information," Journal of Monetary Economics, Elsevier, vol. 36(3), pages 573-592, December.
    10. William Luther, 2014. "Evenly rotating economy: A new modeling technique for an old equilibrium construct," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 27(4), pages 403-417, December.
    11. Shao, Enchuan, 2014. "The threat of counterfeiting in competitive search equilibrium," Journal of Economic Dynamics and Control, Elsevier, vol. 47(C), pages 168-185.
    12. Merwan Engineer & Shouyong Shi, 2001. "Bargains, Barter and Money," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 4(1), pages 188-209, January.
    13. Randall Wright, 2005. "Introduction to "Models of Monetary Economies II: The Next Generation"," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 29(Oct), pages 2-9.
    14. Partha Gangopadhyay & Takemi Fujikawa & Yohei Kobayashi, 2013. "Why Is It So Difficult to Optimally Choose Innovation? Lest We Forget the Real World," Modern Applied Science, Canadian Center of Science and Education, vol. 7(5), pages 1-39, May.
    15. Berentsen, Aleksander & McBride, Michael & Rocheteau, Guillaume, 2017. "Limelight on dark markets: Theory and experimental evidence on liquidity and information," Journal of Economic Dynamics and Control, Elsevier, vol. 75(C), pages 70-90.
    16. Phillip M Johnson, 2002. "Essays on Capital Markets: Frictions and Social Forces," Levine's Working Paper Archive 618897000000000052, David K. Levine.
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    1. Renee Courtois Haltom & Jeffrey M. Lacker, 2015. "Should the Fed Have a Financial Stability Mandate? Lessons from the Fed's First 100 Years," Economic Quarterly, Federal Reserve Bank of Richmond, issue 1Q, pages 49-75.
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    10. Kalemli-Özcan, Sebnem & Papaioannou, Elias & Peydró, José-Luis, 2009. "Financial Integration and Business Cycle Synchronization," CEPR Discussion Papers 7292, Centre for Economic Policy Research.

  34. Jeremy Greenwood & Stephen D. Williamson, 1988. "International financial intermediation and aggregate fluctuations under alternative exchange rate regimes," Staff Report 112, Federal Reserve Bank of Minneapolis.

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    7. Ventura, Jaume, 2005. "A Global View of Economic Growth," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 22, pages 1419-1497, Elsevier.
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    13. Wagner, W.B., 2000. "Decentralized International Risk Sharing and Governmental Moral Hazard," Discussion Paper 2000-92, Tilburg University, Center for Economic Research.
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  35. Stephen D. Williamson, 1985. "Financial Intermediation, Business Failures, and Real Business Cycles," University of Western Ontario, Departmental Research Report Series 8515, University of Western Ontario, Department of Economics.

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    4. Choi, Woon Gyu & Cook, David, 2004. "Liability dollarization and the bank balance sheet channel," Journal of International Economics, Elsevier, vol. 64(2), pages 247-275, December.
    5. Nathan Bedock & Dalibor Stevanović, 2017. "An empirical study of credit shock transmission in a small open economy," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 50(2), pages 541-570, May.
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    8. Salleo, Carmelo & Homar, Timotej & Kick, Heinrich, 2015. "What drives forbearance - evidence from the ECB Comprehensive Assessment," Working Paper Series 1860, European Central Bank.
    9. Siem Jan Koopman & André Lucas, 2003. "Business and Default Cycles for Credit Risk," Tinbergen Institute Discussion Papers 03-062/2, Tinbergen Institute, revised 09 Jan 2003.
    10. Joseph F. Francois & Felix Eschenbach, 2002. "Financial Sector Competition, Service Trade, and Growth," Tinbergen Institute Discussion Papers 02-089/2, Tinbergen Institute.
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    12. Disyatat, Piti, 2004. "Currency crises and the real economy: The role of banks," European Economic Review, Elsevier, vol. 48(1), pages 75-90, February.
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    22. Fabio ALESSANDRINI, 2003. "Introducing Capital Structure in a Production Economy: Implications for Investment, Debt and Dividends," Cahiers de Recherches Economiques du Département d'économie 03.03, Université de Lausanne, Faculté des HEC, Département d’économie.
    23. Zabavnik, Darja & Verbič, Miroslav, 2024. "Unravelling the credit market shocks and investment dynamics: A theoretical and empirical perspective," International Review of Financial Analysis, Elsevier, vol. 94(C).
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    27. Yi Jin & Zhixiong Zeng, 2011. "The Financial and Macroeconomic Implications of Banking Frictions and Banking Riskiness," Monash Economics Working Papers 14-11, Monash University, Department of Economics.
    28. He, Qichun, 2011. "The impact of the distribution of property rights on inventions on growth: a two-representative-agent model with asymmetric information," MPRA Paper 34450, University Library of Munich, Germany.
    29. Lawrence J. Christiano & Martin S. Eichenbaum & Mathias Trabandt, 2018. "On DSGE Models," Journal of Economic Perspectives, American Economic Association, vol. 32(3), pages 113-140, Summer.
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    35. Güntner, Jochen H.F., 2015. "The federal funds market, excess reserves, and unconventional monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 53(C), pages 225-250.
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    37. Lawrence Christiano & Roberto Motto & Massimo Rostagno, 2013. "Risk Shocks," NBER Working Papers 18682, National Bureau of Economic Research, Inc.
    38. Shouyong Shi & Christine Tewfik, 2015. "Financial Frictions, Investment Delay, and Asset Market Interventions," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(S2), pages 155-196, June.
    39. Ashraf, Quamrul & Gershman, Boris & Howitt, Peter, 2017. "Banks, market organization, and macroeconomic performance: An agent-based computational analysis," Journal of Economic Behavior & Organization, Elsevier, vol. 135(C), pages 143-180.
    40. Mingwei Yuan & Christian Zimmermann, 1999. "Credit Crunch in a Model of Financial Intermediation and Occupational Choice," Cahiers de recherche CREFE / CREFE Working Papers 97, CREFE, Université du Québec à Montréal.
    41. Jordan Roulleau-Pasdeloup & Anastasia Zhutova, 2015. "Labor Market Policies and the "Missing Deflation" Puzzle: Lessons from Hoover Policies during the U.S Great Depression," Cahiers de Recherches Economiques du Département d'économie 15.05, Université de Lausanne, Faculté des HEC, Département d’économie.
    42. Howitt Peter, 2011. "Comment on "PSST: Patterns of Sustainable Specialization and Trade" (by Arnold Kling)," Capitalism and Society, De Gruyter, vol. 6(2), pages 1-12, December.
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    44. Samuel Huber & Jaehong Kim, 2015. "The role of trading frictions in financial markets," ECON - Working Papers 211, Department of Economics - University of Zurich, revised Jul 2017.
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Articles

  1. Stephen Williamson, 2022. "Central Bank Digital Currency: Welfare and Policy Implications," Journal of Political Economy, University of Chicago Press, vol. 130(11), pages 2829-2861.
    See citations under working paper version above.
  2. Williamson, Stephen D., 2022. "Central bank digital currency and flight to safety," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).

    Cited by:

