IDEAS home Printed from https://ideas.repec.org/e/c/pwi12.html

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. 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
  9. 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
  10. 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
  11. 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
  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. 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
  15. 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
  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. Iwasaki, Kohei, 2024. "Credibility of central banks in monetary economies," Economics Letters, Elsevier, vol. 243(C).
    2. Hermawan, Danny & Lie, Denny & Sasongko, Aryo & Yusan, Richard, 2023. "Money velocity, digital currency, and inflation dynamics," MPRA Paper 116906, University Library of Munich, Germany.
    3. 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).
    4. 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.
    5. 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).
    6. Dirk Niepelt, 2020. "Monetary Policy with Reserves and CBDC: Optimality, Equivalence, and Politics," CESifo Working Paper Series 8712, CESifo.
    7. 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.
    8. 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).
    9. 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).
    10. Dominique Torre & Qing Xu, 2025. "Could migrant families encourage the adoption of CBDCs in developing countries?," Economics Bulletin, AccessEcon, vol. 45(2), pages 842-853.
    11. Dionysopoulos, Lambis & Marra, Miriam & Urquhart, Andrew, 2024. "Central bank digital currencies: A critical review," International Review of Financial Analysis, Elsevier, vol. 91(C).
    12. 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).
    13. 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.
    14. 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.
    15. Georgarakos, Dimitris & Kenny, Geoff & Laeven, Luc & Meyer, Justus, 2025. "Consumer attitudes towards a central bank digital currency," Working Paper Series 3035, European Central Bank.
    16. Kim, Duhyeong, 2023. "International effects of quantitative easing and foreign exchange intervention," Journal of International Economics, Elsevier, vol. 145(C).
    17. Lorenzo Burlon & Manuel A. Muñoz & Frank Smets, 2024. "The Optimal Quantity of CBDC in a Bank-Based Economy," American Economic Journal: Macroeconomics, American Economic Association, vol. 16(4), pages 172-217, October.
    18. 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.
    19. Tarishi Matsuoka & Makoto Watanabe, 2025. "Banking Crises and Central Bank Digital Currency in a Monetary Economy," CESifo Working Paper Series 11922, CESifo.
    20. Peterson K. Ozili, 2022. "Circular Economy and Central Bank Digital Currency," Circular Economy and Sustainability, Springer, vol. 2(4), pages 1501-1516, December.
    21. 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.
    22. 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.
    23. Mishra, Bineet & Prasad, Eswar, 2024. "A simple model of a central bank digital currency," Journal of Financial Stability, Elsevier, vol. 73(C).
    24. Dirk Niepelt, 2022. "Money and Banking with Reserves and CBDC," Diskussionsschriften dp2212, Universitaet Bern, Departement Volkswirtschaft.
    25. 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.
    26. 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.
    27. 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).
    28. Bindseil, Ulrich & Senner, Richard, 2024. "Macroeconomic modelling of CBDC: a critical review," Working Paper Series 2978, European Central Bank.
    29. 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.
    30. 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.
    31. 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).
    32. 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).
    33. 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).
    34. 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).
    35. Jonathan Chiu & Cyril Monnet, 2025. "On the Programmability and Uniformity of Digital Currencies," Staff Working Papers 25-18, Bank of Canada.
    36. Kang, Kee-Youn, 2024. "Digital currency and privacy," Theoretical Economics, Econometric Society, vol. 19(1), January.
    37. Tercero-Lucas, David, 2023. "Central bank digital currencies and financial stability in a modern monetary system," Journal of Financial Stability, Elsevier, vol. 69(C).
    38. 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.
    39. 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.).
    40. Perazzi, Elena & Bacchetta, Philippe, 2022. "CBDC as imperfect substitute to bank deposits: a macroeconomic perspective," MPRA Paper 115574, University Library of Munich, Germany.
    41. Danny Hermawan Adiwibowo & Aryo Sasongko & Denny Lie, 2022. "Money Velocity, Digital Currency, And Inflation Dynamics," Working Papers WP/13/2022, Bank Indonesia.
    42. 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.
    43. 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.
    44. Dong, Mei & Xiao, Sylvia Xiaolin, 2024. "Idle liquidity, CBDC and banking," European Economic Review, Elsevier, vol. 164(C).
    45. 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).
    46. Amendola, Nicola & Araujo, Luis & Ferraris, Leo, 0. "Physical vs digital currency: a difference that makes a difference," Theoretical Economics, Econometric Society.
    47. 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).
    48. 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.).
    49. 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.
    50. 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.
    51. Meller, Barbara & Soons, Oscar, 2023. "Know your (holding) limits: CBDC, financial stability and central bank reliance," Occasional Paper Series 326, European Central Bank.
    52. Nyffenegger, Remo, 2024. "Central bank digital currency and bank intermediation: Medium of Exchange vs. Savings vehicle," European Economic Review, Elsevier, vol. 170(C).
    53. 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).
    54. Ozili, Peterson K, 2021. "Central bank digital currency can lead to the collapse of cryptocurrency," MPRA Paper 111218, University Library of Munich, Germany.
    55. Moro, Alessandro & Nispi Landi, Valerio, 2024. "The external financial spillovers of CBDCs," Journal of Economic Dynamics and Control, Elsevier, vol. 159(C).
    56. 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).
    57. 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).
    58. Barrdear, John & Kumhof, Michael, 2022. "The macroeconomics of central bank digital currencies," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    59. 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).
    60. Chiu, Jonathan & Wong, Tsz-Nga, 2022. "Payments on digital platforms: Resiliency, interoperability and welfare," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    61. Davoodalhosseini, Seyed Mohammadreza, 2022. "Central bank digital currency and monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    62. Nocciola, Luca & Zamora-Pérez, Alejandro, 2024. "Transactional demand for central bank digital currency," Working Paper Series 2926, European Central Bank.
    63. Kim, Duhyeong, 2025. "Negative nominal interest rates and monetary policy," Journal of Monetary Economics, Elsevier, vol. 154(C).
    64. 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.
    65. 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.
    66. 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.
    67. 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.
    68. 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.
    69. 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).
    70. 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.
    71. Chen, William & Phelan, Gregory, 2025. "Digital currency and banking-sector stability," Journal of Financial Stability, Elsevier, vol. 78(C).
    72. 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.
    73. 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.
    74. Carli, Francesco & Uras, Burak R., 2024. "E-money, risk-sharing, and welfare," European Economic Review, Elsevier, vol. 169(C).
    75. 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.
    76. 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.
    77. 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).
    78. 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.
    79. Keister, Todd & Monnet, Cyril, 2022. "Central bank digital currency: Stability and information," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    80. 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.
    81. 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).
    82. Wang, Chien-Chiang & Li, Yiting, 2023. "Anonymous credit," MPRA Paper 118480, University Library of Munich, Germany.
    83. 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.
    84. 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.).
    85. Heon Lee, 2021. "Money Creation and Banking: Theory and Evidence," Papers 2109.15096, arXiv.org, revised Jun 2024.
    86. 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.
    87. Abad, Jorge & Nuño, Galo & Thomas, Carlos, 2025. "CBDC and the operational framework of monetary policy," Journal of Monetary Economics, Elsevier, vol. 151(C).
    88. 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.

  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. Athanasios Geromichalos & Lucas Herrenbrueck, 2017. "The Liquidity-Augmented Model of Macroeconomic Aggregates," Discussion Papers dp17-16, Department of Economics, Simon Fraser University.
    2. 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.
    3. Uras, Burak & van Buggenum, Hugo, 2020. "Preference Heterogeneity and Optimal Monetary Policy," Discussion Paper 2020-030, Tilburg University, Center for Economic Research.
    4. 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.
    5. 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.
    6. 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.
    7. John Stachurski & Junnan Zhang, 2019. "Dynamic Programming with State-Dependent Discounting," Papers 1908.08800, arXiv.org, revised Oct 2020.
    8. Airaudo, Marco & Hajdini, Ina, 2023. "Wealth effects, price markups, and the neo-Fisherian hypothesis," European Economic Review, Elsevier, vol. 157(C).
    9. 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.

  3. 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. 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.
    2. 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.).
    3. 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.
    4. 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.
    5. 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.
    6. 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).
    7. 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).
    8. 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.).
    9. 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.
    10. Javier Bianchi & Saki Bigio, 2022. "Banks, Liquidity Management, and Monetary Policy," Econometrica, Econometric Society, vol. 90(1), pages 391-454, January.
    11. Angelo Ranaldo & Benedikt Ballensiefen & Hannah Winterberg, 2020. "Monetary policy disconnect," Working Papers on Finance 2003, University of St. Gallen, School of Finance.
    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. Thomas Gries & Alexandra Mitschke, 2021. "Systemic Instability of the Interbank Credit Market - A Contribution to a Resilient Financial System," Working Papers Dissertations 75, Paderborn University, Faculty of Business Administration and Economics.
    14. 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).
    15. Hu, Tai-Wei, 2021. "Optimal monetary policy with interest on reserves and capital over-accumulation," Journal of Economic Theory, Elsevier, vol. 196(C).
    16. Berentsen, Aleksander & van Buggenum, Hugo & Ruprecht, Romina, 2025. "On the negatives of negative interest rates," European Economic Review, Elsevier, vol. 178(C).
    17. Stephen Williamson, 2019. "Central Bank Digital Currency: Welfare and Policy Implications," 2019 Meeting Papers 386, Society for Economic Dynamics.
    18. 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.
    19. Kim, Duhyeong, 2025. "Negative nominal interest rates and monetary policy," Journal of Monetary Economics, Elsevier, vol. 154(C).
    20. Hogan, Thomas L., 2021. "Bank lending and interest on excess reserves: An empirical investigation," Journal of Macroeconomics, Elsevier, vol. 69(C).
    21. Jonathan Witmer, 2025. "The Optimum Quantity of Central Bank Reserves," Staff Working Papers 25-15, Bank of Canada.
    22. 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.
    23. Fatih Tuluk, 2021. "Collateral Misrepresentation, External Auditing, and Optimal Supervisory Policy," Open Economies Review, Springer, vol. 32(5), pages 975-1016, November.
    24. Jonathan Witmer, 2020. "Monetary Policy Independence and the Strength of the Global Financial Cycle," Staff Working Papers 20-26, Bank of Canada.
    25. 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.
    26. 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.
    27. Williamson, Stephen D., 2022. "Central bank digital currency and flight to safety," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    28. 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.
    29. 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.
    30. 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.
    31. 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.
    32. 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.
    33. 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.

  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.

    Cited by:

    1. Fritz Breuss, 2016. "The Crisis Management of the ECB," WIFO Working Papers 507, WIFO.
    2. 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.
    3. 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.
    4. Alan S. Blinder & Michael Ehrmann & Jakob de Haan & David-Jan Jansen, 2016. "Necessity as the Mother of Invention: Monetary Policy after the Crisis," NBER Working Papers 22735, National Bureau of Economic Research, Inc.
    5. 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.
    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. Jerry L. Jordan, 2016. "The New Monetary Framework," Cato Journal, Cato Journal, Cato Institute, vol. 36(2), pages 367-383, Spring/Su.

  5. 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. 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.
    2. 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.
    3. Stephen Williamson, 2016. "Interest on Reserves, Interbank Lending, and Monetary Policy," 2016 Meeting Papers 428, Society for Economic Dynamics.
    4. Kim, Duhyeong, 2023. "International effects of quantitative easing and foreign exchange intervention," Journal of International Economics, Elsevier, vol. 145(C).
    5. 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.
    6. 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.
    7. 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.
    8. 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).
    9. 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.
    10. Athanasios Geromichalos & Lucas Herrenbrueck, 2017. "The Liquidity-Augmented Model of Macroeconomic Aggregates," Discussion Papers dp17-16, Department of Economics, Simon Fraser University.
    11. 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.
    12. De Fiore, Fiorella & Hoerova, Marie & Uhlig, Harald & Rogers, Ciaran, 2019. "Money markets, collateral and monetary policy," Working Paper Series 2239, European Central Bank.
    13. 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.
    14. David Andolfatto & Andrew Spewak, 2018. "Understanding Lowflation," Working Papers 2018-24, Federal Reserve Bank of St. Louis.
    15. Stephen D. Williamson, 2017. "Low Real Interest Rates and the Zero Lower Bound," Working Papers 2017-10, Federal Reserve Bank of St. Louis.
    16. 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.
    17. Piazzesi, Monika & Lenel, Moritz & Schneider, Martin, 2019. "The Short Rate Disconnect in a Monetary Economy," CEPR Discussion Papers 13947, C.E.P.R. Discussion Papers.
    18. 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.
    19. Feng Dong & Yi Wen, 2017. "Optimal Monetary Policy under Negative Interest Rate," Working Papers 2017-19, Federal Reserve Bank of St. Louis.
    20. Harrison, Andre & Reed, Robert R., 2023. "International capital flows, liquidity risk, and monetary policy," Journal of Macroeconomics, Elsevier, vol. 77(C).
    21. 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.
    22. 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.
    23. 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.
    24. Athanasios Geromichalos & Lucas Herrenbrueck, 2015. "A Tractable Model of Indirect Asset Liquidity," Working Papers 126, University of California, Davis, Department of Economics.
    25. Rocheteau, Guillaume & Wright, Randall & Xiaolin Xiao, Sylvia, 2018. "Open market operations," Journal of Monetary Economics, Elsevier, vol. 98(C), pages 114-128.
    26. 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.
    27. Michael D. Bordo & Robert N. McCauley, 2019. "Triffin: Dilemma or Myth?," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(4), pages 824-851, December.
    28. 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.
    29. 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.
    30. 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.
    31. 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.
    32. Roberto Piazza, 2016. "Self-fulfilling deflations," Temi di discussione (Economic working papers) 1080, Bank of Italy, Economic Research and International Relations Area.
    33. 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.
    34. Lucas Herrenbrueck, Zijian Wang, 2023. "Interest Rates, Moneyness, and the Fisher Equation," Discussion Papers dp23-11, Department of Economics, Simon Fraser University.
    35. William J. Crowder, 2020. "The Neo-Fisherian hypothesis: empirical implications and evidence?," Empirical Economics, Springer, vol. 58(6), pages 2867-2888, June.
    36. Kim, Duhyeong, 2025. "Negative nominal interest rates and monetary policy," Journal of Monetary Economics, Elsevier, vol. 154(C).
    37. 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.
    38. 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.
    39. Lucas Herrenbrueck, 2019. "Interest rates, moneyness, and the Fisher equation," 2019 Meeting Papers 1409, Society for Economic Dynamics.
    40. Mathieu Boullot, 2017. "Secular Stagnation, Liquidity Trap and Rational Asset Price Bubbles," Working Papers halshs-01295012, HAL.
    41. Fatih Tuluk, 2021. "Collateral Misrepresentation, External Auditing, and Optimal Supervisory Policy," Open Economies Review, Springer, vol. 32(5), pages 975-1016, November.
    42. 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.
    43. 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.
    44. Liu, Yu-Chen & Li, Yiting, 2024. "Corporate finance, collateralized borrowing, and monetary policy," European Economic Review, Elsevier, vol. 170(C).
    45. 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.
    46. Herrenbrueck, Lucas, 2019. "Frictional asset markets and the liquidity channel of monetary policy," Journal of Economic Theory, Elsevier, vol. 181(C), pages 82-120.
    47. 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.

  6. 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. 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.
    2. Williamson, Stephen, 2024. "Deposit insurance, bank regulation, and narrow banking," Journal of Economic Theory, Elsevier, vol. 219(C).
    3. Kang, Kee-Youn, 2021. "Optimal contract for asset trades: Collateralizing or selling?," Journal of Financial Markets, Elsevier, vol. 56(C).
    4. 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.
    5. Fatih Tuluk, 2021. "Collateral Misrepresentation, External Auditing, and Optimal Supervisory Policy," Open Economies Review, Springer, vol. 32(5), pages 975-1016, November.
    6. Williamson, Stephen D., 2022. "Central bank digital currency and flight to safety," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    7. Liu, Yu-Chen & Li, Yiting, 2024. "Corporate finance, collateralized borrowing, and monetary policy," European Economic Review, Elsevier, vol. 170(C).
    8. 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.
    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.

  7. 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. Lee, Seungduck, 2016. "Money, Asset Prices and the Liquidity Premium," MPRA Paper 74010, University Library of Munich, Germany.
    2. Wang, Zijian, 2020. "Liquidity and private information in asset markets: To signal or not to signal," Journal of Economic Theory, Elsevier, vol. 190(C).
    3. Lee, Seungduck, 2016. "Money, Asset Prices and the Liquidity Premium," MPRA Paper 73533, University Library of Munich, Germany.
    4. 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.
    5. Fabienne Schneider & Remo Taudien, 2024. "Credit and Anonymity," Working Papers 24.04, Swiss National Bank, Study Center Gerzensee.
    6. Bethune, Zachary & Hu, Tai-Wei & Rocheteau, Guillaume, 2018. "Indeterminacy in credit economies," Journal of Economic Theory, Elsevier, vol. 175(C), pages 556-584.
    7. 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.
    8. 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.
    9. 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.
    10. Chao Gu & Fabrizio Mattesini & Randall Wright, 2015. "Money and Credit Redux," Working Papers 1508, Department of Economics, University of Missouri.
    11. Lee, Seungduck, 2016. "Money, Asset Prices and the Liquidity Premium," MPRA Paper 73707, University Library of Munich, Germany.
    12. Pierre Yared & Marina Azzimonti, 2017. "The Public and Private Provision of Safe Assets," 2017 Meeting Papers 755, Society for Economic Dynamics.
    13. Carli, Francesco & Gomis-Porqueras, Pedro, 2021. "Real consequences of open market operations: The role of limited commitment," European Economic Review, Elsevier, vol. 132(C).
    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. Francesca Carapella, 2017. "Credit markets, Limited commitment and Optimal monetary policy," 2017 Meeting Papers 1523, Society for Economic Dynamics.
    16. Lee, Seungduck, 2016. "Money, Asset Prices and the Liquidity Premium," MPRA Paper 74615, University Library of Munich, Germany.
    17. Lee, Seungduck, 2016. "Money, Asset Prices and the Liquidity Premium," MPRA Paper 75869, University Library of Munich, Germany.
    18. Eryzhenskiy, Ilya, 2025. "Intergenerational redistribution with endogenous constraints to household debt," Journal of Mathematical Economics, Elsevier, vol. 116(C).
    19. 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.