    1. Zijian Wang, 2023. "Money Laundering and the Privacy Design of Central Bank Digital Currency," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 604-632, December.
    2. Iwasaki, Kohei, 2024. "Credibility of central banks in monetary economies," Economics Letters, Elsevier, vol. 243(C).
    3. Hermawan, Danny & Lie, Denny & Sasongko, Aryo & Yusan, Richard, 2023. "Money velocity, digital currency, and inflation dynamics," MPRA Paper 116906, University Library of Munich, Germany.
    4. Emilio Barucci & Andrea Gurgone & Giulia Iori & Michele Azzone, 2026. "Central Bank Digital Currency, Flight-to-Quality, and Bank-Runs in an Agent-Based Model," Working Papers 2026: 01, Department of Economics, University of Venice "Ca' Foscari".
    5. Tarishi Matsuoka & Makoto Watanabe, 2025. "Banking Crises and Central Bank Digital Currency in a Monetary Economy," CESifo Working Paper Series 11922, CESifo.
    6. Ponce, Jorge & Taroco, Santiago, 2026. "CBDC’s design implications for financial stability," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 7(1).
    7. Xiang, Lijin & Feng, Chao & Xiao, Zumian & Liu, Jianjian, 2024. "The impact of central bank digital currency on macroeconomic dynamics: A DSGE analysis," Economic Modelling, Elsevier, vol. 141(C).
    8. Dirk Niepelt, 2024. "Money and Banking with Reserves and CBDC," Journal of Finance, American Finance Association, vol. 79(4), pages 2505-2552, August.
    9. Amendola, Nicola & Araujo, Luis & Ferraris, Leo, 0. "Physical vs digital currency: a difference that makes a difference," Theoretical Economics, Econometric Society.
    10. Bernd Hayo & Matthias Neuenkirch & Manuel Walz, 2026. "Estimating the Demand for a Digital Euro: A Survey Approach for France, Germany and Italy," Research Papers in Economics 2026-06, University of Trier, Department of Economics.
    11. Azzone, Michele & Barucci, Emilio, 2023. "Evaluation of sight deposits and central bank digital currency," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 88(C).
    12. Kang, Kee-Youn, 2024. "Digital currency and privacy," Theoretical Economics, Econometric Society, vol. 19(1), January.
    13. Son, Jaemin & Ryu, Doojin & Webb, Robert I., 2023. "Central bank digital currency: Payment choices and commercial bank profitability," International Review of Financial Analysis, Elsevier, vol. 90(C).
    14. Ayşegül Bilgiç Ulun, 2025. "Bibliometric and Content Analysis on Central Bank Digital Currencies for the Period 2018–2025 and a Policy Model Proposal for Türkiye," Economies, MDPI, vol. 13(10), pages 1-34, October.
    15. Keister, Todd & Monnet, Cyril, 2022. "Central bank digital currency: Stability and information," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    16. Lü, Zheng & Ozcelebi, Oguzhan & Yoon, Seong-Min, 2025. "Impact of central bank digital currency uncertainty on international financial markets," Research in International Business and Finance, Elsevier, vol. 73(PA).
    17. Wu, Jiaqi & Liu, Xin & Zhang, Chenghu, 2024. "Unveiling the influencing mechanism underlying users’ adoption and recommend intentions of central bank digital currency: A behavioral reasoning theory perspective," Journal of Retailing and Consumer Services, Elsevier, vol. 81(C).
    18. Syngjoo Choi & Bongseop Kim & Young-Sik Kim & Ohik Kwon & Soeun Park, 2025. "Predicting the payment preference for CBDC: a discrete choice experiment," BIS Working Papers 1296, Bank for International Settlements.
    19. Osakwe, Christian Nedu & Ogunmokun, Oluwatobi A. & Elgammal, Islam & Kwarteng, Michael Adu, 2025. "Individuals' attitudes and their adoption intentions of central bank digital currency: Combining theories and analytics for deeper insights," Technological Forecasting and Social Change, Elsevier, vol. 210(C).
    20. Zhang, Pan & Wang, Shihong & Li, Boying, 2025. "Harnessing government digital attention: Reducing carbon emissions through the pathways of digitalization," Structural Change and Economic Dynamics, Elsevier, vol. 74(C), pages 1008-1019.
    21. Lorenzo Burlon & Carlos Montes-Gald n & Manuel A. Mu oz & Frank Smets, 2023. "The optimal quantity of CBDC in a bank-based economy," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 23/1063, Ghent University, Faculty of Economics and Business Administration.
    22. Bouzas, Tulio & Uras, Burak, 2026. "The Price of Traceability: E-Payments, Tax Compliance, and Policy," Discussion Paper 2026-006, Tilburg University, Center for Economic Research.
    23. Tercero-Lucas, David, 2023. "Central bank digital currencies and financial stability in a modern monetary system," Journal of Financial Stability, Elsevier, vol. 69(C).
    24. Dominique Torre & Qing Xu, 2025. "Could migrant families encourage the adoption of CBDCs in developing countries? [Les familles de migrants pourraient-elles encourager l'adoption de monnaies digitales de banque centrale (CBDC) dans les pays en développement ?]," Post-Print halshs-05208283, HAL.
    25. Jon Frost & Jean-Charles Rochet & Hyun Song Shin & Marianne Verdier, 2025. "Competing digital monies," BIS Working Papers 1301, Bank for International Settlements.
    26. Solikin M. Juhro & Denny Lie & Atet Rizki Wijoseno & Mohammad Aly Fikry, 2022. "Fiscal Policy Stance, Central Bank Digital Currency, And The Optimal Monetary-Macroprudential Policy Mix," Working Papers WP/01/2022, Bank Indonesia.
    27. Toni Ahner & Katrin Assenmacher & Peter Hoffmann & Agnese Leonello & Cyril Monnet & Davide Porcellacchia, 2024. "The Economics of Central Bank Digital Currency," International Journal of Central Banking, International Journal of Central Banking, vol. 20(4), pages 221-274, October.
    28. Liu, Xin & Wu, Jiaqi & Zhang, Chenghu, 2025. "Antecedents of consumers' acceptance of central bank digital currency: The role of technology perceptions, social influence and personal traits," Technological Forecasting and Social Change, Elsevier, vol. 217(C).
    29. Li, Jiaqi, 2023. "Predicting the demand for central bank digital currency: A structural analysis with survey data," Journal of Monetary Economics, Elsevier, vol. 134(C), pages 73-85.
    30. Luu, Hiep Ngoc & Nguyen, Canh Phuc & Nasir, Muhammad Ali, 2023. "Implications of central bank digital currency for financial stability: Evidence from the global banking sector," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 89(C).
    31. Buzuriu Bogdan Cristian, 2024. "Central Bank Digital Currencies and Financial Stability: Literature Review and New Questions," Timisoara Journal of Economics and Business, Sciendo, vol. 17(1), pages 41-64.
    32. Huseyin Oguz Genc & Soichiro Takagi, 2024. "A literature review on the design and implementation of central bank digital currencies," International Journal of Economic Policy Studies, Springer, vol. 18(1), pages 197-225, February.
    33. Bird, Daniel & Weiss, David, 2026. "Central bank digital currency: When price and bank stability (Don’t) collide," Journal of Economic Dynamics and Control, Elsevier, vol. 184(C).
    34. Bouzas, Tulio & Uras, Burak, 2026. "The Price of Traceability: E-Payments, Tax Compliance, and Policy," Other publications TiSEM b35a98be-6600-4dcd-8010-b, Tilburg University, School of Economics and Management.
    35. Jeremie Banet & Lucie Lebeau, 2022. "Central Bank Digital Currency: Financial Inclusion vs. Disintermediation," Working Papers 2218, Federal Reserve Bank of Dallas.
    36. Sebastian Infante & Kyungmin Kim & Anna Orlik & André F. Silva & Robert J. Tetlow, 2022. "The Macroeconomic Implications of CBDC: A Review of the Literature," Finance and Economics Discussion Series 2022-076, Board of Governors of the Federal Reserve System (U.S.).
    37. Dionysopoulos, Lambis & Marra, Miriam & Urquhart, Andrew, 2024. "Central bank digital currencies: A critical review," International Review of Financial Analysis, Elsevier, vol. 91(C).
    38. He, Liang & Jiang, Ruiqi & Wang, Chao & Yao, Yue, 2026. "Antecedents of the continuance intention to use CBDCs: Evidence from the e-CNY," International Review of Economics & Finance, Elsevier, vol. 105(C).
    39. Stylianos Asimakopoulos & Marco Lorusso & Francesco Ravazzolo, 2023. "A Bayesian DSGE Approach to Modelling Cryptocurrency"," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 1012-1035, December.
    40. Tobias Berg & Jan Keil & Felix Martini & Manju Puri, 2024. "CBDCs, Payment Firms, and Geopolitics," NBER Working Papers 32857, National Bureau of Economic Research, Inc.
    41. Nyffenegger, Remo, 2024. "Central bank digital currency and bank intermediation: Medium of Exchange vs. Savings vehicle," European Economic Review, Elsevier, vol. 170(C).
    42. Sofia Priazhkina & Samuel Palmer & Pablo Martín-Ramiro & Román Orús & Samuel Mugel & Vladimir Skavysh, 2024. "Digital Payments in Firm Networks: Theory of Adoption and Quantum Algorithm," Staff Working Papers 24-17, Bank of Canada.
    43. Georgarakos, Dimitris & Kenny, Geoff & Laeven, Luc & Meyer, Justus, 2025. "Consumer attitudes towards a central bank digital currency," Working Paper Series 3035, European Central Bank.
    44. Xin, Baogui & Jiang, Kai & Santibanez Gonzalez, Ernesto D.R., 2024. "The coevolution effect of central bank digital currency and green bonds on the net-zero economy," Energy Economics, Elsevier, vol. 134(C).
    45. Hua, Qiuling & Qiu, Zepeng & Jiang, Tingfeng & Tang, Ke, 2025. "Macroeconomic effects of CBDC negative interest policy in an open economy: A comparison of quantity and price rules," International Review of Economics & Finance, Elsevier, vol. 100(C).
    46. Kim, Duhyeong, 2023. "International effects of quantitative easing and foreign exchange intervention," Journal of International Economics, Elsevier, vol. 145(C).
    47. Firman Hidayat & Raditya Sukmana & Masrizal Masrizal & Rahmat Heru Setianto, 2026. "The Impact of Central Bank Digital Currencies News on Bank Stability: Evidence from ASEAN-5 Countries," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 29(1), pages 21-52, February.
    48. M'bakob, Gilles Brice & Tchounga, Anatole, 2024. "CBDC and banking stability: Modeling cascading effects on reserves, lending, and liquidity," Research in Economics, Elsevier, vol. 78(4).
    49. Charles M. Kahn & Maarten R.C. Van Oordt & Yu Zhu, 2026. "Best Before? Expiring Central Bank Digital Currency and Loss Recovery," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 58(3), pages 787-819, April.
    50. Nocciola, Luca & Zamora-Pérez, Alejandro, 2024. "Transactional demand for central bank digital currency," Working Paper Series 2926, European Central Bank.
    51. Bindseil, Ulrich & Senner, Richard, 2024. "Macroeconomic modelling of CBDC: a critical review," Working Paper Series 2978, European Central Bank.
    52. Abad, Jorge & Nuño, Galo & Thomas, Carlos, 2025. "CBDC and the operational framework of monetary policy," Journal of Monetary Economics, Elsevier, vol. 151(C).
    53. Moro, Alessandro & Nispi Landi, Valerio, 2024. "The external financial spillovers of CBDCs," Journal of Economic Dynamics and Control, Elsevier, vol. 159(C).
    54. Grodecka-Messi, Anna & Zhang, Xin, 2023. "Private bank money vs central bank money: A historical lesson for CBDC introduction," Journal of Economic Dynamics and Control, Elsevier, vol. 154(C).
    55. Emilio Barucci & Andrea Gurgone & Giulia Iori & Michele Azzone, 2025. "Central Bank Digital Currency, Flight-to-Quality, and Bank-Runs in an Agent-Based Model," Papers 2510.21071, arXiv.org, revised Oct 2025.
    56. Giuseppe Gurrado & Donato Masciandaro, 2025. "Stablecoins vs CBDCs: the Digital Money Race in the Scientific and Social Networks," BAFFI CAREFIN Working Papers 25254, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    57. Gobbi, Lucio & D'Ippoliti, Carlo & Temperini, Jacopo, 2024. "The distributive impact of unconventional monetary policies – old and new," MPRA Paper 122934, University Library of Munich, Germany.
    58. Mishra, Bineet & Prasad, Eswar, 2023. "A Simple Model of a Central Bank Digital Currency," IZA Discussion Papers 16154, IZA Network @ LISER.

  3. Williamson, Stephen D., 2019. "Interest on reserves, interbank lending, and monetary policy," Journal of Monetary Economics, Elsevier, vol. 101(C), pages 14-30.
    See citations under working paper version above.
  4. Stephen Williamson, 2019. "Low real interest rates and the zero lower bound," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 31, pages 36-62, January.
    See citations under working paper version above.
  5. Stephen Williamson, 2019. "Neo-Fisherism and inflation control," Canadian Journal of Economics, Canadian Economics Association, vol. 52(3), pages 882-913, August.

    Cited by:

    1. Ida, Daisuke, 2024. "Household heterogeneity and the price puzzle in a new Keynesian model," Journal of Macroeconomics, Elsevier, vol. 79(C).
    2. Airaudo, Marco & Hajdini, Ina, 2023. "Wealth effects, price markups, and the neo-Fisherian hypothesis," European Economic Review, Elsevier, vol. 157(C).
    3. Marco Bassetto & Thomas J. Sargent, 2020. "Shotgun Wedding: Fiscal and Monetary Policy," Staff Report 599, Federal Reserve Bank of Minneapolis.
    4. Ida, Daisuke, 2024. "The neo-Fisherian effect in a new Keynesian model with real money balances," MPRA Paper 120575, University Library of Munich, Germany.

  6. Williamson, Stephen D., 2018. "Can the fiscal authority constrain the central bank?," Journal of Economic Dynamics and Control, Elsevier, vol. 89(C), pages 154-172.

    Cited by:

    1. Marco Bassetto & David S. Miller, 2022. "A monetary-fiscal theory of sudden inflations," IFS Working Papers W22/56, Institute for Fiscal Studies.
    2. Kim, Jeong-Yoo & Choi, Hyung Sun, 2023. "Monetary policy, fiscal policy and cross signal jamming," Journal of Macroeconomics, Elsevier, vol. 75(C).
    3. Andolfatto, David & Martin, Fernando M., 2018. "Monetary policy and liquid government debt," Journal of Economic Dynamics and Control, Elsevier, vol. 89(C), pages 183-199.
    4. Carmignani, Fabrizio, 2025. "The partisanship of a central banker," Journal of Macroeconomics, Elsevier, vol. 83(C).
    5. David S. Miller, 2021. "A Monetary-Fiscal Theory of Sudden Inflations and Currency Crises," Finance and Economics Discussion Series 2021-057, Board of Governors of the Federal Reserve System (U.S.).
    6. Roudari, Soheil & Salmani, Yunes, 2020. "Macroeconomic Effects of Government Debt to Banks in Iran," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 15(4), pages 403-422, October.

  7. Stephen D. Williamson, 2018. "Low Real Interest Rates, Collateral Misrepresentation, and Monetary Policy," American Economic Journal: Macroeconomics, American Economic Association, vol. 10(4), pages 202-233, October.
    See citations under working paper version above.
  8. Stephen D. Williamson, 2018. "Inflation Control: Do Central Bankers Have It Right?," Review, Federal Reserve Bank of St. Louis, vol. 100(2), pages 127-150.

    Cited by:

    1. Marco Airaudo & Ina Hajdini, 2021. "Consistent Expectations Equilibria In Markov Regime Switching Models And Inflation Dynamics," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 62(4), pages 1401-1430, November.
    2. Carlos Garriga & Finn E. Kydland & Roman Šustek, 2019. "MoNK: Mortgages in a New-Keynesian Model," Working Papers 2019-32, Federal Reserve Bank of St. Louis.
    3. Sune Karlsson & Pär Österholm, 2020. "A note on the stability of the Swedish Phillips curve," Empirical Economics, Springer, vol. 59(6), pages 2573-2612, December.
    4. Andrew Phiri, 2019. "Is Neo-Fisherian ‘alive’ in South Africa? A frequency domain causality approach," Working Papers 1911, Department of Economics, Nelson Mandela University, revised Nov 2019.
    5. Lutho Mbekeni & Andrew Phiri, 2019. "Can the South African Reserve Bank (SARB) protect the purchasing power of citizens? A new look at Fisher’s hypothesis," Working Papers 1906, Department of Economics, Nelson Mandela University, revised Sep 2019.
    6. Airaudo, Marco & Hajdini, Ina, 2023. "Wealth effects, price markups, and the neo-Fisherian hypothesis," European Economic Review, Elsevier, vol. 157(C).
    7. Stephen Williamson, 2019. "Neo‐Fisherism and inflation control," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 52(3), pages 882-913, August.
    8. Nasir, Muhammad Ali, 2021. "Zero Lower Bound and negative interest rates: Choices for monetary policy in the UK," Journal of Policy Modeling, Elsevier, vol. 43(1), pages 200-229.
    9. Stephen Williamson, 2019. "Low real interest rates and the zero lower bound," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 31, pages 36-62, January.
    10. Ioannis N. Kallianiotis, 2021. "Monetary Policy Rules vs Discretion: Social Cost and Benefits," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 11(5), pages 1-6.

  9. Stephen D. Williamson, 2018. "Is Bitcoin a Waste of Resources?," Review, Federal Reserve Bank of St. Louis, vol. 100(2), pages 107-115.

    Cited by:

    1. Balcilar, Mehmet & Ozdemir, Huseyin & Agan, Busra, 2022. "Effects of COVID-19 on cryptocurrency and emerging market connectedness: Empirical evidence from quantile, frequency, and lasso networks," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 604(C).
    2. James Chapman & Carolyn A. Wilkins, 2019. "Crypto ‘Money’: Perspective of a Couple of Canadian Central Bankers," Discussion Papers 2019-1, Bank of Canada.
    3. Sokolov, Konstantin, 2021. "Ransomware activity and blockchain congestion," Journal of Financial Economics, Elsevier, vol. 141(2), pages 771-782.
    4. Juan Carlos Henao & Liliana López-Jiménez, 2021. "Disrupción tecnológica, transformación digital y sociedad. Tomo IV, Aires de revolución : nuevos desafíos tecnológicos a las instituciones económicas, financieras y organizacionales de nuestros tiempos," Books, Universidad Externado de Colombia, Facultad de Derecho, number 1283.
    5. Feng Dong & Zhiwei Xu & Yu Zhang, 2022. "Bubbly Bitcoin," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 74(3), pages 973-1015, October.
    6. Kliber, Agata & Marszałek, Paweł & Musiałkowska, Ida & Świerczyńska, Katarzyna, 2019. "Bitcoin: Safe haven, hedge or diversifier? Perception of bitcoin in the context of a country’s economic situation — A stochastic volatility approach," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 524(C), pages 246-257.

  10. Stephen D. Williamson, 2017. "Quantitative Easing: How Well Does This Tool Work?," The Regional Economist, Federal Reserve Bank of St. Louis, vol. 25(3).

    Cited by:

    1. KAMKOUM, Arnaud Cedric, 2023. "The Federal Reserve’s Response to the Global Financial Crisis and its Effects: An Interrupted Time-Series Analysis of the Impact of its Quantitative Easing Programs," Thesis Commons d7pvg, Center for Open Science.
    2. van Buggenum, Hugo, 2021. "Banks and financial markets in microfounded models of money," Other publications TiSEM f6e8dc53-9a1b-4f66-9cef-b, Tilburg University, School of Economics and Management.
    3. Ronald Mau, 2023. "What Is in a Name? Purchases and Sales of Financial Assets as a Monetary Policy Instrument," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 55(6), pages 1507-1533, September.
    4. Xiong, Wanting & Wang, Yougui, 2022. "A reformulation of the bank lending channel under multiple prudential regulations," Economic Modelling, Elsevier, vol. 114(C).
    5. Belke, Ansgar & Gros, Daniel, 2019. "QE in the euro area: Has the PSPP benefited peripheral bonds?," Ruhr Economic Papers 803, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    6. Mulaahmetovic, Inda, 2022. "Evaluating the Effectiveness of Quantitative Easing Measures of the Federal Reserve and the European Central Bank," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 12(3), pages 141-163.
    7. Arnaud Cedric Kamkoum, 2023. "The Federal Reserve's Response to the Global Financial Crisis and Its Long-Term Impact: An Interrupted Time-Series Natural Experimental Analysis," Papers 2305.12318, arXiv.org.
    8. Tarron Khemraj & Sherry Yu, 2023. "Inflation Dynamics and Quantitative Easing," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 49(4), pages 613-638, October.
    9. Matthias Neuenkirch, 2020. "An Unconventional Approach to Evaluate the Bank of England’s Asset Purchase Program," Open Economies Review, Springer, vol. 31(1), pages 79-94, February.
    10. De Koning, Kees, 2018. "Conversion Theory: the key to understanding economic developments before and after the 2008 financial crisis," MPRA Paper 90161, University Library of Munich, Germany.
    11. Stephen Williamson, 2019. "Neo‐Fisherism and inflation control," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 52(3), pages 882-913, August.
    12. Riedler, Jesper & Koziol, Tina, 2021. "Scaling, unwinding and greening QE in a calibrated portfolio balance model," ZEW Discussion Papers 21-086, ZEW - Leibniz Centre for European Economic Research.
    13. Vides, José Carlos & Golpe, Antonio A. & Iglesias, Jesús, 2020. "The EHTS and the persistence in the spread reconsidered. A fractional cointegration approach," International Review of Economics & Finance, Elsevier, vol. 69(C), pages 124-137.
    14. John Meszaros & Eric Olson, 2020. "The effects of U.S. quantitative easing on South Africa," Review of Financial Economics, John Wiley & Sons, vol. 38(2), pages 321-331, April.

  11. Stephen Williamson, 2017. "The Curse of Cash," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 52(1), pages 78-80, January.

    Cited by:

    1. Hendrickson, Joshua R. & Park, Jaevin, 2021. "The case against eliminating large denomination bills," Journal of Macroeconomics, Elsevier, vol. 68(C).

  12. Stephen D. Williamson, 2016. "Neo-Fisherism: A Radical Idea, or the Most Obvious Solution to the Low-Inflation Problem?," The Regional Economist, Federal Reserve Bank of St. Louis, issue July.

    Cited by:

    1. Bossone, Biagio, 2021. "Commercial bank seigniorage and the macroeconomy," International Review of Financial Analysis, Elsevier, vol. 76(C).
    2. Hafsa Hina, 2024. "Unveiling the Neo-Fisher Effect: Evidence from Pakistan," Journal of South Asian Development, , vol. 19(3), pages 387-407, December.
    3. Stephen Williamson, 2017. "The Curse of Cash," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 52(1), pages 78-80, January.
    4. Javier Villar Burke, 2016. "Stocks or flows? New thinking about monetary transmission through the lending channel," Working Papers 2016.04, International Network for Economic Research - INFER.
    5. Marieh Azizirad, 2022. "Fisher vs Keynes: Does an Interest Rate Hike Cause Inflation to Increase or Decrease?," Discussion Papers dp22-08, Department of Economics, Simon Fraser University.
    6. Yunjong Eo & Denny Lie, 2020. "Changes in the Inflation Target and the Comovement between Inflation and the Nominal Interest Rate," Discussion Paper Series 2003, Institute of Economic Research, Korea University.
    7. David Andolfatto, 2021. "Is It Time for Some Unpleasant Monetarist Arithmetic?," Review, Federal Reserve Bank of St. Louis, vol. 103(3), pages 315-332, July.
    8. Andolfatto, David & Martin, Fernando M., 2018. "Monetary policy and liquid government debt," Journal of Economic Dynamics and Control, Elsevier, vol. 89(C), pages 183-199.
    9. Christian Pfister & Jean-Guillaume Sahuc, 2020. "Unconventional Monetary Policies: A Stock-Taking Exercise," Working papers 761, Banque de France.
    10. Stefano Neri & Giuseppe Ferrero, 2017. "Monetary policy in a low interest rate environment," Questioni di Economia e Finanza (Occasional Papers) 392, Bank of Italy, Economic Research and International Relations Area.
    11. Lukmanova, Elizaveta & Rabitsch, Katrin, 2023. "Evidence on monetary transmission and the role of imperfect information: Interest rate versus inflation target shocks," European Economic Review, Elsevier, vol. 158(C).
    12. Nasir, Muhammad Ali, 2021. "Zero Lower Bound and negative interest rates: Choices for monetary policy in the UK," Journal of Policy Modeling, Elsevier, vol. 43(1), pages 200-229.
    13. Meyer Danie Francois & Chipeta Chama & Camel Richard Thabang Mc, 2018. "An Analysis of the Effectiveness of Interest Rates to Facilitate Price Stability and Economic Growth in South Africa," Studia Universitatis Babeș-Bolyai Oeconomica, Paradigm, vol. 63(3), pages 68-90, December.
    14. Pleșcău Ioana, 2017. "Monetary Policy and Inflation: Is there a Neo- Fisher Effect? Evidence from Inflation Targeting Countries in Central and Eastern Europe," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 578-583, June.
    15. Ioannis N. Kallianiotis, 2021. "Monetary Policy Rules vs Discretion: Social Cost and Benefits," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 11(5), pages 1-6.

  13. Stephen D. Williamson, 2016. "Current Federal Reserve Policy under the Lens of Economic History: A Review Essay," Journal of Economic Literature, American Economic Association, vol. 54(3), pages 922-934, September.
    See citations under working paper version above.
  14. Stephen D. Williamson, 2016. "Interest Rate Control Is More Complicated Than You Thought," The Regional Economist, Federal Reserve Bank of St. Louis, issue April.

    Cited by:

    1. Silvia Bressan, 2018. "The impact of banks’ liquidity reserves on lending," Journal of Banking Regulation, Palgrave Macmillan, vol. 19(4), pages 337-345, November.
    2. Jordan, Jerry L. & Luther, William J., 2022. "Central bank independence and the Federal Reserve's new operating regime," The Quarterly Review of Economics and Finance, Elsevier, vol. 84(C), pages 510-515.

  15. Williamson, Stephen D., 2016. "Scarce collateral, the term premium, and quantitative easing," Journal of Economic Theory, Elsevier, vol. 164(C), pages 136-165.
    See citations under working paper version above.
  16. Andolfatto, David & Williamson, Stephen, 2015. "Scarcity of safe assets, inflation, and the policy trap," Journal of Monetary Economics, Elsevier, vol. 73(C), pages 70-92.
    See citations under working paper version above.
  17. Stephen D. Williamson, 2015. "The Road to Normal: New Directions in Monetary Policy," Annual Report, Federal Reserve Bank of St. Louis, pages 6-23.

    Cited by:

    1. Dong-Yop Oh & Hyejin Lee & Karl David Boulware, 2020. "A comment on interest rate pass-through: a non-normal approach," Empirical Economics, Springer, vol. 59(4), pages 2017-2035, October.

  18. Mark Gertler & Stephen Williamson, 2015. "Introduction to the special issue on money, credit, and financial frictions," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(1), pages 1-2, January.

    Cited by:

    1. Grilli, Ruggero & Tedeschi, Gabriele & Gallegati, Mauro, 2020. "Business fluctuations in a behavioral switching model: Gridlock effects and credit crunch phenomena in financial networks," Journal of Economic Dynamics and Control, Elsevier, vol. 114(C).

  19. Stephen D. Williamson, 2015. "Keynesian Inefficiency and Optimal Policy: A New Monetarist Approach," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(S2), pages 197-222, June.
    See citations under working paper version above.
  20. Francesca Carapella & Stephen Williamson, 2015. "Credit Markets, Limited Commitment, and Government Debt," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 82(3), pages 963-990.
    See citations under working paper version above.
  21. Stephen D. Williamson, 2015. "Monetary Policy Normalization in the United States," Review, Federal Reserve Bank of St. Louis, vol. 97(2), pages 87-108.

    Cited by:

    1. Silvia Bressan, 2018. "The impact of banks’ liquidity reserves on lending," Journal of Banking Regulation, Palgrave Macmillan, vol. 19(4), pages 337-345, November.
    2. Ida, Daisuke, 2023. "The effect of real money balances on international monetary policy transmission," Journal of International Money and Finance, Elsevier, vol. 139(C).
    3. Beckworth, David, 2017. "Permanent versus temporary monetary base Injections: Implications for past and future Fed Policy," Journal of Macroeconomics, Elsevier, vol. 54(PA), pages 110-126.
    4. Stephen D. Williamson, 2016. "Current Federal Reserve Policy under the Lens of Economic History: A Review Essay," Journal of Economic Literature, American Economic Association, vol. 54(3), pages 922-934, September.

  22. Stephen Williamson, 2014. "The Balance Sheet and the Future of Fed Policy," Open Economies Review, Springer, vol. 25(1), pages 163-170, February.

    Cited by:

    1. Julien Pinter, 2017. "Central bank financial strength and inflation: an empirical reassessment considering the key role of the fiscal support," Documents de travail du Centre d'Economie de la Sorbonne 17055, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.

  23. Stephen D. Williamson, 2014. "Monetary policy in the United States: a brave new world?," Review, Federal Reserve Bank of St. Louis, vol. 96(2), pages 111-122.

    Cited by:

    1. Doroftei Mădălina & Pătruți Alexandru, 2018. "Central Bank Independence and economic crises: how both the fed and ECB managed to rely on unconventional monetary policies," Proceedings of the International Conference on Business Excellence, Paradigm, vol. 12(1), pages 335-348, May.
    2. Stephen D. Williamson, 2015. "Monetary Policy Normalization in the United States," Review, Federal Reserve Bank of St. Louis, vol. 97(2), pages 87-108.
    3. Nicholas Apergis & Chritina Christou & Tasawar Hayat & Tareq Saeed, 2020. "U.S. Monetary Policy and Herding: Evidence from Commodity Markets," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 48(3), pages 355-374, September.
    4. Ioannis N. Kallianiotis, 2015. "Economic Crises and the Substitution of Fiscal Policy by Monetary Policy," International Journal of Economics and Financial Issues, International Journal of Economics and Financial Issues, vol. 5(1), pages 44-68.

  24. Stephen D. Williamson, 2012. "New Monetarist Economics: Understanding Unconventional Monetary Policy," The Economic Record, The Economic Society of Australia, vol. 88(s1), pages 10-21, June.

    Cited by:

    1. Richard A. Iley & Mervyn K. Lewis, 2013. "Global Finance After the Crisis," Books, Edward Elgar Publishing, number 15075.
    2. Valentin Jouvanceau, 2019. "Quantitative Easing and Excess Reserves," Working Papers 1910, Groupe d'Analyse et de Théorie Economique Lyon St-Etienne (GATE Lyon St-Etienne), Université de Lyon.
    3. Yener Gök, Zeynep, 2018. "Yeni Parasalcılık: Bir Yazın Taraması [New Monetarism: A Survey Of The Literature]," MPRA Paper 88349, University Library of Munich, Germany.

  25. Stephen D. Williamson, 2012. "Liquidity, Monetary Policy, and the Financial Crisis: A New Monetarist Approach," American Economic Review, American Economic Association, vol. 102(6), pages 2570-2605, October.