  8. 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. Lukas Altermatt, 2017. "Inside money, investment, and unconventional monetary policy," ECON - Working Papers 247, Department of Economics - University of Zurich, revised Jul 2019.
    2. Han, Han, 2015. "Over-the-Counter Markets, Intermediation, and Monetary Policy," MPRA Paper 68709, University Library of Munich, Germany.
    3. Christian Bredemeier & Andreas Schabert & Christoph Kaufmann, 2018. "Interest Rate Spreads and Forward Guidance," 2018 Meeting Papers 491, Society for Economic Dynamics.
    4. 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.
    5. 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.
    6. Kim, Duhyeong, 2023. "International effects of quantitative easing and foreign exchange intervention," Journal of International Economics, Elsevier, vol. 145(C).
    7. 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.
    8. Howard Kung & Gonzalo Morales & Alexandre Corhay, 2017. "Fiscal Discount Rates and Debt Maturity," 2017 Meeting Papers 840, Society for Economic Dynamics.
    9. Altermatt, Lukas, 2019. "Savings, asset scarcity, and monetary policy," Journal of Economic Theory, Elsevier, vol. 182(C), pages 329-359.
    10. Tarishi Matsuoka & Makoto Watanabe, 2025. "Banking Crises and Central Bank Digital Currency in a Monetary Economy," CESifo Working Paper Series 11922, CESifo.
    11. Tarishi Matsuoka & Makoto Watanabe, 2019. "Banking Panics and the Lender of Last Resort in a Monetary Economy," CESifo Working Paper Series 7451, CESifo.
    12. 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).
    13. 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.
    14. Athanasios Geromichalos & Lucas Herrenbrueck, 2017. "The Liquidity-Augmented Model of Macroeconomic Aggregates," Discussion Papers dp17-16, Department of Economics, Simon Fraser University.
    15. 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).
    16. 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.
    17. Antonio Diez de los Rios, 2020. "A Portfolio-Balance Model of Inflation and Yield Curve Determination," Staff Working Papers 20-6, Bank of Canada.
    18. 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.
    19. 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.
    20. Nicola Amendola & Lorenzo Carbonari & Leo Ferraris, 2021. "Three Liquid Assets," CEIS Research Paper 516, Tor Vergata University, CEIS, revised 14 Oct 2021.
    21. Chao Gu & Han Han & Randall Wright, 2016. "The Effects of Monetary Policy and Other Announcements," Working Papers 1621, Department of Economics, University of Missouri.
    22. 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.
    23. Stephen D. Williamson, 2017. "Low Real Interest Rates and the Zero Lower Bound," Working Papers 2017-10, Federal Reserve Bank of St. Louis.
    24. Piazzesi, Monika & Lenel, Moritz & Schneider, Martin, 2019. "The Short Rate Disconnect in a Monetary Economy," CEPR Discussion Papers 13947, C.E.P.R. Discussion Papers.
    25. 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.
    26. 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.
    27. Rocheteau, Guillaume & Wright, Randall & Xiaolin Xiao, Sylvia, 2018. "Open market operations," Journal of Monetary Economics, Elsevier, vol. 98(C), pages 114-128.
    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. 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.
    30. Andreas Schabert, 2017. "Welfare-Enhancing Distributional Effects of Central Bank Asset Purchases," Working Paper Series in Economics 94, University of Cologne, Department of Economics.
    31. Park, Jaevin & Kwon, Ohik, 2023. "Stablecoins: Legal restrictions theory and monetary policy," Economics Letters, Elsevier, vol. 226(C).
    32. 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.
    33. Cutsinger, Bryan P. & Luther, William J., 2022. "Seigniorage payments and the Federal Reserve’s new operating regime," Economics Letters, Elsevier, vol. 220(C).
    34. Young Sik Kim & Ohik Kwon, 2019. "Central Bank Digital Currency and Financial Stability," Working Papers 2019-6, Economic Research Institute, Bank of Korea.
    35. Bredemeier, Christian & Juessen, Falko & Schabert, Andreas, 2022. "Why are fiscal multipliers moderate even under monetary accommodation?," European Economic Review, Elsevier, vol. 141(C).
    36. 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.
    37. 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.
    38. 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.
    39. Christian Bredemeier & Falko Juessen & Andreas Schabert, 2021. "Why Are Fiscal Multipliers Moderate Even Under Monetary Accommodation?," ECONtribute Discussion Papers Series 074, University of Bonn and University of Cologne, Germany.
    40. 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.
    41. 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.
    42. Williamson, Stephen D., 2019. "Interest on reserves, interbank lending, and monetary policy," Journal of Monetary Economics, Elsevier, vol. 101(C), pages 14-30.
    43. Marin Muzhani, 2023. "Economics of Economy Pricing," Vernon Press Titles in Economics, Vernon Art and Science Inc, edition 1, number 1750, December.
    44. Tarishi Matsuoka & Makoto Watanabe, 2023. "A Monetary Equilibrium with the Lender of Last Resort," CESifo Working Paper Series 10439, CESifo.
    45. 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.
    46. Kim, Duhyeong, 2025. "Negative nominal interest rates and monetary policy," Journal of Monetary Economics, Elsevier, vol. 154(C).
    47. 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.
    48. Matsuoka, Tarishi, 2022. "Asset prices and standing facilities in a monetary economy," Journal of Economic Dynamics and Control, Elsevier, vol. 135(C).
    49. Jonathan Witmer, 2025. "The Optimum Quantity of Central Bank Reserves," Staff Working Papers 25-15, Bank of Canada.
    50. 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.
    51. 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.
    52. Fatih Tuluk, 2021. "Collateral Misrepresentation, External Auditing, and Optimal Supervisory Policy," Open Economies Review, Springer, vol. 32(5), pages 975-1016, November.
    53. 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.
    54. 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.
    55. Williamson, Stephen D., 2022. "Central bank digital currency and flight to safety," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    56. Liu, Yu-Chen & Li, Yiting, 2024. "Corporate finance, collateralized borrowing, and monetary policy," European Economic Review, Elsevier, vol. 170(C).
    57. 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.
    58. 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.
    59. Herrenbrueck, Lucas, 2019. "Frictional asset markets and the liquidity channel of monetary policy," Journal of Economic Theory, Elsevier, vol. 181(C), pages 82-120.
    60. 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.
    61. Heon Lee, 2021. "Money Creation and Banking: Theory and Evidence," Papers 2109.15096, arXiv.org, revised Jun 2024.
    62. Sheila Dow & Guðrún Johnsen & Alberto Montagnoli, 2015. "A critique of full reserve banking," Working Papers 2015008, The University of Sheffield, Department of Economics.
    63. 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.
    64. Hu, Tai-Wei & Li, Yiting & Liu, Yilei, 2025. "Optimal banking regulation and monetary policy," European Economic Review, Elsevier, vol. 178(C).
    65. 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.

  9. 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).

  10. 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. 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.
    3. 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.
    4. Fatih Tuluk, 2019. "Shadow Banking, Capital Requirements and Monetary Policy," Working Papers 2019.05, International Network for Economic Research - INFER.
    5. Sylvia Xiao & Randall Wright & Guillaume Rocheteau, 2017. "Open Market Operations," 2017 Meeting Papers 345, Society for Economic Dynamics.

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

    Cited by:

    1. 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.
    2. 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.
    3. 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.
    4. Chao Gu & Randall Wright, 2011. "Endogenous credit cycles," Working Papers 689, Federal Reserve Bank of Minneapolis.
    5. Altermatt, Lukas & Iwasaki, Kohei & Wright, Randall, 2021. "Asset pricing in monetary economies," Journal of International Money and Finance, Elsevier, vol. 115(C).
    6. Dong, Mei & Huangfu, Stella & Sun, Hongfei & Zhou, Chenggang, 2021. "A macroeconomic theory of banking oligopoly," European Economic Review, Elsevier, vol. 138(C).
    7. 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.
    8. Moosavi Mohseni, Reza & Cao, Jiling, 2020. "Monetary policy and financial economic growth," The Journal of Economic Asymmetries, Elsevier, vol. 22(C).
    9. 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.
    10. Guillaume Rocheteau, 2011. "The cost of inflation: a mechanism design approach," Working Papers (Old Series) 1103, Federal Reserve Bank of Cleveland.
    11. 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.
    12. 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.
    13. Franz Seitz & Markus A. Schmidt, 2014. "Money In Modern Macro Models: A Review of the Arguments," Journal of Reviews on Global Economics, Lifescience Global, vol. 3, pages 156-174.
    14. 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.
    15. 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.
    16. 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.
    17. 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.
    18. Gabriele Camera & YiLi Chien, 2013. "Modeling monetary economies: an equivalence result," Working Papers 2013-009, Federal Reserve Bank of St. Louis.
    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. 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.
    21. Diarmid Weir, 2013. "Fiat Money, Individual Rationality and Production," Metroeconomica, Wiley Blackwell, vol. 64(4), pages 573-590, November.
    22. Aruoba, S. Boragan & Waller, Christopher J. & Wright, Randall, 2011. "Money and capital," Journal of Monetary Economics, Elsevier, vol. 58(2), pages 98-116, March.
    23. Stephen D. Williamson, 2017. "Low Real Interest Rates and the Zero Lower Bound," Working Papers 2017-10, Federal Reserve Bank of St. Louis.
    24. Tarishi Matsuoka & Makoto Watanabe, 2017. "Banking Panics and Liquidity in a Monetary Economy," Tinbergen Institute Discussion Papers 17-091/VII, Tinbergen Institute.
    25. 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.
    26. 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.
    27. 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.
    28. Yuet-Yee Wong & Randall Wright, 2011. "Buyers, sellers and middlemen: variations in search theory," Working Papers 691, Federal Reserve Bank of Minneapolis.
    29. Adam Brzezinski & Nuno Palma & Francois R. Velde, 2024. "Understanding Money Using Historical Evidence," Working Paper Series WP 2024-10, Federal Reserve Bank of Chicago.
    30. Golec, Pascal & Perotti, Enrico, 2017. "Safe assets: a review," Working Paper Series 2035, European Central Bank.
    31. 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.
    32. Rocheteau, Guillaume & Wright, Randall, 2013. "Liquidity and asset-market dynamics," Journal of Monetary Economics, Elsevier, vol. 60(2), pages 275-294.
    33. 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.
    34. Jesús Fernández-Villaverde & Daniel R. Sanches, 2024. "Price-Level Determination Under the Gold Standard," Working Papers 24-06, Federal Reserve Bank of Philadelphia.
    35. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Models," MPRA Paper 21030, University Library of Munich, Germany.
    36. 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.
    37. Schrimpf, Paul & Malamud, Semyon, 2018. "Intermediation markups and monetary policy pass-through," CEPR Discussion Papers 12623, C.E.P.R. Discussion Papers.
    38. 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.
    39. 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.
    40. Zannini, Ugo, 2020. "The optimal quantity of money and partially-liquid assets," Journal of Economic Theory, Elsevier, vol. 188(C).
    41. Gabriele Camera & YiLi Chien, 2013. "Two Monetary Models with Alternating Markets," Working Papers 13-25, Chapman University, Economic Science Institute.
    42. 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.
    43. Andrés Alvarez & Vincent Bignon, 2010. "L. Walras and C. Menger: Two ways on the path of modern monetary theory," Working Papers hal-04140901, HAL.
    44. Fernández-Villaverde, Jesús & Sanches, Daniel, 2023. "A model of the gold standard," Journal of Economic Theory, Elsevier, vol. 214(C).
    45. Aquino, Juan & Vega, Marco, 2014. "¿Qué es la Nueva Economía Monetarista?," Revista Moneda, Banco Central de Reserva del Perú, issue 160, pages 31-33.
    46. 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.
    47. 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.
    48. Williamson, Stephen D., 2016. "Scarce collateral, the term premium, and quantitative easing," Journal of Economic Theory, Elsevier, vol. 164(C), pages 136-165.
    49. Liang Wang, 2011. "Inflation and Welfare with Search and Price Dispersion," Working Papers 201113, University of Hawaii at Manoa, Department of Economics.
    50. 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.
    51. 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.
    52. Thornton, Daniel L., 2014. "Monetary policy: Why money matters (and interest rates don’t)," Journal of Macroeconomics, Elsevier, vol. 40(C), pages 202-213.
    53. 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.