    Cited by:

    1. Dong, Mei & Xiao, Sylvia Xiaolin, 2024. "Idle liquidity, CBDC and banking," European Economic Review, Elsevier, vol. 164(C).
    2. Kiyotaki, Nobuhiro & Lagos, Ricardo & Wright, Randall, 2016. "Introduction to the symposium issue on money and liquidity," Journal of Economic Theory, Elsevier, vol. 164(C), pages 1-9.
    3. Jermann, Urban & Xiang, Haotian, 2023. "Dynamic banking with non-maturing deposits," Journal of Economic Theory, Elsevier, vol. 209(C).
    4. Park, Jaevin & Kwon, Ohik, 2023. "Stablecoins: Legal restrictions theory and monetary policy," Economics Letters, Elsevier, vol. 226(C).
    5. Lee, Seungduck, 2016. "Money, Asset Prices and the Liquidity Premium," MPRA Paper 75869, University Library of Munich, Germany.
    6. Meixing Dai & Frédéric Dufourt & Qiao Zhang, 2013. "Large Scale Asset Purchases with Segmented Mortgage and Corporate Loan Markets," Working Papers halshs-00842279, HAL.
    7. Hendrickson, Joshua R., 2017. "Interest on reserves, settlement, and the effectiveness of monetary policy," Journal of Macroeconomics, Elsevier, vol. 54(PB), pages 208-216.
    8. Athanasios Geromichalos & Lucas Herrenbrueck, 2022. "The Liquidity-Augmented Model of Macroeconomic Aggregates: A New Monetarist DSGE Approach," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 45, pages 134-167, July.
    9. Tarishi Matsuoka & Makoto Watanabe, 2025. "Banking Crises and Central Bank Digital Currency in a Monetary Economy," CESifo Working Paper Series 11922, CESifo.
    10. Lukas Altermatt & Kohei Iwasaki & Randall Wright, 2023. "General Equilibrium with Multiple Liquid Assets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 267-291, December.
    11. Williamson, Stephen D., 2022. "Central bank digital currency and flight to safety," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    12. Ben Charoenwong & Randall Morck & Yupana Wiwattanakantang, 2019. "Bank of Japan Equity Purchases: The (Non-)Effects of Extreme Quantitative Easing," NBER Working Papers 25525, National Bureau of Economic Research, Inc.
    13. Berentsen, Aleksander & Huber, Samuel & Marchesiani, Alessandro, 2016. "The societal benefit of a financial transaction tax," European Economic Review, Elsevier, vol. 89(C), pages 303-323.
    14. Lukas Altermatt, 2019. "Inside Money, Investment, and Unconventional Monetary Policy," 2019 Meeting Papers 470, Society for Economic Dynamics.
    15. Chao Gu & Joseph Haslag, 2014. "Unconventional Optimal Open Market Purchases," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 17(3), pages 543-558, July.
    16. Silva, Mario Rafael, 2019. "Corporate finance, monetary policy, and aggregate demand," Journal of Economic Dynamics and Control, Elsevier, vol. 102(C), pages 1-28.
    17. Wang, Tianxi, 2014. "Lend out IOU: A Model of Money Creation by Banks and Central Banking," Economics Discussion Papers 12227, University of Essex, Department of Economics.
    18. João F. Gomes & Marco Grotteria & Jessica Wachter, 2018. "Foreseen Risks," NBER Working Papers 25277, National Bureau of Economic Research, Inc.
    19. Stephen Williamson, 2014. "The Balance Sheet and the Future of Fed Policy," Open Economies Review, Springer, vol. 25(1), pages 163-170, February.
    20. Geromichalos, Athanasios & Herrenbrueck, Lucas M. & Salyer, Kevin D., 2016. "A search-theoretic model of the term premium," Theoretical Economics, Econometric Society, vol. 11(3), September.
    21. Lee, Seungduck, 2016. "Money, Asset Prices and the Liquidity Premium," MPRA Paper 74010, University Library of Munich, Germany.
    22. Lucas Marc Fuhrer & Benjamin Müller & Luzian Steiner, 2016. "The Liquidity Coverage Ratio and Security Prices," Working Papers 2016-11, Swiss National Bank.
    23. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95.
    24. Luis Araujo & Bernardo Guimaraes, 2017. "A Coordination Approach to the Essentiality of Money," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 24, pages 14-24, March.
    25. Lucas Herrenbrueck, 2019. "Interest rates, moneyness, and the Fisher equation," 2019 Meeting Papers 1409, Society for Economic Dynamics.
    26. Benjamin Eden & Maya Eden, 2016. "The Welfare Cost Of Inflation And The Regulations Of Money Substitutes," Vanderbilt University Department of Economics Working Papers 16-00001, Vanderbilt University Department of Economics.
    27. van Buggenum, Hugo, 2021. "Risk, Inside Money, and the Real Economy," Other publications TiSEM daabe114-81fa-44fc-aafd-b, Tilburg University, School of Economics and Management.
    28. Daniel R. Sanches, 2014. "Banking panics and protracted recessions," Working Papers 14-37, Federal Reserve Bank of Philadelphia.
    29. Lukas Altermatt & Christian Wipf, 2020. "Liquidity, the Mundell-Tobin Effect, and the Friedman Rule," Diskussionsschriften dp2013, Universitaet Bern, Departement Volkswirtschaft.
    30. Edward C. Prescott & Ryan Wessel, 2016. "Fiat Value in the Theory of Value," Staff Report 530, Federal Reserve Bank of Minneapolis.
    31. Stephen D. Williamson, 2014. "Low Real Interest Rates, Collateral Misrepresentation, and Monetary Policy," Working Papers 2014-26, Federal Reserve Bank of St. Louis.
    32. Liu, Yu-Chen & Li, Yiting, 2024. "Corporate finance, collateralized borrowing, and monetary policy," European Economic Review, Elsevier, vol. 170(C).
    33. Han, Han, 2015. "Over-the-Counter Markets, Intermediation, and Monetary Policy," MPRA Paper 68709, University Library of Munich, Germany.
    34. John Duffy & Daniela Puzzello, 2022. "The Friedman Rule: Experimental Evidence," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 63(2), pages 671-698, May.
    35. Ádám Balog & György Matolcsy & Nagy Márton & Balázs Vonnák, 2014. "Credit crunch in Hungary between 2009 and 2013: is the creditless period over?," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 13(4), pages 11-34.
    36. Son, Jaemin & Ryu, Doojin & Webb, Robert I., 2023. "Central bank digital currency: Payment choices and commercial bank profitability," International Review of Financial Analysis, Elsevier, vol. 90(C).
    37. van Buggenum, Hugo, 2021. "Banks and financial markets in microfounded models of money," Other publications TiSEM f6e8dc53-9a1b-4f66-9cef-b, Tilburg University, School of Economics and Management.
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    108. Feng Dong & Yi Wen, 2017. "Optimal Monetary Policy under Negative Interest Rate," Working Papers 2017-19, Federal Reserve Bank of St. Louis.
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    110. Todd Keister & Daniel R. Sanches, 2021. "Should Central Banks Issue Digital Currency?," Working Papers 21-37, Federal Reserve Bank of Philadelphia.
    111. Chattopadhyay, Siddhartha & Daniel, Betty C., 2015. "Taylor-Rule Exit Policies for the Zero Lower Bound," MPRA Paper 66076, University Library of Munich, Germany.
    112. Mark Gertler & Peter Karadi, 2013. "QE 1 vs. 2 vs. 3. . . : A Framework for Analyzing Large-Scale Asset Purchases as a Monetary Policy Tool," International Journal of Central Banking, International Journal of Central Banking, vol. 9(1), pages 5-53, January.
    113. Carli, Francesco & Gomis Porqueras, Pedro, 2019. "Real consequences of open market operations: the role of limited commitment," MPRA Paper 94088, University Library of Munich, Germany.
    114. Andolfatto, David & Williamson, Stephen, 2015. "Scarcity of safe assets, inflation, and the policy trap," Journal of Monetary Economics, Elsevier, vol. 73(C), pages 70-92.
    115. Choi, Michael & Rocheteau, Guillaume, 2023. "A model of retail banking and the deposits channel of monetary policy," Journal of Monetary Economics, Elsevier, vol. 139(C), pages 127-147.
    116. Marco Bassetto & Thomas J. Sargent, 2020. "Shotgun Wedding: Fiscal and Monetary Policy," Staff Report 599, Federal Reserve Bank of Minneapolis.
    117. Jeong, Minhyeon, 2015. "Optimal policy in an economy with human capital where money is essential," Economics Letters, Elsevier, vol. 136(C), pages 103-107.
    118. Seungduck Lee & Kuk Mo Jung, 2020. "A Liquidity‐Based Resolution of the Uncovered Interest Parity Puzzle," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(6), pages 1397-1433, September.
    119. Le, Vo Phuong Mai & Meenagh, David & Minford, Patrick, 2021. "State-dependent pricing turns money into a two-edged sword: A new role for monetary policy," Journal of International Money and Finance, Elsevier, vol. 119(C).
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    121. Parantap Basu, 2014. "Quantitative Easing in an Endogenous Growth Model," CEMAP Working Papers 2014_01, Durham University Business School.
    122. Robert Oleschak, 2021. "Financial inclusion, technology and their impacts on monetary and fiscal policy: theory and evidence," Working Papers 2021-04, Swiss National Bank.
    123. Beck, Thorsten & Colciago, Andrea & Pfajfar, Damjan, 2014. "The role of financial intermediaries in monetary policy transmission," Journal of Economic Dynamics and Control, Elsevier, vol. 43(C), pages 1-11.
    124. Fatih Tuluk, 2021. "Collateral Misrepresentation, External Auditing, and Optimal Supervisory Policy," Open Economies Review, Springer, vol. 32(5), pages 975-1016, November.
    125. Marco Airaudo & María Pía Olivero, 2019. "Optimal Monetary Policy with Countercyclical Credit Spreads," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 51(4), pages 787-829, June.
    126. Liu, Tao & Lu, Dong & Woo, Wing Thye, 2019. "Trade, finance and international currency," Journal of Economic Behavior & Organization, Elsevier, vol. 164(C), pages 374-413.
    127. Kim, Duhyeong, 2023. "International effects of quantitative easing and foreign exchange intervention," Journal of International Economics, Elsevier, vol. 145(C).
    128. Tarishi Matsuoka & Makoto Watanabe, 2023. "A Monetary Equilibrium with the Lender of Last Resort," CESifo Working Paper Series 10439, CESifo.
    129. Stephen D. Williamson, 2016. "Current Federal Reserve Policy under the Lens of Economic History: A Review Essay," Journal of Economic Literature, American Economic Association, vol. 54(3), pages 922-934, September.
    130. Hu, Tai-Wei & Li, Yiting & Liu, Yilei, 2025. "Optimal banking regulation and monetary policy," European Economic Review, Elsevier, vol. 178(C).
    131. Lee, Seungduck, 2016. "Money, Asset Prices and the Liquidity Premium," MPRA Paper 73533, University Library of Munich, Germany.
    132. Yener Gök, Zeynep, 2018. "Yeni Parasalcılık: Bir Yazın Taraması [New Monetarism: A Survey Of The Literature]," MPRA Paper 88349, University Library of Munich, Germany.
    133. Kee-Youn Kang, 2019. "Central Bank purchases of private assets: An evaluation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 31, pages 326-346, January.
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    135. Lee, Seungduck, 2016. "Money, Asset Prices and the Liquidity Premium," MPRA Paper 74615, University Library of Munich, Germany.
    136. Edgar A. Ghossoub & Robert R. Reed, 2025. "Income inequality, banking competition, and monetary policy," Southern Economic Journal, John Wiley & Sons, vol. 91(3), pages 1069-1106, January.
    137. Chao Gu & Joseph Haslag, 2011. "Endogenous Credit Cycles," Working Papers 1114, Department of Economics, University of Missouri.
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  26. Sanches, Daniel & Williamson, Stephen, 2011. "Adverse Selection, Segmented Markets, And The Role Of Monetary Policy," Macroeconomic Dynamics, Cambridge University Press, vol. 15(S2), pages 269-292, September.
    See citations under working paper version above.
  27. Stephen D. Williamson, 2011. "A Defence of Contemporary Economics: Zombie Economics in Review," Agenda - A Journal of Policy Analysis and Reform, Australian National University, College of Business and Economics, School of Economics, vol. 18(3), pages 55-86.

    Cited by:

    1. Athreya, Kartik B., 2014. "Big Ideas in Macroeconomics: A Nontechnical View," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262019736, December.
    2. Roos, Michael W. M., 2015. "The macroeconomics of radical uncertainty," Ruhr Economic Papers 592, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.

  28. Stephen D. Williamson & Randall Wright, 2010. "New monetarist economics: methods," Review, Federal Reserve Bank of St. Louis, vol. 92(May), pages 265-302.
    See citations under working paper version above.
  29. Sanches, Daniel & Williamson, Stephen, 2010. "Money and credit with limited commitment and theft," Journal of Economic Theory, Elsevier, vol. 145(4), pages 1525-1549, July.
    See citations under working paper version above.
  30. Stephen D. Williamson, 2009. "Transactions, Credit, and Central Banking in a Model of Segmented Markets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 12(2), pages 344-362, April.
    See citations under working paper version above.
  31. Stephen D. Williamson, 2008. "New Keynesian economics : a monetary perspective," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 94(Sum), pages 197-218.

    Cited by:

    1. Akhand Akhtar Hossain, 2015. "The Evolution of Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 14611.
    2. Akhand Hossain, 2014. "Monetary policy, inflation, and inflation volatility in Australia," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 36(4), pages 745-780.
    3. Andreas Hornstein, 2008. "Introduction to the New Keynesian Phillips curve," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 94(Fall), pages 301-309.
    4. Yicheng Wei & Junzo Watada & Zijin Wang, 2025. "Topology Unveiled: A New Horizon for Economic and Financial Modeling," Mathematics, MDPI, vol. 13(2), pages 1-34, January.

  32. Williamson, Stephen D., 2008. "Monetary policy and distribution," Journal of Monetary Economics, Elsevier, vol. 55(6), pages 1038-1053, September.
    See citations under working paper version above.
  33. Stephen D. Williamson, 2006. "Search, Limited Participation, And Monetary Policy ," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 47(1), pages 107-128, February.
    See citations under working paper version above.
  34. Diego Winkelried Quezada, 2005. "Tendencias comunes y análisis de la política monetaria en el Perú," Monetaria, CEMLA, vol. 0(3), pages 279-317, julio-sep.

    Cited by:

    1. Lahura, Erick, 2012. "Midiendo los efectos de la política monetaria a través de las expectativas de mercado," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 23, pages 39-52.
    2. Lahura, Erick, 2012. "Measuring the Effects of Monetary Policy Using Market Expectations," Working Papers 2012-005, Banco Central de Reserva del Perú.
    3. Carlos Fernando Daza Moreno & Jorge Mario Uribe, 2016. "Efectos de los cambios de la tasa de interés de Estados Unidos sobre Colombia, Perú y Chile," Revista de Economía del Caribe, Universidad del Norte, vol. 0(0), pages 1-19.
    4. Renzo Rossini & Marco Vega, 2007. "The monetary policy transmission mechanism under financial dollarization: the case of Peru 1996-2006," Working Papers 2007-017, Banco Central de Reserva del Perú.
    5. Castillo, Paul & Pérez, Fernando & Tuesta, Vicente, 2011. "Los mecanismos de transmisión de la política monetaria en Perú," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 21, pages 41-63.
    6. Jhonatan Portilla Goicochea & Gabriel Rodríguez, 2020. "Evolution of Monetary Policy in Peru: An Empirical Application using a Mixture Innovation TVP-VAR-SV Model," Documentos de Trabajo / Working Papers 2020-485, Departamento de Economía - Pontificia Universidad Católica del Perú.
    7. Saki Bigio & Jorge Salas, 2006. "Non-Linear Effects of Monetary Policy and Real Exchange Rate Shocks in Partially Dollarized Economies: An Empirical Study for Peru," Working Papers 2006-008, Banco Central de Reserva del Perú.
    8. Pérez-Forero, Fernando & Vega, Marco, 2014. "The Dynamic Effects of Interest Rates and Reserve Requirements," Working Papers 2014-018, Banco Central de Reserva del Perú.
    9. Salas, Jorge, 2009. "¿Qué explica las fluctuaciones de la inflación en el Perú en el periodo 2002-2008? Evidencia de un análisis VAR estructural," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 16, pages 9-36.
    10. Winkelried, Diego, 2013. "Modelo de Proyección Trimestral del BCRP: Actualización y novedades," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 26, pages 9-60.

  35. Stephen D. Williamson, 2005. "Comment On "The Distribution Of Money Balances And The Nonneutrality Of Money," By Aleksander Berentsen, Gabriele Camera, And Christopher Waller," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 46(2), pages 489-493, May.

    Cited by:

    1. Young Sik Kim & Manjong Lee, 2011. "Intermediary Cost and Coexistence Puzzle," Discussion Paper Series 1103, Institute of Economic Research, Korea University.

  36. Stephen D. Williamson, 2005. "Limited participation and the neutrality of money," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 91(Spr), pages 1-20.

    Cited by:

    1. Kilponen, Juha & Milne, Alistair, 2007. "The lending channel under optimal choice of monetary policy," Bank of Finland Research Discussion Papers 33/2007, Bank of Finland.
    2. Ho Wai-Ming, 2020. "Liquidity constraints, international trade, and optimal monetary policy," The B.E. Journal of Macroeconomics, De Gruyter, vol. 20(2), pages 1-29, June.
    3. Salem Abo-Zaid & Anastasia Zervou, 2016. "Financing of Firms, Labor Reallocation and the Distributional Role of Monetary Policy," Working Papers 20161020_001, Texas A&M University, Department of Economics.
    4. Choi, Hyung Sun, 2015. "Monetary policy, endogenous transactions, and financial market segmentation," Journal of Macroeconomics, Elsevier, vol. 44(C), pages 234-251.
    5. Yulei Peng & Anastasia Zervou, 2014. "Monetary Policy Rules and the Equity Premium," Working Papers 20141115_001, Texas A&M University, Department of Economics.
    6. Zeno Enders, 2006. "Slow Money Dissemination," Economics Working Papers ECO2006/25, European University Institute.
    7. Peng, Yulei & Zervou, Anastasia, 2022. "Monetary policy rules and the equity premium in a segmented markets model," Journal of Macroeconomics, Elsevier, vol. 73(C).
    8. Enders, Zeno, 2017. "Heterogeneous consumers, segmented asset markets, and the real effects of monetary policy," VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking 168227, Verein für Socialpolitik / German Economic Association.
    9. Zervou, Anastasia S., 2013. "Financial market segmentation, stock market volatility and the role of monetary policy," European Economic Review, Elsevier, vol. 63(C), pages 256-272.
    10. Hyung Sun Choi, 2011. "Monetary Policy And Endowment Risk In A Limited Participation Model," Economic Inquiry, Western Economic Association International, vol. 49(1), pages 89-93, January.
    11. Zeng, Zhixiong, 2010. "A theory of the non-neutrality of money with banking frictions and bank recapitalization," MPRA Paper 24752, University Library of Munich, Germany.
    12. Eric Olson & Andrew T. Young, 2015. "Discretionary monetary policy, quantitative easing and the decline in US labor share," Economics and Business Letters, Oviedo University Press, vol. 4(2), pages 63-78.

  37. Stephen Williamson, 2004. "Limited participation, private money, and credit in a spatial model of money," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 24(4), pages 857-875, November.

    Cited by:

    1. Antoine Martin, 2005. "Reconciling Bagehot with the Fed's response to September 11," Staff Reports 217, Federal Reserve Bank of New York.
    2. Sun, Hongfei, 2007. "Aggregate uncertainty, money and banking," Journal of Monetary Economics, Elsevier, vol. 54(7), pages 1929-1948, October.
    3. Mariana Rojas Breu, 2013. "The Welfare Effect Of Access To Credit," Economic Inquiry, Western Economic Association International, vol. 51(1), pages 235-247, January.
    4. Sun, Hongfei, 2007. "Banking, Inside Money and Outside Money," Queen's Economics Department Working Papers 273622, Queen's University - Department of Economics.
    5. Dror Goldberg, 2012. "The tax-foundation theory of fiat money," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 50(2), pages 489-497, June.
    6. Vincent Bignon & Marc Flandreau & Stefano Ugolini, 2012. "Bagehot for Beginners : The Making of Lender of Last Resort Operations in the Mid-Nineteenth Century," Post-Print halshs-00844045, HAL.
    7. Gabriele Camera & Yiting Li, 2008. "Another Example of a Credit System that Co‐Exists with Money," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 40(6), pages 1295-1308, September.
    8. Carolyn Sissoko, 2007. "Why Inside Money Matters," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(8), pages 2097-2105, December.
    9. Antonis Kotidis & Dimitris Malliaropulos & Elias Papaioannou, 2022. "Public and private liquidity during crises times: evidence from Emergency Liquidity Assistance (ELA) to Greek banks," Working Papers 304, Bank of Greece.
    10. Stella Xiuhua Huangfu & Hongfei Sun & Chenggang Zhou & Mei Dong, 2017. "A Macroeconomic Theory of Banking Oligopoly," 2017 Meeting Papers 191, Society for Economic Dynamics.
    11. Antoine Martin, 2009. "Reconciling Bagehot and the Fed's Response to September 11," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(2‐3), pages 397-415, March.
    12. Boel, Paola & Camera, Gabriele, 2004. "Efficient Monetary Allocations and the Illiquidity of Bonds," Purdue University Economics Working Papers 1171, Purdue University, Department of Economics.
    13. Chung, Kyuil, 2009. "Does the liquidity effect guarantee a positive term premium?," Economic Modelling, Elsevier, vol. 26(5), pages 893-903, September.
    14. Aleksander Berentsen & Gabriele Camera & Christopher Waller, "undated". "The Distribution of Money Balances and the Non-Neutrality of Money," IEW - Working Papers 220, Institute for Empirical Research in Economics - University of Zurich.
    15. Sissoko, Carolyn, 2007. "An Idealized View of Financial Intermediation," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy, vol. 1, pages 1-29.
    16. Stephen D. Williamson, 2005. "Limited participation and the neutrality of money," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 91(Spr), pages 1-20.
    17. Li, Yan & Carroll, Wayne, 2011. "The payment mechanisms and liquidity effects," Journal of Macroeconomics, Elsevier, vol. 33(4), pages 656-667.
    18. Sun, Hongfei, 2007. "Banking, Inside Money and Outside Money," MPRA Paper 4504, University Library of Munich, Germany.
    19. Hongfei Sun & Stella Huangfu, 2011. "Private money and bank runs," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 44(3), pages 859-879, August.

  38. Williamson, Stephen D., 2004. "Comment on: "Payment system disruptions and the federal reserve following September 11, 2001"," Journal of Monetary Economics, Elsevier, vol. 51(5), pages 967-970, July.

    Cited by:

    1. James T.E. Chapman & Antoine Martin, 2013. "Rediscounting under Aggregate Risk with Moral Hazard," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(4), pages 651-674, June.

  39. Williamson, Stephen D., 2003. "Payments systems and monetary policy," Journal of Monetary Economics, Elsevier, vol. 50(2), pages 475-495, March.

    Cited by:

    1. Marques Benton & Krista Blair & Marianne Crowe & Scott Schuh, 2007. "The Boston Fed study of consumer behavior and payment choice: a survey of Federal Reserve System employees," Public Policy Discussion Paper 07-1, Federal Reserve Bank of Boston.
    2. Enzo D'Innocenzo & André Lucas & Anne Opschoor & Xingmin Zhang, 2024. "Heterogeneity and dynamics in network models," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 39(1), pages 150-173, January.
    3. Maria Rosa Borges & Lauriano Ulica & Mariya Gubareva, 2020. "Systemic risk in the Angolan interbank payment system – a network approach," Applied Economics, Taylor & Francis Journals, vol. 52(45), pages 4900-4912, September.
    4. Hyung Sun Choi, 2025. "Banking, Costly Credit, and Interest Rates with Limited Commitment," Korean Economic Review, Korean Economic Association, vol. 41, pages 111-140.
    5. Hyung Sun Choi, 2021. "Payments Systems, Liquidity, Collateral, and Central Banking," Korean Economic Review, Korean Economic Association, vol. 37, pages 65-84.
    6. Shouyong Shi, 2006. "A Microfoundation of Monetary Economics," Working Papers tecipa-211, University of Toronto, Department of Economics.
    7. Hyung Sun Choi, 2018. "Inflation Risk, Settlement Cycles, and Monetary Policy," Korean Economic Review, Korean Economic Association, vol. 34, pages 267-282.
    8. Waknis, Parag, 2019. "Demonetization as a Payments System Shock under Goods and Financial Market Segmentation: A Short Run Analysis," MPRA Paper 94171, University Library of Munich, Germany.
    9. Nellie (Yinan) Zhang, 2019. "Estimating the demand for settlement balances in the Canadian Large Value Transfer System: How much is too much?," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 52(2), pages 735-762, May.
    10. Lacker, Jeffrey M. & Weinberg, John A., 2003. "Payment economics: studying the mechanics of exchange," Journal of Monetary Economics, Elsevier, vol. 50(2), pages 381-387, March.
    11. Choi, Hyung Sun, 2023. "Money, payments systems, limited participation, and central banking," The North American Journal of Economics and Finance, Elsevier, vol. 64(C).
    12. Kahn, Charles M. & Roberds, William, 2009. "Why pay? An introduction to payments economics," Journal of Financial Intermediation, Elsevier, vol. 18(1), pages 1-23, January.
    13. Choi, Hyung Sun, 2019. "Money, debit card, gross-settlement risk, and central banking," The North American Journal of Economics and Finance, Elsevier, vol. 50(C).
    14. Shouyong Shi, 2006. "Viewpoint: A microfoundation of monetary economics," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 39(3), pages 643-688, August.
    15. Hyung Sun Choi, 2023. "Payment Systems, Multiple Types of Collateral, Banking, and Collateral Policy," Korean Economic Review, Korean Economic Association, vol. 39, pages 469-493.

  40. Wang, Cheng & Williamson, Stephen D., 2002. "Moral hazard, optimal unemployment insurance, and experience rating," Journal of Monetary Economics, Elsevier, vol. 49(7), pages 1337-1371, October.
    See citations under working paper version above.
  41. Stephen D. Williamson, 2002. "Private money and counterfeiting," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 37-57.

    Cited by:

    1. Ricardo de O. Cavalcanti & Ed Nosal, 2007. "Counterfeiting as private money in mechanism design," Working Papers (Old Series) 0716, Federal Reserve Bank of Cleveland.
    2. Kang, Kee-Youn, 2017. "Counterfeiting, screening and government policy," Journal of Economic Theory, Elsevier, vol. 172(C), pages 26-54.
    3. Leo Ferraris, 2002. "Money and credit in random matching models of money," Working Papers in Public Economics 59, Department of Economics and Law, Sapienza University of Rome.
    4. Zachary Bethune & Guillaume Rocheteau & Russell Wong & Cathy Zhang, 2020. "Lending Relationships and Optimal Monetary Policy," Working Paper 20-13, Federal Reserve Bank of Richmond.
    5. Ed Nosal & Guillaume Rocheteau, 2006. "The economics of payments," Policy Discussion Papers, Federal Reserve Bank of Cleveland, issue Feb.
    6. Charles M. Kahn & Francisco Rivadeneyra & Tsz-Nga Wong, 2018. "Should the Central Bank Issue E-money?," Staff Working Papers 18-58, Bank of Canada.
    7. Vincent Bignon & R. Dutu, 2014. "Coin Assaying and Commodity Money," Working papers 506, Banque de France.