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

    Cited by:

    1. 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.
    2. Han, Han, 2015. "Over-the-Counter Markets, Intermediation, and Monetary Policy," MPRA Paper 68709, University Library of Munich, Germany.
    3. 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.
    4. 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.
    5. Chao Gu & Randall Wright, 2011. "Endogenous credit cycles," Working Papers 689, Federal Reserve Bank of Minneapolis.
    6. Fernando Martin, 2018. "The Value of Constraints on Discretionary Government Policy," 2018 Meeting Papers 267, Society for Economic Dynamics.
    7. Jin, Gu & Zhu, Tao, 2017. "Nonneutrality of Money in Dispersion: Hume Revisited," MPRA Paper 79561, University Library of Munich, Germany.
    8. Solomon, Bernard Daniel, 2010. "Firm leverage, household leverage and the business cycle," MPRA Paper 26504, University Library of Munich, Germany.
    9. Altermatt, Lukas & Iwasaki, Kohei & Wright, Randall, 2021. "Asset pricing in monetary economies," Journal of International Money and Finance, Elsevier, vol. 115(C).
    10. S. Boragan Aruoba & Morris A. Davis & Randall Wright, 2012. "Homework in Monetary Economics: Inflation, Home Production, and the Production of Homes," NBER Working Papers 18276, National Bureau of Economic Research, Inc.
    11. Dong, Mei & Huangfu, Stella & Sun, Hongfei & Zhou, Chenggang, 2021. "A macroeconomic theory of banking oligopoly," European Economic Review, Elsevier, vol. 138(C).
    12. Dumitriu, Ramona & Stefanescu, Razvan, 2013. "Provocările politicii monetare [Monetary policy challenges]," MPRA Paper 50261, University Library of Munich, Germany, revised 28 Sep 2013.
    13. Moosavi Mohseni, Reza & Cao, Jiling, 2020. "Monetary policy and financial economic growth," The Journal of Economic Asymmetries, Elsevier, vol. 22(C).
    14. Guillaume Rocheteau & Pierre-Olivier Weill, 2011. "Liquidity in frictional asset markets," Working Papers (Old Series) 1105, Federal Reserve Bank of Cleveland.
    15. 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.
    16. Tarishi Matsuoka & Makoto Watanabe, 2019. "Banking Panics and the Lender of Last Resort in a Monetary Economy," CESifo Working Paper Series 7451, CESifo.
    17. Yu Zhu & Randall Wright & Chao He, 2013. "Housing and Liquidity," 2013 Meeting Papers 168, Society for Economic Dynamics.
    18. 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.
    19. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Methods," MPRA Paper 21486, University Library of Munich, Germany.
    20. Shengxing Zhang, 2014. "Collateral Risk, Repo Rollover and Shadow Banking," 2014 Meeting Papers 562, Society for Economic Dynamics.
    21. 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.
    22. Athanasios Geromichalos & Lucas Herrenbrueck, 2017. "The Liquidity-Augmented Model of Macroeconomic Aggregates," Discussion Papers dp17-16, Department of Economics, Simon Fraser University.
    23. Kenneth Burdett & Mei Dong & Ling Sun & Randall Wright, 2016. "Marriage, Markets, And Money: A Coasian Theory Of Household Formation," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 57(2), pages 337-368, May.
    24. 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.
    25. Jonathan Chiu & Césaire Meh & Randall Wright, 2011. "Innovation and Growth with Financial, and Other, Frictions," Staff Working Papers 11-25, Bank of Canada.
    26. 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.
    27. Fernando M. Martin, 2011. "Government policy response to war-expenditure shocks," Working Papers 2011-028, Federal Reserve Bank of St. Louis.
    28. Alberto Trejos & Randall Wright, 2014. "Search-Based Models of Money and Finance: An Integrated Approach," Working Papers 709, Federal Reserve Bank of Minneapolis.
    29. Seon Tae Kim & Alessandro Marchesiani, 2020. "Market Intelligence Gathering and Money Demand," Working Papers 202004, University of Liverpool, Department of Economics.
    30. 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.
    31. Lucy Qian Liu & Liang Wang & Randall Wright, 2015. "Costly Credit and Sticky Prices," Working Papers 201505, University of Hawaii at Manoa, Department of Economics.
    32. 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.
    33. 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.
    34. Aruoba, S. Boragan & Waller, Christopher J. & Wright, Randall, 2011. "Money and capital," Journal of Monetary Economics, Elsevier, vol. 58(2), pages 98-116, March.
    35. 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.
    36. Stephen D. Williamson, 2017. "Low Real Interest Rates and the Zero Lower Bound," Working Papers 2017-10, Federal Reserve Bank of St. Louis.
    37. 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.
    38. Tarishi Matsuoka & Makoto Watanabe, 2017. "Banking Panics and Liquidity in a Monetary Economy," Tinbergen Institute Discussion Papers 17-091/VII, Tinbergen Institute.
    39. Daniela Puzzello & Brit Grosskpof & John Duffy, 2011. "Gift Exchange versus Monetary Exchange: Experimental Evidence," 2011 Meeting Papers 1153, Society for Economic Dynamics.
    40. Venky Venkateswaran & Randall Wright, 2013. "Pledgability and Liquidity: A New Monetarist Model of Financial and Macroeconomic Activity," NBER Chapters, in: NBER Macroeconomics Annual 2013, Volume 28, pages 227-270, National Bureau of Economic Research, Inc.
    41. Jaccard, Ivan, 2024. "Monetary asymmetries without (and with) price stickiness," Working Paper Series 2928, European Central Bank.
    42. Javier Bianchi & Saki Bigio, 2022. "Banks, Liquidity Management, and Monetary Policy," Econometrica, Econometric Society, vol. 90(1), pages 391-454, January.
    43. Fernando Martin, 2019. "How to Starve the Beast: Fiscal and Monetary Policy Rules," 2019 Meeting Papers 1181, Society for Economic Dynamics.
    44. 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.
    45. Fernando M. Martin, 2013. "Government Policy In Monetary Economies," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 54(1), pages 185-217, February.
    46. Fernando M. Martin, 2020. "Fiscal Dominance," Working Papers 2020-040, Federal Reserve Bank of St. Louis, revised 26 Aug 2023.
    47. Kang, Kee-Youn, 2019. "Cryptocurrency, Delivery Lag, and Double Spending History," MPRA Paper 93598, University Library of Munich, Germany.
    48. 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.
    49. Yuet-Yee Wong & Randall Wright, 2011. "Buyers, sellers and middlemen: variations in search theory," Working Papers 691, Federal Reserve Bank of Minneapolis.
    50. Williamson, Stephen, 2009. "Liquidity, Financial Intermediation, and Monetary Policy in a New Monetarist Model," MPRA Paper 20692, University Library of Munich, Germany.
    51. Adam Brzezinski & Nuno Palma & Francois R. Velde, 2024. "Understanding Money Using Historical Evidence," Working Paper Series WP 2024-10, Federal Reserve Bank of Chicago.
    52. 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.
    53. Radwanski, Juliusz, 2021. "The Equilibrium Value of Bitcoin," MPRA Paper 110746, University Library of Munich, Germany.
    54. 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.
    55. 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.
    56. Hirano, Tomohiro & Toda, Alexis Akira, 2024. "Bubble economics," Journal of Mathematical Economics, Elsevier, vol. 111(C).
    57. Rocheteau, Guillaume & Wright, Randall, 2013. "Liquidity and asset-market dynamics," Journal of Monetary Economics, Elsevier, vol. 60(2), pages 275-294.
    58. 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.
    59. Matsuoka, Tarishi & Watanabe, Makoto, 2019. "Banking crises and liquidity in a monetary economy," Journal of Economic Dynamics and Control, Elsevier, vol. 108(C).
    60. 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.
    61. Carli, Francesco & Uras, Burak, 2022. "Money, E-money, and Consumer Welfare," Other publications TiSEM d6c0389e-1036-4748-9040-5, Tilburg University, School of Economics and Management.
    62. Guillaume Rocheteau, 2011. "On the coexistence of money and higher-return assets and its social role," Working Papers (Old Series) 1104, Federal Reserve Bank of Cleveland.
    63. Aleksander Berentsen, 2016. "Limited Commitment and the Demand for Money," 2016 Meeting Papers 104, Society for Economic Dynamics.
    64. 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.
    65. 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.
    66. Chu, Angus C. & Liao, Chih-Hsing & Liu, Xiangbo & Zhang, Mengbo, 2021. "Indeterminacy in a matching model of money with productive government expenditure," International Review of Economics & Finance, Elsevier, vol. 71(C), pages 497-516.
    67. 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.
    68. 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.
    69. Zannini, Ugo, 2020. "The optimal quantity of money and partially-liquid assets," Journal of Economic Theory, Elsevier, vol. 188(C).
    70. Sylvia Xiao & Randall Wright & Guillaume Rocheteau, 2017. "Open Market Operations," 2017 Meeting Papers 345, Society for Economic Dynamics.
    71. Platonov, Konstantin & Goren, Amir, 2024. "Inflation targeting and output stabilization in an estimated monetary model," Journal of Economics and Business, Elsevier, vol. 132(C).
    72. 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.
    73. Jonathan Chiu & Mei Dong & Enchuan Shao, 2012. "On the Welfare Effects of Credit Arrangements," Staff Working Papers 12-43, Bank of Canada.
    74. 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.
    75. 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.
    76. Eisei Ohtaki, 2016. "Optimality of the Friedman rule under ambiguity," Working Papers e103, Tokyo Center for Economic Research.
    77. Kurmann, André & Rabinovich, Stanislav, 2018. "Dynamic inefficiency in decentralized capital markets," Journal of Economic Theory, Elsevier, vol. 173(C), pages 231-256.
    78. Carli, Francesco & Uras, Burak R., 2024. "E-money, risk-sharing, and welfare," European Economic Review, Elsevier, vol. 169(C).
    79. 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.
    80. 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.
    81. 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.
    82. Kurmann, André, 2014. "Holdups and overinvestment in capital markets," Journal of Economic Theory, Elsevier, vol. 151(C), pages 88-113.
    83. 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.
    84. Liang Wang, 2011. "Inflation and Welfare with Search and Price Dispersion," Working Papers 201113, University of Hawaii at Manoa, Department of Economics.
    85. 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.
    86. 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.
    87. 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.
    88. Herrenbrueck, Lucas, 2014. "Quantitative Easing and the Liquidity Channel of Monetary Policy," MPRA Paper 70686, University Library of Munich, Germany, revised 10 Apr 2016.

  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. 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.
    2. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Methods," MPRA Paper 21486, University Library of Munich, Germany.
    3. Javier Bianchi & Saki Bigio, 2014. "Banks, Liquidity Management and Monetary Policy," Working Papers 18, Peruvian Economic Association.
    4. Charles Kahn, 2013. "Private payment systems, collateral, and interest rates," Annals of Finance, Springer, vol. 9(1), pages 83-114, February.
    5. 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.
    6. 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.

  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. 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.
    2. Han, Han, 2015. "Over-the-Counter Markets, Intermediation, and Monetary Policy," MPRA Paper 68709, University Library of Munich, Germany.
    3. Randall Wright & Cathy Zhang & Guillaume Rocheteau, 2016. "Corporate Finance and Monetary Policy," 2016 Meeting Papers 97, Society for Economic Dynamics.
    4. Chao Gu & Randall Wright, 2011. "Endogenous credit cycles," Working Papers 689, Federal Reserve Bank of Minneapolis.
    5. Araújo, Luís & Guimarães, Bernardo de Vasconcellos, 2015. "A coordination approach to the essentiality of money," Textos para discussão 381, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
    6. Choi, Hyung Sun, 2014. "Money, credit, risk of loss, and limited participation," International Review of Economics & Finance, Elsevier, vol. 34(C), pages 9-23.
    7. Giorgia Piacentino & Anjan Thakor & Jason Donaldson, 2016. "Warehouse Banking," 2016 Meeting Papers 588, Society for Economic Dynamics.
    8. 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.
    9. 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.
    10. Tai-Wei Hu & Luis Araujo, 2015. "Optimal Monetary Interventions in Credit Markets," 2015 Meeting Papers 176, Society for Economic Dynamics.
    11. Berentsen, Aleksander & Monnet, Cyril, 2008. "Monetary policy in a channel system," Journal of Monetary Economics, Elsevier, vol. 55(6), pages 1067-1080, September.
    12. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Methods," MPRA Paper 21486, University Library of Munich, Germany.
    13. 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.
    14. 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.
    15. 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.
    16. Kang, Kee-Youn & Jang, Inkee, 2020. "Dynamic Adverse Selection and Belief Update in Credit Markets," MPRA Paper 99071, University Library of Munich, Germany.
    17. Bethune, Zachary & Hu, Tai-Wei & Rocheteau, Guillaume, 2018. "Indeterminacy in credit economies," Journal of Economic Theory, Elsevier, vol. 175(C), pages 556-584.
    18. 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.
    19. Becsi, Zsolt & Li, Victor E. & Wang, Ping, 2013. "Credit mismatch and breakdown," European Economic Review, Elsevier, vol. 59(C), pages 109-125.
    20. Stephen Williamson, 2014. "Central Bank Purchases of Private Assets," 2014 Meeting Papers 208, Society for Economic Dynamics.
    21. Chao Gu & Cyril Monnet & Ed Nosal & Randall Wright, 2019. "On the Instability of Banking and Financial Intermediation," 2019 Meeting Papers 352, Society for Economic Dynamics.
    22. 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.
    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. 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.
    25. 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.
    26. Pedro Gomis-Porqueras & Daniel R. Sanches, 2010. "Optimal monetary policy in a model of money and credit," Working Papers 11-4, Federal Reserve Bank of Philadelphia.
    27. Hazra, Devika, 2017. "Monetary policy and alternative means of payment," The Quarterly Review of Economics and Finance, Elsevier, vol. 65(C), pages 378-387.
    28. Ohik Kwon & Jaevin Park, 2018. "E-money: Legal Restrictions Theory and Monetary Policy," Working Papers 2018-17, Economic Research Institute, Bank of Korea.
    29. Chao Gu & Cyril Monnet & Ed Nosal & Randall Wright, 2019. "On the Instability of Banking and other Financial Intermediation," Diskussionsschriften dp1902, Universitaet Bern, Departement Volkswirtschaft.
    30. Lukas Altermatt & Christian Wipf, 2020. "Liquidity, the Mundell-Tobin Effect, and the Friedman Rule," Diskussionsschriften dp2013, Universitaet Bern, Departement Volkswirtschaft.
    31. 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.
    32. Kang, Kee-Youn, 2017. "Counterfeiting, screening and government policy," Journal of Economic Theory, Elsevier, vol. 172(C), pages 26-54.
    33. Kang, Kee-Youn, 2019. "Cryptocurrency, Delivery Lag, and Double Spending History," MPRA Paper 93598, University Library of Munich, Germany.
    34. Chao Gu & Fabrizio Mattesini & Randall Wright, 2015. "Money and Credit Redux," Working Papers 1508, Department of Economics, University of Missouri.
    35. Araujo, Luis & Camargo, Braz, 2015. "Limited monitoring and the essentiality of money," Journal of Mathematical Economics, Elsevier, vol. 58(C), pages 32-37.
    36. Williamson, Stephen, 2009. "Liquidity, Financial Intermediation, and Monetary Policy in a New Monetarist Model," MPRA Paper 20692, University Library of Munich, Germany.
    37. 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).
    38. Mei Dong, 2011. "Money and Costly Credit," Staff Working Papers 11-7, Bank of Canada.
    39. 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.
    40. 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.
    41. Zachary Bethune & Guillaume Rocheteau & Russell Wong & Cathy Zhang, 2020. "Lending Relationships and Optimal Monetary Policy," Working Paper 20-13, Federal Reserve Bank of Richmond.
    42. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Models," MPRA Paper 21030, University Library of Munich, Germany.
    43. Beck, Thorsten & Uras, Burak & Pamuk, Haki & Ramrattan, Ravindra, 2015. "Mobile Money, Trade Credit, and Economic Development: Theory and Evidence," CEPR Discussion Papers 10848, C.E.P.R. Discussion Papers.
    44. 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.
    45. Azariadis, Costas & Bullard, James & Singh, Aarti & Suda, Jacek, 2015. "Incomplete Credit Markets and Monetary Policy," Working Papers 2015-12, University of Sydney, School of Economics, revised Feb 2019.
    46. 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.
    47. Tanaka, Yoshitaka, 2019. "Reallocation of production inputs in a monetary economy," Economics Letters, Elsevier, vol. 183(C), pages 1-1.
    48. Carli, Francesco & Gomis-Porqueras, Pedro, 2021. "Real consequences of open market operations: The role of limited commitment," European Economic Review, Elsevier, vol. 132(C).
    49. Stephen D. Williamson, 2014. "Low Real Interest Rates, Collateral Misrepresentation, and Monetary Policy," Working Papers 2014-26, Federal Reserve Bank of St. Louis.
    50. Lotz, Sebastien & Zhang, Cathy, 2015. "Money and Credit as Means of Payment: A New Monetarist Approach," MPRA Paper 64535, University Library of Munich, Germany.
    51. 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.
    52. Moscarini, Giuseppe & Wright, Randall, 2010. "Introduction to Search Theory and Applications," Journal of Economic Theory, Elsevier, vol. 145(4), pages 1319-1324, July.
    53. 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.
    54. Alejandro SALAZAR-ADAMS & Nicolás PINEDA-PABLOS, 2010. "Policies for Meeting Future Water Needs in Mexican Cities," EcoMod2010 259600147, EcoMod.
    55. 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).
    56. Francesca Carapella, 2017. "Credit markets, Limited commitment and Optimal monetary policy," 2017 Meeting Papers 1523, Society for Economic Dynamics.
    57. Kim, Duhyeong, 2025. "Negative nominal interest rates and monetary policy," Journal of Monetary Economics, Elsevier, vol. 154(C).
    58. Sylvia Xiao & Randall Wright & Guillaume Rocheteau, 2017. "Open Market Operations," 2017 Meeting Papers 345, Society for Economic Dynamics.
    59. Jonathan Chiu & Mei Dong & Enchuan Shao, 2012. "On the Welfare Effects of Credit Arrangements," Staff Working Papers 12-43, Bank of Canada.
    60. Russell Wong & Cathy Zhang & Guillaume Rocheteau, 2017. "Lending Relationships, Banking Crises and Optimal Monetary Policies," 2017 Meeting Papers 152, Society for Economic Dynamics.
    61. Matsuoka, Tarishi, 2022. "Asset prices and standing facilities in a monetary economy," Journal of Economic Dynamics and Control, Elsevier, vol. 135(C).
    62. 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.
    63. 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.
    64. 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.
    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. Williamson, Stephen D., 2016. "Scarce collateral, the term premium, and quantitative easing," Journal of Economic Theory, Elsevier, vol. 164(C), pages 136-165.
    67. 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.
    68. 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.
    69. Randall Wright & Vaidyanathan (Venky) Venkateswaran, 2012. "Pledgability and Liquidity," 2012 Meeting Papers 601, Society for Economic Dynamics.
    70. 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.
    71. 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.
    72. Randall Wright & Cyril Monnet & Fabrizio Mattesini, 2009. "Banking: a mechanism design approach," 2009 Meeting Papers 635, Society for Economic Dynamics.
    73. Heon Lee, 2021. "Money Creation and Banking: Theory and Evidence," Papers 2109.15096, arXiv.org, revised Jun 2024.
    74. 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.

  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. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Methods," MPRA Paper 21486, University Library of Munich, Germany.
    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. Mei Dong, 2009. "Money and Costly Credit," 2009 Meeting Papers 404, Society for Economic Dynamics.
    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. Stephen Williamson & Francesca Carapella, 2012. "Credit Markets, Limited Commitment, and Government Debt," 2012 Meeting Papers 226, Society for Economic Dynamics.
    6. 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.
    7. Alessandro Marchesiani & Aleksander Berentsen, 2010. "Standing Facilities Versus Open Market Operations: Equivalence Results," 2010 Meeting Papers 929, Society for Economic Dynamics.
    8. Randall Wright & Cyril Monnet & Fabrizio Mattesini, 2009. "Banking: a mechanism design approach," 2009 Meeting Papers 635, 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. Choi, Hyung Sun, 2014. "Money, credit, risk of loss, and limited participation," International Review of Economics & Finance, Elsevier, vol. 34(C), pages 9-23.
    2. Choi, Hyung Sun, 2023. "Money, payments systems, limited participation, and central banking," The North American Journal of Economics and Finance, Elsevier, vol. 64(C).
    3. Choi, Hyung Sun, 2015. "Monetary policy, endogenous transactions, and financial market segmentation," Journal of Macroeconomics, Elsevier, vol. 44(C), pages 234-251.
    4. 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.
    5. 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.
    6. Li, Yan & Carroll, Wayne, 2011. "The payment mechanisms and liquidity effects," Journal of Macroeconomics, Elsevier, vol. 33(4), pages 656-667.
    7. 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.
    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. Jonathan Chiu & Alexandra Lai, 2007. "Modelling Payments Systems: A Review of the Literature," Staff Working Papers 07-28, Bank of Canada.
    10. Waknis, Parag, 2017. "Demonetisation: Some Theoretical Perspectives," MPRA Paper 76391, University Library of Munich, Germany.
    11. 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.
    12. Adão, Bernardino & Silva, André C., 2020. "The effect of firm cash holdings on monetary policy," European Economic Review, Elsevier, vol. 128(C).
    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. Mahmoudi, Babak, 2013. "Open-Market Operations, Asset Distributions, and Endogenous Market Segmentation," MPRA Paper 50089, University Library of Munich, Germany.