  42. Temzelides, Ted & Williamson, Stephen D., 2001. "Payments Systems Design in Deterministic and Private Information Environments," Journal of Economic Theory, Elsevier, vol. 99(1-2), pages 297-326, July.

    Cited by:

    1. Stephen D. Williamson, 2009. "Transactions, Credit, and Central Banking in a Model of Segmented Markets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 12(2), pages 344-362, April.
    2. Shi, Shouyong, 2008. "Efficiency improvement from restricting the liquidity of nominal bonds," Journal of Monetary Economics, Elsevier, vol. 55(6), pages 1025-1037, September.
    3. Koeppl, Thorsten & Monnet, Cyril & Temzelides, Ted, 2006. "A Dynamic Model of Settlement," Queen's Economics Department Working Papers 273529, Queen's University - Department of Economics.
    4. Thorsten Koeppl & Cyril Monnet & Ted Temzelides, 2005. "Mechanism Design and Payments," 2005 Meeting Papers 11, Society for Economic Dynamics.
    5. Pedro Gomis‐Porqueras & Daniel Sanches, 2013. "Optimal Monetary Policy in a Model of Money and Credit," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(4), pages 701-730, June.
    6. Thorsten Koeppl & Cyril Monnet & Ted Temzelides, 2007. "A dynamic model of the payment system," Working Papers 07-22, Federal Reserve Bank of Philadelphia.
    7. Hyung Sun Choi, 2021. "Payments Systems, Liquidity, Collateral, and Central Banking," Korean Economic Review, Korean Economic Association, vol. 37, pages 65-84.
    8. Shouyong Shi, 2006. "A Microfoundation of Monetary Economics," Working Papers tecipa-211, University of Toronto, Department of Economics.
    9. Hyung Sun Choi, 2018. "Inflation Risk, Settlement Cycles, and Monetary Policy," Korean Economic Review, Korean Economic Association, vol. 34, pages 267-282.
    10. Williamson, Stephen D., 2003. "Payments systems and monetary policy," Journal of Monetary Economics, Elsevier, vol. 50(2), pages 475-495, March.
    11. Ed Nosal & Guillaume Rocheteau, 2006. "The economics of payments," Policy Discussion Papers, Federal Reserve Bank of Cleveland, issue Feb.
    12. Waknis, Parag, 2019. "Demonetization as a Payments System Shock under Goods and Financial Market Segmentation: A Short Run Analysis," MPRA Paper 94171, University Library of Munich, Germany.
    13. Stephen D. Williamson, 2002. "Private money and counterfeiting," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 37-57.
    14. Antoine Martin, 2002. "Optimal pricing of intra-day liquidity," Research Working Paper RWP 02-02, Federal Reserve Bank of Kansas City.
    15. Daniel, Sanches, 2011. "A dynamic model of unsecured credit," Journal of Economic Theory, Elsevier, vol. 146(5), pages 1941-1964, September.
    16. Koeppl, Thorsten & Monnet, Cyril & Temzelides, Ted, 2009. "Optimal Clearing Arrangements for Financial Trades," Queen's Economics Department Working Papers 273708, Queen's University - Department of Economics.
    17. Jonathan Chiu & Alexandra Lai, 2007. "Modelling Payments Systems: A Review of the Literature," Staff Working Papers 07-28, Bank of Canada.
    18. Choi, Hyung Sun, 2023. "Money, payments systems, limited participation, and central banking," The North American Journal of Economics and Finance, Elsevier, vol. 64(C).
    19. Huberto M. Ennis & John A. Weinberg, 2007. "Interest on reserves and daylight credit," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 93(Spr), pages 111-142.
    20. Kahn, Charles M. & Roberds, William, 2009. "Why pay? An introduction to payments economics," Journal of Financial Intermediation, Elsevier, vol. 18(1), pages 1-23, January.
    21. Choi, Hyung Sun, 2019. "Money, debit card, gross-settlement risk, and central banking," The North American Journal of Economics and Finance, Elsevier, vol. 50(C).
    22. Shouyong Shi, 2006. "Viewpoint: A microfoundation of monetary economics," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 39(3), pages 643-688, August.
    23. Stephen Williamson, 2000. "The Research Agenda: Payment Systems and Private Money," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 2(1), November.

  43. Temzelides, Ted & Williamson, Stephen D., 2001. "Private money, settlement, and discounts," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 54(1), pages 85-108, June.

    Cited by:

    1. Bullard, James & Smith, Bruce D., 2003. "The value of inside and outside money," Journal of Monetary Economics, Elsevier, vol. 50(2), pages 389-417, March.
    2. Malavika Nair & Rahimat Emozozo, 2018. "Electronic Currency In Africa: M†Pesa As Private Inside Money," Economic Affairs, Wiley Blackwell, vol. 38(2), pages 197-206, June.
    3. James B. Bullard & Bruce Smith, 2001. "The value of inside and outside money: expanded version," Working Papers 2001-011, Federal Reserve Bank of St. Louis.
    4. Li, Yan, 2009. "The theory of fiat money and private money as alternative media of exchange," International Review of Economics & Finance, Elsevier, vol. 18(4), pages 568-582, October.
    5. Kahn, Charles M. & Roberds, William, 2007. "Transferability, finality, and debt settlement," Journal of Monetary Economics, Elsevier, vol. 54(4), pages 955-978, May.
    6. Stephen Williamson, 2000. "The Research Agenda: Payment Systems and Private Money," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 2(1), November.

  44. Aiyagari, S. Rao & Williamson, Stephen D., 2000. "Money and Dynamic Credit Arrangements with Private Information," Journal of Economic Theory, Elsevier, vol. 91(2), pages 248-279, April.
    See citations under working paper version above.
  45. Stephen D. Williamson, 1999. "Private money," Proceedings, Federal Reserve Bank of Cleveland, pages 469-499.
    See citations under working paper version above.
  46. S. Rao Aiyagari & Stephen D. Williamson, 1999. "Credit in a Random Matching Model with Private Information," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 2(1), pages 36-64, January.
    See citations under working paper version above.
  47. Stephen D. Williamson, 1998. "Discount Window Lending and Deposit Insurance," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(1), pages 246-275, January.
    See citations under working paper version above.
  48. Stephen D. Williamson, 1998. "Payment systems with random matching and private information," Proceedings, Federal Reserve Bank of Cleveland, issue Aug, pages 551-572.
    See citations under working paper version above.
  49. Cheng Wang & Stephen D. Williamson, 1998. "Debt Contracts with Financial Intermediation with Costly Screening," Canadian Journal of Economics, Canadian Economics Association, vol. 31(3), pages 573-595, August.

    Cited by:

    1. Jeffrey M. Lacker, 1998. "Collateralized debt as the optimal contract," Working Paper 98-04, Federal Reserve Bank of Richmond.
    2. Stephen D. Williamson, 1998. "Discount Window Lending and Deposit Insurance," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(1), pages 246-275, January.
    3. Juan M. Sánchez, 2018. "The Information Technology Revolution And The Unsecured Credit Market," Economic Inquiry, Western Economic Association International, vol. 56(2), pages 914-930, April.
    4. He, Qichun, 2011. "The impact of the distribution of property rights on inventions on growth: a two-representative-agent model with asymmetric information," MPRA Paper 34450, University Library of Munich, Germany.
    5. Wai‐Hong Ho & Yong Wang, 2013. "Asymmetric Information, Auditing Commitment, and Economic Growth," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 46(2), pages 611-633, May.
    6. Anthony Yezer & Pingkang Yu, 2016. "Costly Screening, Self-Selection, Fraud, and the Organization of Credit Markets," Working Papers 2016-4, The George Washington University, Institute for International Economic Policy.
    7. Vauhkonen, Jukka, 2003. "Are adverse selection models of debt robust to changes in market structure?," Bank of Finland Research Discussion Papers 28/2003, Bank of Finland.
    8. Chenyu Shan & Dragon Yongjun Tang & Wenya Wang, 2025. "Outsourcing Bank Loan Screening: The Economics of Third‐Party Loan Guarantees," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 57(8), pages 2003-2042, December.
    9. Hyytinen, Ari, 2003. "Information production and lending market competition," Journal of Economics and Business, Elsevier, vol. 55(3), pages 233-253.
    10. Jang, Inkee & Kang, Kee-Youn, 2021. "Adverse selection and costly information acquisition in asset markets," Journal of Mathematical Economics, Elsevier, vol. 97(C).
    11. Bose, Arup & Pal, Debashis & Sappington, David E.M., 2012. "Extreme screening policies," European Economic Review, Elsevier, vol. 56(8), pages 1607-1620.
    12. Hyytinen, Ari, 2001. "Information Production, Banking Competition and the Market Structure of the Banking Industry," Discussion Papers 749, The Research Institute of the Finnish Economy.
    13. Ho, Wai-Hong & Wang, Yong, 2008. "Asymmetric Information, Auditing Commitment and Economic Growth," MPRA Paper 17469, University Library of Munich, Germany.
    14. Bernhardt Dan, 2012. "Screening and Financial Contracting in the Face of Outside Competition," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 12(1), pages 1-40, May.
    15. Karel Janda, 2003. "Credit guarantees in a credit market with adverse selection," Prague Economic Papers, Prague University of Economics and Business, vol. 2003(4), pages 331-349.
    16. Yun Gao & Kenichi Ueda, 2025. "Loan Screening under Symmetrically Imperfect Information," CARF F-Series CARF-F-614, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    17. Gangopadhyay, Shubhashis & Mukhopadhyay, Bappaditya, 2002. "Multiple bank lending and seniority in claims," Journal of Economics and Business, Elsevier, vol. 54(1), pages 7-30.
    18. Karel Janda, 2008. "Which Government Interventions Are Good in Alleviating Credit Market Failures?," Working Papers IES 2008/12, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Jul 2008.
    19. Hyytinen, Ari & Toivanen, Otto, 2000. "Monitoring and market power in loan markets," Bank of Finland Research Discussion Papers 9/2000, Bank of Finland.
    20. Wai‐Hong Ho & Yong Wang, 2005. "Public capital, asymmetric information, and economic growth," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 38(1), pages 57-80, February.
    21. Ari Hyytinen & Otto Toivanen, 2000. "Monitoring and Market Power in Credit Markets," Econometric Society World Congress 2000 Contributed Papers 1879, Econometric Society.
    22. David Hillier & Beatriz Martínez & Pankaj C. Patel & Julio Pindado & Ignacio Requejo, 2018. "Pound of Flesh? Debt Contract Strictness and Family Firms," Entrepreneurship Theory and Practice, , vol. 42(2), pages 259-282, March.
    23. A. Fedele & A. Mantovani & F. Liucci, 2010. "Credit availability in the crisis: which role for the European Investment Bank Group?," Working Papers 699, Dipartimento Scienze Economiche, Universita' di Bologna.
    24. Wai-Hong Ho & Yong Wang, 2005. "Public capital, asymmetric information, and economic growth," Canadian Journal of Economics, Canadian Economics Association, vol. 38(1), pages 57-80, February.
    25. Bossone, Biagio, 2000. "What makes banks special ? a study of banking, finance, and economic development," Policy Research Working Paper Series 2408, The World Bank.

  50. Williamson, Stephen D., 1996. "Sequential markets and the suboptimality of the Friedman rule," Journal of Monetary Economics, Elsevier, vol. 37(3), pages 549-572, June.

    Cited by:

    1. Joe Haslag & Joydeep Bhattacharya & Steven Russell, 2003. "Understanding the Roles of Money, or When is the Friedman Rule Optimal, and Why?," Working Papers 0301, Department of Economics, University of Missouri.
    2. Ho Wai-Ming, 2020. "Liquidity constraints, international trade, and optimal monetary policy," The B.E. Journal of Macroeconomics, De Gruyter, vol. 20(2), pages 1-29, June.
    3. Beatrix Paal & Bruce D. Smith, 2001. "The sub-optimality of the Friedman rule and the optimum quantity of money," KRTK-KTI WORKING PAPERS 0113, Institute of Economics, Centre for Economic and Regional Studies.
    4. Benjamin Eden, 2001. "Inventories and the Business Cycle: Testing a Sequential Trading Model," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 4(3), pages 562-574, July.
    5. Wai‐Ming Ho & Jinli Zeng & Jie Zhang, 2007. "Inflation Taxation and Welfare with Externalities and Leisure," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(1), pages 105-131, February.
    6. Eyal Baharad & Benjamin Eden, 2004. "Price Rigidity and Price Dispersion: Evidence from Micro Data," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 7(3), pages 613-641, July.
    7. Bental, Benjamin & Eden, Benjamin, 2002. "Reserve requirements and output fluctuations," Journal of Monetary Economics, Elsevier, vol. 49(8), pages 1597-1620, November.
    8. Akyol, Ahmet, 2004. "Optimal monetary policy in an economy with incomplete markets and idiosyncratic risk," Journal of Monetary Economics, Elsevier, vol. 51(6), pages 1245-1269, September.
    9. Boel, Paola & Camera, Gabriele, 2004. "Efficient Monetary Allocations and the Illiquidity of Bonds," Purdue University Economics Working Papers 1171, Purdue University, Department of Economics.
    10. Aleksander Berentsen & Guillaume Rocheteau & Shouyong Shi, 2002. "Friedman Meets Hosios: Efficiency in Search Models of Money," Working Papers shouyong-02-04, University of Toronto, Department of Economics.
    11. Benjamin Eden, 2001. "Inflation and Price Adjustment: An Analysis of Microdata," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 4(3), pages 607-636, July.
    12. Shi, Shouyong, 1999. "Money, capital, and redistributive effects of monetary policies," Journal of Economic Dynamics and Control, Elsevier, vol. 23(4), pages 565-590, February.