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

    Cited by:

    1. Shi, Shouyong, 2008. "Efficiency improvement from restricting the liquidity of nominal bonds," Journal of Monetary Economics, Elsevier, vol. 55(6), pages 1025-1037, September.
    2. 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.
    3. 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.
    4. 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.
    5. Carlos Garriga & Finn E. Kydland & Roman Šustek, 2016. "Nominal Rigidities in Debt and Product Markets," Working Papers 801, Queen Mary University of London, School of Economics and Finance.
    6. 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.
    7. 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.
    8. Choi, Hyung Sun, 2014. "Money, credit, risk of loss, and limited participation," International Review of Economics & Finance, Elsevier, vol. 34(C), pages 9-23.
    9. 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.
    10. Xavier Ragot & Florin O. Bilbiie, 2016. "Monetary Policy, Inflation, and Inequality: The Case for Helicopters," 2016 Meeting Papers 1663, Society for Economic Dynamics.
    11. Firouz Gahvari & Luca Micheletto, 2012. "Monetary Policy and Redistribution: What can or cannot be Neutralized with Mirrleesian Taxes," CESifo Working Paper Series 3711, CESifo.
    12. 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.
    13. Shouyong Shi, 2006. "Welfare improvement from restricting the liquidity of nominal bonds," 2006 Meeting Papers 245, Society for Economic Dynamics.
    14. 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.
    15. 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.
    16. Villarreal, Francisco G., 2014. "Financial Services and Household Inequality in Mexico," MPRA Paper 57075, University Library of Munich, Germany.
    17. 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).
    18. Ippei Fujiwara & Yuki Teranishi, 2007. "A Dynamic New Keynesian Life-Cycle Model: Societal Ageing, Demographics and Monetary Policy," IMES Discussion Paper Series 07-E-04, Institute for Monetary and Economic Studies, Bank of Japan.
    19. Gahvari, Firouz & Micheletto, Luca, 2016. "Capital income taxation and the Atkinson–Stiglitz theorem," Economics Letters, Elsevier, vol. 147(C), pages 86-89.
    20. Cravino, Javier & Lan, Ting & Levchenko, Andrei A., 2020. "Price stickiness along the income distribution and the effects of monetary policy," Journal of Monetary Economics, Elsevier, vol. 110(C), pages 19-32.
    21. Dhital, Saroj & Jiang, Senyuan & Reese, Jillian, 2023. "Effects of monetary and government spending policy on economic inequality," Journal of Macroeconomics, Elsevier, vol. 77(C).
    22. 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.
    23. 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).
    24. Louis Rouanet & Peter Hazlett, 2023. "The redistributive politics of monetary policy," Public Choice, Springer, vol. 194(1), pages 1-26, January.
    25. Jin, Gu & Zhu, Tao, 2020. "Heterogeneity, Decentralized Trade, and the Long-run Real Effects of Inflation," MPRA Paper 101927, University Library of Munich, Germany.
    26. 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.
    27. 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.
    28. 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.
    29. Antoine Mandel & Vipin P Veetil, 2019. "Monetary Dynamics in a Network Economy," Post-Print halshs-02354576, HAL.
    30. Feng Dong & Yi Wen, 2018. "Long and Plosser Meet Bewley and Lucas," Working Papers 2018-8, Federal Reserve Bank of St. Louis.
    31. 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.
    32. Nils M. Gornemann & Keith Kuester & Makoto Nakajima, 2012. "Monetary policy with heterogeneous agents," Working Papers 12-21, Federal Reserve Bank of Philadelphia.
    33. Pierre Monnin, 2014. "Inflation and Income Inequality in Developed Economies," Working Papers 1401, Council on Economic Policies.
    34. 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.
    35. Eswar S. Prasad, 2013. "Distributional Effects of Macroeconomic Policy Choices in Emerging Market Economies," NBER Working Papers 19668, National Bureau of Economic Research, Inc.
    36. 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.
    37. Shouyong Shi, 2014. "Liquidity, Interest Rates and Output," Annals of Economics and Finance, Society for AEF, vol. 15(1), pages 53-95, May.
    38. Aubhik Khan & Julia K. Thomas, 2007. "Inflation and interest rates with endogenous market segmentation," Working Papers 07-1, Federal Reserve Bank of Philadelphia.
    39. 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.
    40. Pierre Monnin & Alexander Barkawi, 2015. "Monetary Policy and Sustainability. The Case of Bangladesh," Discussion Notes 1501, Council on Economic Policies.
    41. 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.
    42. Zannini, Ugo, 2020. "The optimal quantity of money and partially-liquid assets," Journal of Economic Theory, Elsevier, vol. 188(C).
    43. 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.
    44. Süssmuth, Bernd & Wieschemeyer, Matthias, 2022. "Taxation and the distributional impact of inflation: The U.S. post-war experience," Economic Modelling, Elsevier, vol. 111(C).
    45. Williamson, Stephen & Sanches, Daniel, 2009. "Adverse Selection, Segmented Markets, and the Role of Monetary Policy," MPRA Paper 20691, University Library of Munich, Germany.
    46. Areosa, Waldyr Dutra & Areosa, Marta B.M., 2016. "The inequality channel of monetary transmission," Journal of Macroeconomics, Elsevier, vol. 48(C), pages 214-230.
    47. 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.
    48. 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.
    49. 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.
    50. 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.
    51. Shouyong Shi, 2006. "A Microfoundation of Monetary Economics," Working Papers tecipa-211, University of Toronto, Department of Economics.
    52. 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.
    53. 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.
    54. Mahmoudi, Babak, 2013. "Open-Market Operations, Asset Distributions, and Endogenous Market Segmentation," MPRA Paper 50089, University Library of Munich, Germany.
    55. 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.
    56. 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.
    57. Michael Reiter & Philipp Hergovich, 2016. "Housing and the Redistributive Effects of Monetary Policy," 2016 Meeting Papers 1324, Society for Economic Dynamics.
    58. Dietrich, Diemo & Shin, Jong Kook & Tvede, Mich, 2020. "Debt constraints and monetary policy," Journal of Mathematical Economics, Elsevier, vol. 87(C), pages 31-42.

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

    Cited by:

    1. Piti Disyatat, 2008. "Monetary policy implementation: Misconceptions and their consequences," BIS Working Papers 269, Bank for International Settlements.
    2. Xavier Ragot, 2018. "Limited Participation, Capital Accumulation and Optimal Monetary Policy," Sciences Po Economics Discussion Papers hal-03444395, HAL.
    3. Andolfatto, David, 2007. "Incentives and the Limits to Deflationary Policy," MPRA Paper 4681, University Library of Munich, Germany.
    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. Huberto M. Ennis, 2005. "Avoiding the inflation tax," Working Paper 05-10, Federal Reserve Bank of Richmond.
    6. Peng, Yulei & Zervou, Anastasia, 2022. "Monetary policy rules and the equity premium in a segmented markets model," Journal of Macroeconomics, Elsevier, vol. 73(C).
    7. Ennis, Huberto M., 2008. "Search, money, and inflation under private information," Journal of Economic Theory, Elsevier, vol. 138(1), pages 101-131, January.
    8. 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.
    9. Choi, Hyung Sun, 2023. "Money, payments systems, limited participation, and central banking," The North American Journal of Economics and Finance, Elsevier, vol. 64(C).
    10. 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.
    11. Aleksander Berentsen & Guido Menzio & Randall Wright, 2009. "Inflation and unemployment in the long run," IEW - Working Papers 442, Institute for Empirical Research in Economics - University of Zurich.
    12. 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.
    13. 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.
    14. 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.
    15. Venky Venkateswaran & Randall Wright, 2013. "Pledgability and Liquidity: A New Monetarist Model of Financial and Macroeconomic Activity," NBER Chapters, in: NBER Macroeconomics Annual 2013, Volume 28, pages 227-270, National Bureau of Economic Research, Inc.
    16. Huber, Samuel & Kim, Jaehong, 2020. "An overlapping generations model for monetary policy analysis," European Economic Review, Elsevier, vol. 125(C).
    17. Williamson, Stephen D., 2008. "Monetary policy and distribution," Journal of Monetary Economics, Elsevier, vol. 55(6), pages 1038-1053, September.
    18. 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.
    19. 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. 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.
    21. 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.
    22. Lucas Herrenbrueck, 2016. "Quantitative Easing and the Liquidity Channel of Monetary Policy," 2016 Meeting Papers 767, Society for Economic Dynamics.
    23. Yulei Peng & Anastasia Zervou, 2014. "Monetary Policy Rules and the Equity Premium," Working Papers 20141115_001, Texas A&M University, Department of Economics.
    24. 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.
    25. Shouyong Shi, 2014. "Liquidity, Interest Rates and Output," Annals of Economics and Finance, Society for AEF, vol. 15(1), pages 53-95, May.
    26. 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.
    27. Jonathan Chiu & Miguel Molico, 2008. "Uncertainty, Inflation, and Welfare," Staff Working Papers 08-13, Bank of Canada.
    28. 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.
    29. Chung, Kyuil, 2009. "Does the liquidity effect guarantee a positive term premium?," Economic Modelling, Elsevier, vol. 26(5), pages 893-903, September.
    30. Zeno Enders, 2006. "Slow Money Dissemination," Economics Working Papers ECO2006/25, European University Institute.
    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. Herrenbrueck, Lucas, 2019. "Frictional asset markets and the liquidity channel of monetary policy," Journal of Economic Theory, Elsevier, vol. 181(C), pages 82-120.
    33. 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.
    34. Mahmoudi, Babak, 2013. "Open-Market Operations, Asset Distributions, and Endogenous Market Segmentation," MPRA Paper 50089, University Library of Munich, Germany.
    35. Hazra, Devika, 2018. "Distributional role of monetary policy under limited credit access," Research in Economics, Elsevier, vol. 72(4), pages 494-510.

  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. Mankart, Jochen & Oikonomou, Rigas, 2015. "Household search and the aggregate labor market," Discussion Papers 26/2015, Deutsche Bundesbank.
    2. 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.
    3. Fabre, Alice & Pallage, Stéphane & Zimmermann, Christian, 2014. "Universal Basic Income versus Unemployment Insurance," IZA Discussion Papers 8667, IZA Network @ LISER.
    4. Setty, Ofer, 2012. "Unemployment Accounts," Foerder Institute for Economic Research Working Papers 275765, Tel-Aviv University > Foerder Institute for Economic Research.
    5. Moritz Kuhn & Sebastian Koehne, 2012. "Should unemployment insurance be asset-tested?," 2012 Meeting Papers 850, Society for Economic Dynamics.
    6. Serdar Birinci & Kurt Gerrard See, 2018. "How Should Unemployment Insurance vary over the Business Cycle?," 2018 Meeting Papers 69, Society for Economic Dynamics.
    7. 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.
    8. Cahuc, Pierre, 2014. "Search, flows, job creations and destructions," Labour Economics, Elsevier, vol. 30(C), pages 22-29.
    9. Schwartz, J., 2015. "Optimal unemployment insurance: When search takes effort and money," Labour Economics, Elsevier, vol. 36(C), pages 1-17.
    10. 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.
    11. Lee, Kangoh, 2022. "Unemployment insurance, mobile capital, output, and distributive effects," Economic Modelling, Elsevier, vol. 115(C).
    12. 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.
    13. Rioux, Laurence & Ortega, Javier, 2006. "On the Extent of Re-Entitlement Effects in Unemployment Compensation," CEPR Discussion Papers 5826, C.E.P.R. Discussion Papers.
    14. Thérèse REBIÈRE & Frédéric GAVREL & Isabelle LEBON, 2009. "Formal Education Versus Learning-by-doing," EcoMod2009 21500078, EcoMod.
    15. Athreya, Kartik B. & Simpson, Nicole B., 2006. "Unsecured debt with public insurance: From bad to worse," Journal of Monetary Economics, Elsevier, vol. 53(4), pages 797-825, May.
    16. Facundo Piguillem & Hernán Ruffo & Nicholas Trachter, 2023. "Unemployment Insurance when the Wealth Distribution Matters," Department of Economics Working Papers 2023_02, Universidad Torcuato Di Tella.
    17. Hagedorn, Marcus & Kaul, Ashok & Mennel, Tim, 2010. "An adverse selection model of optimal unemployment insurance," Journal of Economic Dynamics and Control, Elsevier, vol. 34(3), pages 490-502, March.
    18. 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.
    19. Rigas OIKONOMOU, 2016. "Unemployment Insurance with Limited Commitment Wage Contracts and Savings," LIDAM Discussion Papers IRES 2016006, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    20. 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.
    21. Similan Rujiwattanapong, 2024. "Job Search, Job Findings and the Role of Unemployment Insurance History," Discussion Papers 2441, Centre for Macroeconomics (CFM).
    22. Kankanamge, Sumudu & Weitzenblum, Thomas, 2016. "Time-consistent unemployment insurance," TSE Working Papers 16-657, Toulouse School of Economics (TSE).
    23. Pei, Yun & Xie, Zoe, 2022. "Timing and time inconsistency in search models," Economics Letters, Elsevier, vol. 220(C).
    24. 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.
    25. 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.
    26. David L. Fuller & B. Ravikumar & Yuzhe Zhang, 2015. "Unemployment Insurance Fraud and Optimal Monitoring," American Economic Journal: Macroeconomics, American Economic Association, vol. 7(2), pages 249-290, April.
    27. Audrey Guo & Andrew C. Johnston, 2021. "The Finance of Unemployment Compensation and Its Consequences," Public Finance Review, , vol. 49(3), pages 392-434, May.
    28. Walter Nicholson & Karen Needels, "undated". "The EUC08 Program in Theoretical and Historical Perspective," Mathematica Policy Research Reports 9046cb11c3aa44c8a036a6e38, Mathematica Policy Research.
    29. Nicola Pavoni & Giovanni L. Violante, 2005. "Optimal welfare-to-work programs," Discussion Paper / Institute for Empirical Macroeconomics 143, Federal Reserve Bank of Minneapolis.
    30. 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.
    31. 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.
    32. Yun Pei & Zoe Xie, 2016. "A Quantitative Theory of Time-Consistent Unemployment Insurance," FRB Atlanta Working Paper 2016-11, Federal Reserve Bank of Atlanta.
    33. 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.
    34. 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.
    35. 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.
    36. Setty, Ofer, 2010. "Optimal unemployment insurance with monitoring," Foerder Institute for Economic Research Working Papers 275747, Tel-Aviv University > Foerder Institute for Economic Research.
    37. 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.
    38. Nicholas Lawson, 2013. "Fiscal Externalities and Optimal Unemployment Insurance," AMSE Working Papers 1357, Aix-Marseille School of Economics, France, revised 21 Nov 2013.
    39. Blumkin, Tomer & Danziger, Leif & Yashiv, Eran, 2016. "Optimal Unemployment Benefit Policy and the Firm Productivity Distribution," IZA Discussion Papers 9967, IZA Network @ LISER.
    40. 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.
    41. 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.
    42. 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.
    43. Bruno Coquet, 2017. "Les allocations chômage devraient-elles être dégressives ?," Sciences Po Economics Publications (main) hal-03457573, HAL.
    44. 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.
    45. Walter Nicholson & Karen Needels, "undated". "Optimal Extended Unemployment Benefits," Mathematica Policy Research Reports 3362c47819f246f7a3b20dd00, Mathematica Policy Research.
    46. MUKOYAMA, Toshihiko & SAHIN, Aysegül, 2004. "Repeated Moral Hazard with Persistence," Cahiers de recherche 01-2004, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
    47. 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.
    48. Beblavý, Miroslav & Lenaerts, Karolien & Maselli, Ilaria, 2017. "Design of a European Unemployment Benefit Scheme," CEPS Papers 12263, Centre for European Policy Studies.
    49. 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.
    50. 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.
    51. Mikhail Golosov & Pricila Maziero & Guido Menzio, 2012. "Taxation and Redistribution of Residual Income Inequality," NBER Working Papers 18151, National Bureau of Economic Research, Inc.
    52. 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.
    53. Yann Algan & Olivier Allais, 2004. "Incomplete Unemployment Insurance under Aggregate Fluctuations," Sciences Po Economics Publications (main) hal-01020122, HAL.
    54. Gustavo de Souza & Andre Luduvice, 2022. "Optimal Unemployment Insurance Requirements," Working Papers 22-10R, Federal Reserve Bank of Cleveland, revised 06 Mar 2023.
    55. 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.
    56. Robert Shimer & Ivan Werning, 2005. "Liquidity and Insurance for the Unemployed," NBER Working Papers 11689, National Bureau of Economic Research, Inc.
    57. Xie, Zoe & Pei, Yun, 2016. "A Quantitative Theory of Time-Consistent Unemployment Insurance," MPRA Paper 74698, University Library of Munich, Germany.
    58. 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.
    59. 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.
    60. 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.
    61. Toshihiko Mukoyama, 2010. "Understanding the Welfare Effects of Unemployment Insurance Policy in General Equilibrium," 2010 Meeting Papers 286, Society for Economic Dynamics.
    62. Taskin, Temel, 2011. "Unemployment insurance and home production," MPRA Paper 34878, University Library of Munich, Germany.
    63. Oikonomou, Rigas, 2013. "Optimal Unemployment Insurance with Private Insurance," MPRA Paper 55726, University Library of Munich, Germany.
    64. 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.
    65. 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.
    66. Pavoni, Nicola, 2007. "On optimal unemployment compensation," Journal of Monetary Economics, Elsevier, vol. 54(6), pages 1612-1630, September.
    67. Algan, Yann & Cheron, Arnaud & Hairault, Jean-Olivier & Langot, Francois, 2004. "Self-insurance and inequality," Economics Letters, Elsevier, vol. 85(3), pages 295-299, December.
    68. Chao, Ying H., 2025. "A quantitative analysis of relaxing UI eligibility requirements," Labour Economics, Elsevier, vol. 94(C).
    69. Michau, Jean-Baptiste, 2015. "Optimal labor market policy with search frictions and risk-averse workers," Labour Economics, Elsevier, vol. 35(C), pages 93-107.
    70. Pei, Yun & Xie, Zoe, 2016. "Government Commitment and Unemployment Insurance Over the Business Cycle," MPRA Paper 76563, University Library of Munich, Germany.
    71. 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.
    72. 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, March.
    73. Stephen Woodbury, 2013. "Unemployment Insurance," Upjohn Working Papers 14-208, W.E. Upjohn Institute for Employment Research.