  51. Williamson, Stephen D., 1996. "Real business cycle research comes of age: A review essay," Journal of Monetary Economics, Elsevier, vol. 38(1), pages 161-170, August.

    Cited by:

    1. Hendry, Scott & Zhang, Guang-Jia, 2001. "Liquidity Effects and Market Frictions," Journal of Macroeconomics, Elsevier, vol. 23(2), pages 153-176, April.
    2. Jean-Pierre Danthine, 1998. "À la poursuite du Graal : le successeur d’IS-LM est-il identifié?," L'Actualité Economique, Société Canadienne de Science Economique, vol. 74(4), pages 607-620.
    3. Catullo, Ermanno & Gallegati, Mauro & Palestrini, Antonio, 2015. "Towards a credit network based early warning indicator for crises," Journal of Economic Dynamics and Control, Elsevier, vol. 50(C), pages 78-97.
    4. Ahiteme N. Houndonougbo, 2017. "Aid Volatility and Real Business Cycles in a Developing Open Economy," Southern Economic Journal, John Wiley & Sons, vol. 83(3), pages 756-773, January.
    5. Antonella Palumbo, 2008. "I metodi di stima del PIL potenziale tra fondamenti di Teoria economica e Contenuto empirico," Departmental Working Papers of Economics - University 'Roma Tre' 0092, Department of Economics - University Roma Tre.
    6. Delli Gatti, Domenico & Gallegati, Mauro & Giulioni, Gianfranco & Palestrini, Antonio, 2003. "Financial fragility, patterns of firms' entry and exit and aggregate dynamics," Journal of Economic Behavior & Organization, Elsevier, vol. 51(1), pages 79-97, May.

  52. Bruce Champ & Bruce D. Smith & Stephen D. Williamson, 1996. "Currency Elasticity and Banking Panics: Theory and Evidence," Canadian Journal of Economics, Canadian Economics Association, vol. 29(4), pages 828-864, November.
    See citations under working paper version above.
  53. Wang, Cheng & Williamson, Stephen, 1996. "Unemployment insurance with moral hazard in a dynamic economy," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 44(1), pages 1-41, June.
    See citations under working paper version above.
  54. Williamson, Steve & Wright, Randall, 1994. "Barter and Monetary Exchange under Private Information," American Economic Review, American Economic Association, vol. 84(1), pages 104-123, March.
    See citations under working paper version above.
  55. Stephen D. Williamson, 1994. "Do informational frictions justify federal credit programs?," Proceedings, Federal Reserve Bank of Cleveland, pages 523-551.

    Cited by:

    1. Nikodem Szumilo & Enrico Vanino, 2021. "Are Government and Bank Loans Substitutes or Complements? Evidence from Spatial Discontinuity in Equity Loans," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 49(3), pages 968-996, September.
    2. Jeffrey M. Lacker, 1994. "Does adverse selection justify government intervention in loan markets?," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 61-95.
    3. Anginer, Deniz & de la Torre, Augusto & Ize, Alain, 2014. "Risk-bearing by the state: When is it good public policy?," Journal of Financial Stability, Elsevier, vol. 10(C), pages 76-86.
    4. Iichiro Uesugi & Koji Sakai & Guy M. Yamashiro, 2006. "Effectiveness of Credit Guarantees in the Japanese Loan Market," Discussion papers 06004, Research Institute of Economy, Trade and Industry (RIETI).
    5. Sangkyun Park, 2023. "Government Lending as a Tool to Mitigate the Effect of Asymmetric Information," Public Finance Review, , vol. 51(5), pages 688-715, September.
    6. Cui, Bei, 2026. "Impacts of supply chain finance on enterprise resilience: the interplay between financial linkage and business relationship among supply chain partners," International Journal of Production Economics, Elsevier, vol. 291(C).
    7. Waidelich, Paul & Krug, Joscha & Steffen, Bjarne, 2025. "Mobilizing credit for clean energy: De-risking and public loan provision under learning spillovers," Journal of Environmental Economics and Management, Elsevier, vol. 133(C).
    8. Degl’Innocenti, Marta & Frigerio, Marco & Zhou, Si, 2022. "Development banks and the syndicate structure: Evidence from a world sample," Journal of Empirical Finance, Elsevier, vol. 66(C), pages 99-120.
    9. Busetta, Giovanni & Zazzaro, Alberto, 2012. "Mutual loan-guarantee societies in monopolistic credit markets with adverse selection," Journal of Financial Stability, Elsevier, vol. 8(1), pages 15-24.
    10. Veljko Fotak, 2016. "A Spark from the Public Sector: Co-lending by Government-owned and Private-sector Lenders," BAFFI CAREFIN Working Papers 1624, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    11. Coad, Alex, 2010. "Neoclassical vs evolutionary theories of financial constraints: Critique and prospectus," Structural Change and Economic Dynamics, Elsevier, vol. 21(3), pages 206-218, August.
    12. Abou Bakar & Salman Majeed, 2011. "Access to Credit: Constraints for SMES," Indian Journal of Commerce and Management Studies, Educational Research Multimedia & Publications,India, vol. 2(6), pages 129-132, September.
    13. Anginer, Deniz & de la Torre, Augusto & Ize, Alain, 2011. "Risk absorption by the state: when is it good public policy ?," Policy Research Working Paper Series 5893, The World Bank.
    14. Jia Ye (George), 2013. "Small business loan guarantees as insurance against aggregate risks," The B.E. Journal of Macroeconomics, De Gruyter, vol. 13(1), pages 455-479, August.
    15. Riccardo De Bonis & Matteo Piazza & Roberto Tedeschi, 2012. "The perverse effect of government credit subsidies on banking risk," Mo.Fi.R. Working Papers 68, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    16. Karel Janda, 2003. "Credit guarantees in a credit market with adverse selection," Prague Economic Papers, Prague University of Economics and Business, vol. 2003(4), pages 331-349.
    17. Uesugi, Iichiro & Sakai, Koji & Yamashiro, Guy M., 2010. "The Effectiveness of Public Credit Guarantees in the Japanese Loan Market," Journal of the Japanese and International Economies, Elsevier, vol. 24(4), pages 457-480, December.
    18. Kahn, Charles M. & Wagner, Wolf, 2021. "Liquidity provision during a pandemic," Journal of Banking & Finance, Elsevier, vol. 133(C).
    19. Joseph G. Haubrich & James B. Thomson, 1994. "A conference on federal credit allocation," Economic Review, Federal Reserve Bank of Cleveland, vol. 30(Q III), pages 2-13.
    20. Fotak, Veljko & Lee, Haekwon, 2020. "Public-private co-lending: Evidence from syndicated corporate loans," Journal of Banking & Finance, Elsevier, vol. 119(C).
    21. A. Fedele & A. Mantovani & F. Liucci, 2010. "Credit availability in the crisis: which role for the European Investment Bank Group?," Working Papers 699, Dipartimento Scienze Economiche, Universita' di Bologna.
    22. Kartik B. Athreya & Xuan S. Tam & Eric Young, 2011. "Loan guarantees for consumer credit markets," Working Paper 11-06, Federal Reserve Bank of Richmond.
    23. Arping, Stefan & Lóránth, Gyöngyi & Morrison, Alan D., 2010. "Public initiatives to support entrepreneurs: Credit guarantees versus co-funding," Journal of Financial Stability, Elsevier, vol. 6(1), pages 26-35, April.

  56. Williamson, Stephen D., 1994. "Liquidity and market participation," Journal of Economic Dynamics and Control, Elsevier, vol. 18(3-4), pages 629-670.
    See citations under working paper version above.
  57. Williamson, Stephen D., 1992. "Laissez-faire banking and circulating media of exchange," Journal of Financial Intermediation, Elsevier, vol. 2(2), pages 134-167, June.

    Cited by:

    1. Charles M. Kahn & William Roberds, 1995. "On the efficiency of cash settlement," FRB Atlanta Working Paper 95-11, Federal Reserve Bank of Atlanta.
    2. Jeffrey M. Lacker, 1996. "Stored value cards: costly private substitutes for government currency," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 1-25.
    3. Dwyer Jr., Gerald P. & Samartín, Margarita, 2009. "Why do banks promise to pay par on demand?," Journal of Financial Stability, Elsevier, vol. 5(2), pages 147-169, June.
    4. Bullard, James & Smith, Bruce D., 2003. "The value of inside and outside money," Journal of Monetary Economics, Elsevier, vol. 50(2), pages 389-417, March.
    5. Phillip M Johnson, 2002. "Essays on Capital Markets: Frictions and Social Forces," Levine's Working Paper Archive 618897000000000052, David K. Levine.
    6. James B. Bullard & Bruce Smith, 2001. "The value of inside and outside money: expanded version," Working Papers 2001-011, Federal Reserve Bank of St. Louis.
    7. Bengt Holmstrom & Jean Tirole, 1996. "Private and Public Supply of Liquidity," NBER Working Papers 5817, National Bureau of Economic Research, Inc.
    8. François R. Velde & Warren E. Weber & Randall Wright, 1999. "A Model of Commodity Money, with Applications to Gresham's Law and the Debasement Puzzle," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 2(1), pages 291-323, January.
    9. Jeffrey M. Lacker, 1997. "Clearing, settlement, and monetary policy," Working Paper 97-01, Federal Reserve Bank of Richmond.
    10. James J. McAndrews & William Roberds, 1999. "Payment intermediation and the origins of banking," Staff Reports 85, Federal Reserve Bank of New York.
    11. Pingle, Mark & Tesfatsion, Leigh, 1998. "Active intermediation in a monetary overlapping generations economy1," Journal of Economic Dynamics and Control, Elsevier, vol. 22(10), pages 1543-1574, August.
    12. Jafarey, Saqib & Rupert, Peter, 2001. "Limited Commitment, Money, and Credit," Journal of Economic Theory, Elsevier, vol. 99(1-2), pages 22-58, July.
    13. Temzelides, Ted & Williamson, Stephen D., 2001. "Private money, settlement, and discounts," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 54(1), pages 85-108, June.
    14. Costas Azariadis & James B. Bullard & Bruce Smith, 2000. "Private and public circulating liabilities," Working Papers 2000-012, Federal Reserve Bank of St. Louis.
    15. Mark Pingle & Leigh Tesfatsion, 1993. "``Active Intermediation in a Monetary Overlapping Generations Economy''," Macroeconomics 9312001, University Library of Munich, Germany, revised 04 Dec 1993.
    16. Stephen D. Williamson & Randall Wright, 1991. "Barter and monetary exchange under private information," Staff Report 141, Federal Reserve Bank of Minneapolis.
    17. Stephen D. Williamson, 2002. "Private money and counterfeiting," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 37-57.
    18. Charles M. Kahn & William Roberds, 1998. "Demandable debt as a means of payment: banknotes versus checks," FRB Atlanta Working Paper 98-5, Federal Reserve Bank of Atlanta.
    19. Kahn, Charles M. & Roberds, William, 2007. "Transferability, finality, and debt settlement," Journal of Monetary Economics, Elsevier, vol. 54(4), pages 955-978, May.
    20. Akiomi Kitagawa, 2001. "Does Money Always Make People Happy?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 4(2), pages 495-515, July.
    21. Jeffrey M. Lacker, 1996. "Stored value cards: costly private substitutes for currency," Working Paper 96-03, Federal Reserve Bank of Richmond.

  58. Williamson, Stephen D, 1990. "Sectoral Shifts, Labor Market Sorting, and Aggregate Fluctuations," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 31(4), pages 935-952, November.

    Cited by:

    1. Shin, Kwanho, 1997. "Sectoral shocks and movement costs: Effects on employment and welfare," Journal of Economic Dynamics and Control, Elsevier, vol. 21(2-3), pages 449-471.
    2. James J. Chrisman & Esra Memili & Kaustav Misra, 2014. "Nonfamily Managers, Family Firms, and the Winner's Curse: The Influence of Noneconomic Goals and Bounded Rationality," Entrepreneurship Theory and Practice, , vol. 38(5), pages 1-25, September.
    3. Richard Rogerson, 2005. "Sectoral Shocks, Specific Human Capital and Displaced Workers," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 8(1), pages 89-105, January.

  59. Greenwood, Jeremy & Williamson, Stephen D., 1989. "International financial intermediation and aggregate fluctuations under alternative exchange rate regimes," Journal of Monetary Economics, Elsevier, vol. 23(3), pages 401-431, May.
    See citations under working paper version above.
  60. Stephen D. Williamson, 1989. "Bank failures, financial restrictions, and aggregate fluctuations: Canada and the United States, 1870-1913," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 13(Sum), pages 20-40.

    Cited by:

    1. Charles W. Calomiris & Gary Gorton, 1991. "The Origins of Banking Panics: Models, Facts, and Bank Regulation," NBER Chapters, in: Financial Markets and Financial Crises, pages 109-174, National Bureau of Economic Research, Inc.
    2. David Andolfatto & Ed Nosal, 2017. "Bank Panics and Scale Economies," Working Papers 2017-9, Federal Reserve Bank of St. Louis.
    3. Josh Ryan-Collins, 2015. "Is Monetary Financing Inflationary? A Case Study of the Canadian Economy, 1935-75," Economics Working Paper Archive wp_848, Levy Economics Institute.
    4. Cooper, Russell & Ejarque, Joao, 1995. "Financial intermediation and the Great Depression: a multiple equilibrium interpretation," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 43(1), pages 285-323, December.
    5. Chu, Kam Hon, 2015. "Bank consolidation and stability: The Canadian experience, 1867–1935," Journal of Financial Stability, Elsevier, vol. 21(C), pages 46-60.
    6. George Selgin, 2014. "Operation Twist-the-Truth: How the Federal Reserve Misrepresents Its History and Performance," Cato Journal, Cato Journal, Cato Institute, vol. 34(2), pages 229-263, Spring/Su.

  61. Williamson, Stephen D, 1988. "Liquidity, Banking, and Bank Failures," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 29(1), pages 25-43, February.

    Cited by:

    1. Lu, Yiming & Wang, Yu, 2023. "Bank liquidity hoarding and bank systemic risk: The moderating effect of economic policy uncertainty," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
    2. Huang, Min & Jiang, Hai & Zhang, Shaohua, 2025. "Nonlinear effects of shadow banking on banks' systemic risk," Pacific-Basin Finance Journal, Elsevier, vol. 93(C).
    3. Fungacova, Zuzana & Turk, Rima & Weill, Laurent, 2021. "High liquidity creation and bank failures," Journal of Financial Stability, Elsevier, vol. 57(C).
    4. Fungáčová, Zuzana & Turk-Ariss, Rima & Weill, Laurent, 2013. "Does excessive liquidity creation trigger bank failures?," BOFIT Discussion Papers 2/2013, Bank of Finland Institute for Emerging Economies (BOFIT).
    5. Zuzana Fungacova & Ms. Rima A Turk & Laurent Weill, 2015. "High Liquidity Creation and Bank Failures: Do They Behave Differently?," IMF Working Papers 2015/103, International Monetary Fund.
    6. Bougheas, Spiros, 1999. "Contagious bank runs," International Review of Economics & Finance, Elsevier, vol. 8(2), pages 131-146, June.
    7. Carmona, Guilherme, 2007. "Bank failures caused by Large withdrawals: An explanation based purely on liquidity," Journal of Mathematical Economics, Elsevier, vol. 43(7-8), pages 818-841, September.
    8. Lensink, Robert & Sterken, Elmer, 2001. "Asymmetric information, option to wait to invest and the optimal level of investment," Journal of Public Economics, Elsevier, vol. 79(2), pages 365-374, February.
    9. Patrick Artus, 1995. "L'attrait des épargnants pour les dépôts ou les fonds sans risque," Revue Économique, Programme National Persée, vol. 46(1), pages 13-33.
    10. Semenova, M., 2011. "Bank Runs and Costly Information," Journal of the New Economic Association, New Economic Association, issue 10, pages 31-52.

  62. Stephen D. Williamson, 1987. "Costly Monitoring, Loan Contracts, and Equilibrium Credit Rationing," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 102(1), pages 135-145.
    See citations under working paper version above.
  63. Williamson, Stephen D, 1987. "Transactions Costs, Inflation, and the Variety of Intermediation Services," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 19(4), pages 484-498, November.

    Cited by:

    1. Ari Hyytinen & Otto Toivanen, 2003. "Asymmetric Information and the Market Structure of the Venture Capital Industry," Journal of Financial Services Research, Springer;Western Finance Association, vol. 23(3), pages 241-249, June.
    2. Hyytinen, Ari & Takalo, Tuomas, 2002. "Enchancing Bank Transparency : A Re-assessment," Discussion Papers 828, The Research Institute of the Finnish Economy.
    3. Hyytinen, Ari, 2003. "Information production and lending market competition," Journal of Economics and Business, Elsevier, vol. 55(3), pages 233-253.
    4. Bruno Amable & Jean-Bernard Chatelain & Olivier de Bandt, 2001. "Optimal Capacity in the Banking Sector and Economic Growth," Working papers 85, Banque de France.
    5. Bruno AMABLE & Jean-Bernard CHATELAIN, 1999. "Infrastructures financières et croissance économique," Discussion Papers (REL - Recherches Economiques de Louvain) 1999041, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    6. Hyytinen, Ari, 2001. "Information Production, Banking Competition and the Market Structure of the Banking Industry," Discussion Papers 749, The Research Institute of the Finnish Economy.
    7. Hyytinen, Ari & Pajarinen, Mika, 2001. "Financial Systems and Venture Capital in Nordic Countries: A comparative Study," Discussion Papers 774, The Research Institute of the Finnish Economy.
    8. Sherrill Shaffer, 2008. "Earnings Valuation and Sources of Growth," CAMA Working Papers 2008-32, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    9. Cothren, Richard & Mukherji, Nivedita, 1997. "Optimal monetary policy in a world with risky investments and financial intermediaries," Journal of Economics and Business, Elsevier, vol. 49(1), pages 21-42, February.
    10. Randall Wright & Yuet‐Yee Wong, 2014. "Buyers, Sellers, And Middlemen: Variations On Search‐Theoretic Themes," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 55(2), pages 375-397, May.

  64. Williamson, Stephen D, 1987. "Financial Intermediation, Business Failures, and Real Business Cycles," Journal of Political Economy, University of Chicago Press, vol. 95(6), pages 1196-1216, December.
    See citations under working paper version above.
  65. Stephen D. Williamson, 1987. "Recent developments in modeling financial intermediation," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 11(Sum), pages 19-29.

    Cited by:

    1. Ed Nosal & Christopher J. Waller & Randall Wright, 2010. "Introduction to the macroeconomic dynamics: special issues on money, credit, and liquidity," Working Paper Series WP-2010-14, Federal Reserve Bank of Chicago.
    2. Stephen D. Williamson & Randall Wright, 2010. "New monetarist economics: methods," Review, Federal Reserve Bank of St. Louis, vol. 92(May), pages 265-302.
    3. Isard, Peter & Mathieson, Donald J. & Rojas-Suarez, Liliana, 1996. "A framework for the analysis of financial reforms and the cost of official safety nets," Journal of Development Economics, Elsevier, vol. 50(1), pages 25-79, June.
    4. N. S. Chiteji, 2002. "Promises kept: enforcement and the role of rotating savings and credit associations in an economy," Journal of International Development, John Wiley & Sons, Ltd., vol. 14(4), pages 393-411.
    5. Antoine Gentier, 2003. "Economie Bancaire, Essai sur les effets de la concurrence et de la réglementation sur le financement du crédit," Post-Print hal-05091041, HAL.
    6. Mervyn K. Lewis, 2014. "A theoretical perspective on Islamic banking and financial intermediation," Chapters, in: Mervyn K. Lewis & Mohamed Ariff & Shamsher Mohamad (ed.), Risk and Regulation of Islamic Banking, chapter 2, pages 11-42, Edward Elgar Publishing.
    7. Banerji, Sanjay & Bhattacharya, Joydeep & Long, Ngo Van, 2004. "Can financial intermediation induce endogenous fluctuations," ISU General Staff Papers 200410010700001827, Iowa State University, Department of Economics.
    8. Bose, Niloy & Cothren, Richard, 1996. "Equilibrium loan contracts and endogenous growth in the presence of asymmetric information," Journal of Monetary Economics, Elsevier, vol. 38(2), pages 363-376, October.
    9. Saptarshi Mitra, 2022. "‘Finance-Growth’ Nexus in India Through the Evolutionary Phases of Banking," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 20(2), pages 401-419, June.
    10. Auer, Raphael & Monnet, Cyril & Shin, Hyun Song, 2025. "Distributed ledgers and the governance of money," Journal of Financial Economics, Elsevier, vol. 167(C).
    11. Williamson, Stephen D., 2016. "Scarce collateral, the term premium, and quantitative easing," Journal of Economic Theory, Elsevier, vol. 164(C), pages 136-165.

  66. Stephen D. Williamson, 1986. "Increasing Returns to Scale in Financial Intermediation and the Non-Neutrality of Government Policy," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 53(5), pages 863-875.

    Cited by:

    1. Hyytinen, Ari & Toivanen, Otto, 2002. "Asymmetric Information and the Market Structure of the Venture Capital Industry (Revised)," Discussion Papers 768, The Research Institute of the Finnish Economy.
    2. Ari Hyytinen & Otto Toivanen, 2003. "Asymmetric Information and the Market Structure of the Venture Capital Industry," Journal of Financial Services Research, Springer;Western Finance Association, vol. 23(3), pages 241-249, June.
    3. Moore, Winston, 2010. "Managing the Process of Removing Capital Controls: What Does the Literature Suggest?," MPRA Paper 21584, University Library of Munich, Germany.
    4. Jie Cai & Yixin Liu & Yiming Qian & Miaomiao Yu, 2015. "Information Asymmetry and Corporate Governance," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 5(03), pages 1-32, September.
    5. Ghossoub, Edgar A. & Reed, Robert R., 2015. "The size distribution of the banking sector and the effects of monetary policy," European Economic Review, Elsevier, vol. 75(C), pages 156-176.
    6. Edgar A. Ghossoub & Robert R. Reed, 2021. "Banking Competition, Capital Accumulation, And Interest On Reserves," Economic Inquiry, Western Economic Association International, vol. 59(2), pages 671-695, April.
    7. Brock, Philip L., 2011. "The Penn-Balassa-Samuelson effect through the lens of the dependent economy model," Journal of Economic Dynamics and Control, Elsevier, vol. 35(9), pages 1547-1556, September.
    8. Dressler, Scott, 2008. "Economies of scale in banking, indeterminacy, and monetary policy," MPRA Paper 8370, University Library of Munich, Germany.
    9. Gong, Binglin & Zhou, Haiwen, 2017. "Financial Development, the Choice of Technology, and Comparative Advantage," MPRA Paper 83207, University Library of Munich, Germany.
    10. Hyytinen, Ari & Takalo, Tuomas, 2003. "Preventing systemic crises through bank transparency," Bank of Finland Research Discussion Papers 25/2003, Bank of Finland.
    11. Edgar A. Ghossoub & Robert R. Reed, 2019. "Banking competition, production externalities, and the effects of monetary policy," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 67(1), pages 91-154, February.
    12. Becsi, Zsolt & Wang, Ping & Wynne, Mark A., 1999. "Costly intermediation, the big push and the big crash," Journal of Development Economics, Elsevier, vol. 59(2), pages 275-293, August.
    13. Lei Wen & Haiwen Zhou, 2020. "Technology Choice, Financial Sector and Economic Integration Under the Presence of Efficiency Wages," Open Economies Review, Springer, vol. 31(1), pages 95-112, February.
    14. Gerhard Clemenz & Mona Ritthaler, 1992. "Credit markets with asymmetric information : a survey," Finnish Economic Papers, Finnish Economic Association, vol. 5(1), pages 12-26, Spring.
    15. Russell W. Cooper & Dean Corbae, 2001. "Financial collapse and active monetary policy: a lesson from the Great Depression," Staff Report 289, Federal Reserve Bank of Minneapolis.
    16. Wen, Lei & Zhou, Haiwen, 2018. "Financial and Product Market Integration under Increasing Returns to Scale," MPRA Paper 84502, University Library of Munich, Germany.
    17. Cooper, Russell & Corbae, Dean, 2002. "Financial Collapse: A Lesson from the Great Depression," Journal of Economic Theory, Elsevier, vol. 107(2), pages 159-190, December.
    18. Ghossoub, Edgar A., 2012. "Liquidity risk and financial competition: Implications for asset prices and monetary policy," European Economic Review, Elsevier, vol. 56(2), pages 155-173.
    19. Gong, Binglin & Zhou, Haiwen, 2023. "The Choice of Technology and International Trade," MPRA Paper 116192, University Library of Munich, Germany.

  67. Williamson, Stephen D., 1986. "Costly monitoring, financial intermediation, and equilibrium credit rationing," Journal of Monetary Economics, Elsevier, vol. 18(2), pages 159-179, September.
    See citations under working paper version above.

Chapters

  1. Williamson, Stephen & Wright, Randall, 2010. "New Monetarist Economics: Models," Handbook of Monetary Economics, in: Benjamin M. Friedman & Michael Woodford (ed.), Handbook of Monetary Economics, edition 1, volume 3, chapter 2, pages 25-96, Elsevier.
    See citations under working paper version above.
  2. Stephen D. Williamson, 2006. "Limited participation, private money, and credit in a spatial model of money," Studies in Economic Theory, in: Charalambos D. Aliprantis & Nicholas C. Yannelis & Gabriele Camera (ed.), Recent Developments on Money and Finance, pages 255-273, Springer.
    See citations under working paper version above.
  3. Stephen D. Williamson, 1989. "Restrictions on Financial Intermediaries and Implications for Aggregate Fluctuations: Canada and the United States 1870–1913," NBER Chapters, in: NBER Macroeconomics Annual 1989, Volume 4, pages 303-350, National Bureau of Economic Research, Inc.
    See citations under working paper version above.Sorry, no citations of chapters recorded.

Books

    Sorry, no citations of books recorded.
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