  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. 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.
    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. Thorsten Koeppl & Cyril Monnet & Ted Temzelides, 2007. "A dynamic model of the payment system," Working Papers 07-22, Federal Reserve Bank of Philadelphia.
    4. Charles M. Kahn & William Roberds, 2005. "Credit and identity theft," Conference Series ; [Proceedings], Federal Reserve Bank of Boston.
    5. Daniel, Sanches, 2011. "A dynamic model of unsecured credit," Journal of Economic Theory, Elsevier, vol. 146(5), pages 1941-1964, September.
    6. 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.
    7. Francesca Carapella & Stephen D. Williamson, 2014. "Credit markets, limited commitment, and government debt," Working Papers 2014-10, Federal Reserve Bank of St. Louis.
    8. Fernando Perera-Tallo & Antonia Diaz, 2007. "Credit and Inflation under Borrowers' Lack of Commitment," 2007 Meeting Papers 429, Society for Economic Dynamics.
    9. Pedro Gomis-Porqueras & Christopher J. Waller, 2017. "Optimal Taxes Under Private Information: The Role of the Inflation," Working Papers 2017-014, Federal Reserve Bank of St. Louis, revised 20 Aug 2020.
    10. Edward J. Green, 2002. "Payment Arrangements and Inflation," American Economic Review, American Economic Association, vol. 92(2), pages 51-57, May.
    11. 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.
    12. Shuyun May Li, 2009. "Optimal Lending Contracts with Long Run Borrowing Constraints," Department of Economics - Working Papers Series 1084, The University of Melbourne.
    13. Aleksander Berentsen & Christopher J. Waller, 2009. "Outside versus inside bonds: a Modigliani-Miller type result for liquidity constrained economies," Working Papers 2009-056, Federal Reserve Bank of St. Louis.
    14. 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.
    15. Berentsen, Aleksander & Monnet, Cyril, 2008. "Monetary policy in a channel system," Journal of Monetary Economics, Elsevier, vol. 55(6), pages 1067-1080, September.
    16. 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.
    17. Monnet, Cyril & Roberds, William, 2008. "Optimal pricing of payment services," Journal of Monetary Economics, Elsevier, vol. 55(8), pages 1428-1440, November.
    18. 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.
    19. Cyril Monnet & William Roberds, 2006. "Credit and the no-surcharge rule," FRB Atlanta Working Paper 2006-25, Federal Reserve Bank of Atlanta.
    20. Rojas Breu, Mariana, 2017. "Debt enforcement and the value of money," Journal of Economic Theory, Elsevier, vol. 168(C), pages 237-251.
    21. 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.
    22. Koeppl, Thorsten & Monnet, Cyril & Temzelides, Ted, 2012. "Optimal clearing arrangements for financial trades," Journal of Financial Economics, Elsevier, vol. 103(1), pages 189-203.
    23. Becsi, Zsolt & Li, Victor E. & Wang, Ping, 2013. "Credit mismatch and breakdown," European Economic Review, Elsevier, vol. 59(C), pages 109-125.
    24. Cyril Monnet & Ted Temzelides & Thorsten V. Koeppl, 2006. "A Dynamic Model Of Settlement," Working Paper 1053, Economics Department, Queen's University.
    25. Cyril Monnet & William Roberds, 2007. "Optimal pricing of payment services when cash is an alternative," Working Papers 07-26, Federal Reserve Bank of Philadelphia.
    26. 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.
    27. 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.
    28. Berentsen, Aleksander & Camera, Gabriele & Waller, Christopher, 2007. "Money, credit and banking," Journal of Economic Theory, Elsevier, vol. 135(1), pages 171-195, July.
    29. Pedro Gomis-Porqueras & Daniel R. Sanches, 2010. "Optimal monetary policy in a model of money and credit," Working Papers 11-4, Federal Reserve Bank of Philadelphia.
    30. Mariana Rojas-Breu, 2011. "Debt enforcement and the return on money," Working papers 345, Banque de France.
    31. Stephen D. Williamson, 1998. "Payments Systems with Random Matching and Private Information," Game Theory and Information 9802004, University Library of Munich, Germany.
    32. Stephen Williamson & Daniel Sanches, 2008. "Money and Credit with Limited Commitment," 2008 Meeting Papers 502, Society for Economic Dynamics.
    33. 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.
    34. Yi Wen, 2012. "Liquidity and welfare," Working Papers 2012-037, Federal Reserve Bank of St. Louis.
    35. 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.
    36. 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.
    37. 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.
    38. Vincent Bignon & Régis Breton & Mariana Rojas Breu, 2019. "Currency union with or without banking union," Post-Print hal-02313956, HAL.
    39. Mariana Rojas Breu, 2013. "The Welfare Effect Of Access To Credit," Economic Inquiry, Western Economic Association International, vol. 51(1), pages 235-247, January.
    40. 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.
    41. Alessandro Marchesiani & Aleksander Berentsen, 2010. "Standing Facilities Versus Open Market Operations: Equivalence Results," 2010 Meeting Papers 929, Society for Economic Dynamics.
    42. Vincent Bignon & Régis Breton & Mariana Rojas Breu, 2018. "Currency Union with and without Banking Union," Working Papers hal-01685893, HAL.
    43. Aleksander Berentsen & Christopher Waller, 2008. "Outside Versus Inside Bonds," IEW - Working Papers 372, Institute for Empirical Research in Economics - University of Zurich.
    44. 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.
    45. Christopher J. Waller, 2009. "Dynamic taxation, private information and money," Working Papers 2009-035, Federal Reserve Bank of St. Louis.
    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.
    47. Russell Wong & Cathy Zhang & Guillaume Rocheteau, 2017. "Lending Relationships, Banking Crises and Optimal Monetary Policies," 2017 Meeting Papers 152, Society for Economic Dynamics.
    48. Sun, Hongfei, 2007. "Banking, Inside Money and Outside Money," Queen's Economics Department Working Papers 273622, Queen's University - Department of Economics.
    49. 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.
    50. Ed Nosal & Guillaume Rocheteau, 2006. "The economics of payments," Policy Discussion Papers, Federal Reserve Bank of Cleveland, issue Feb.
    51. 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.
    52. Amy Hongfei Sun, 2007. "Banking, Inside Money And Outside Money," Working Paper 1146, Economics Department, Queen's University.
    53. 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.
    54. Lizarazo, Sandra & Da-Rocha, Jose-Maria, 2011. "Optimal monetary policy and default," MPRA Paper 31931, University Library of Munich, Germany.
    55. 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.
    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. 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. 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.
    2. 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.
    3. Araujo, Luis & Camargo, Braz, 2008. "Endogenous supply of fiat money," Journal of Economic Theory, Elsevier, vol. 142(1), pages 48-72, September.
    4. Kahn, Charles M. & Roberds, William, 2007. "Transferability, finality, and debt settlement," Journal of Monetary Economics, Elsevier, vol. 54(4), pages 955-978, May.
    5. Cyril Monnet & Daniel R. Sanches, 2012. "Private liquidity and banking regulation," Working Papers 12-11, Federal Reserve Bank of Philadelphia.
    6. Edward Simpson Prescott & John A. Weinberg, 2000. "Incentives, communication, and payment instruments," Working Paper 00-11, Federal Reserve Bank of Richmond.
    7. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Methods," MPRA Paper 21486, University Library of Munich, Germany.
    8. 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.
    9. Pingle, Mark & Mukhopadhyay, Sankar, 2010. "Private money as a competing medium of exchange," Journal of Macroeconomics, Elsevier, vol. 32(2), pages 541-554, June.
    10. Smith, Bruce D., 2001. "Introduction to Monetary and Financial Arrangements," Journal of Economic Theory, Elsevier, vol. 99(1-2), pages 1-21, July.
    11. Bossone, Biagio, 2000. "What makes banks special ? a study of banking, finance, and economic development," Policy Research Working Paper Series 2408, The World Bank.
    12. Sissoko, Carolyn, 2007. "An Idealized View of Financial Intermediation," Economics Discussion Papers 2007-16, Kiel Institute for the World Economy.
    13. Stephen Williamson, 2000. "The Research Agenda: Payment Systems and Private Money," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 2(1), November.
    14. 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.
    15. Stephen D. Williamson, 2002. "Private money and counterfeiting," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 37-57.
    16. Xavier Cuadras Morató, 2015. "Circulation of Private Notes during a Currency Shortage," Working Papers 164, Barcelona School of Economics.
    17. 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.
    18. 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.
    19. Waknis, Parag, 2017. "Competitive Supply of Money in a New Monetarist Model," MPRA Paper 75401, University Library of Munich, Germany.
    20. 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.
    21. Williamson, Stephen, 2009. "Liquidity, Financial Intermediation, and Monetary Policy in a New Monetarist Model," MPRA Paper 20692, University Library of Munich, Germany.
    22. 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.
    23. Stephan Imhof & Cyril Monnet & Shengxing Zhang, 2018. "The Risk-Taking Channel of Liquidity Regulations and Monetary Policy," Working Papers 2018-13, Swiss National Bank.
    24. Mariana Rojas Breu, 2013. "The Welfare Effect Of Access To Credit," Economic Inquiry, Western Economic Association International, vol. 51(1), pages 235-247, January.
    25. 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.).
    26. Costas Azariadis & James B. Bullard & Bruce Smith, 2000. "Private and public circulating liabilities," Working Papers 2000-012, Federal Reserve Bank of St. Louis.
    27. 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.
    28. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Models," MPRA Paper 21030, University Library of Munich, Germany.
    29. 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.
    30. 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.
    31. 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.
    32. 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.
    33. Berentsen, Aleksander, 2006. "On the private provision of fiat currency," European Economic Review, Elsevier, vol. 50(7), pages 1683-1698, October.
    34. 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.
    35. Ed Nosal & Guillaume Rocheteau, 2006. "The economics of payments," Policy Discussion Papers, Federal Reserve Bank of Cleveland, issue Feb.
    36. Boel, Paola & Camera, Gabriele, 2004. "Efficient Monetary Allocations and the Illiquidity of Bonds," Purdue University Economics Working Papers 1171, Purdue University, Department of Economics.
    37. 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.
    38. 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.
    39. Li, Yiting, 2006. "Banks, private money, and government regulation," Journal of Monetary Economics, Elsevier, vol. 53(8), pages 2067-2083, November.
    40. Svetlana Boyarchenko & Sergei Levendorskii, 2004. "Inside and Outside Money, with an Application to the Russian Virtual Economy," Macroeconomics 0405009, University Library of Munich, Germany.
    41. Burdett, Kenneth & Trejos, Alberto & Wright, Randall, 2001. "Cigarette Money," Journal of Economic Theory, Elsevier, vol. 99(1-2), pages 117-142, July.
    42. Holthausen, Cornelia & Monnet, Cyril, 2003. "Money and payments: a modern perspective," Working Paper Series 245, European Central Bank.

  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. 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.
    2. 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.
    3. Hyytinen, Ari, 2003. "Information production and lending market competition," Journal of Economics and Business, Elsevier, vol. 55(3), pages 233-253.
    4. Ari Hyytinen & Otto Toivanen, 2000. "Monitoring and Market Power in Credit Markets," Econometric Society World Congress 2000 Contributed Papers 1879, Econometric Society.
    5. Bossone, Biagio, 2000. "What makes banks special ? a study of banking, finance, and economic development," Policy Research Working Paper Series 2408, The World Bank.
    6. 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.
    7. 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.
    8. 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.
    9. 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.
    10. 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.
    11. Hyytinen, Ari & Toivanen, Otto, 2000. "Monitoring and market power in loan markets," Bank of Finland Research Discussion Papers 9/2000, Bank of Finland.
    12. 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.
    13. 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.
    14. Gangopadhyay, Shubhashis & Mukhopadhyay, Bappaditya, 2002. "Multiple bank lending and seniority in claims," Journal of Economics and Business, Elsevier, vol. 54(1), pages 7-30.
    15. 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.
    16. Jang, Inkee & Kang, Kee-Youn, 2021. "Adverse selection and costly information acquisition in asset markets," Journal of Mathematical Economics, Elsevier, vol. 97(C).
    17. Bose, Arup & Pal, Debashis & Sappington, David E.M., 2012. "Extreme screening policies," European Economic Review, Elsevier, vol. 56(8), pages 1607-1620.
    18. 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.
    19. 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.
    20. 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.
    21. Ho, Wai-Hong & Wang, Yong, 2008. "Asymmetric Information, Auditing Commitment and Economic Growth," MPRA Paper 17469, University Library of Munich, Germany.
    22. 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.

  24. 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.

  25. 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. 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.
    2. 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.
    3. Daniel, Sanches, 2011. "A dynamic model of unsecured credit," Journal of Economic Theory, Elsevier, vol. 146(5), pages 1941-1964, September.
    4. 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.
    5. Jin, Yi & Temzelides, Ted, 1998. "On the Local Interaction of Money and Credit," Working Papers 99-05, University of Iowa, Department of Economics.
    6. Shuyun May Li, 2009. "Optimal Lending Contracts with Long Run Borrowing Constraints," Department of Economics - Working Papers Series 1084, The University of Melbourne.
    7. 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.
    8. Ricardo de O. Cavalcanti & Andres Erosa, 1998. "Private Money And Reserve Management In A Random Matching Model," Macroeconomics 9802010, University Library of Munich, Germany.
    9. Stephen Williamson, 2000. "The Research Agenda: Payment Systems and Private Money," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 2(1), November.
    10. Cyril Monnet & Ted Temzelides & Thorsten V. Koeppl, 2006. "A Dynamic Model Of Settlement," Working Paper 1053, Economics Department, Queen's University.
    11. 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.
    12. Sofía Bauducco & Alexandre Janiak, 2015. "On the welfare cost of bank concentration," Documentos de Trabajo 321, Centro de Economía Aplicada, Universidad de Chile.
    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, 2002. "Private money and counterfeiting," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 37-57.
    15. Aubhik Khan & B. Ravikumar, 1998. "Growth and Risk-Sharing with Private Information," Macroeconomics 9802003, University Library of Munich, Germany.
    16. Stephen D. Williamson, 1998. "Payments Systems with Random Matching and Private Information," Game Theory and Information 9802004, University Library of Munich, Germany.
    17. Chao Gu & Fabrizio Mattesini & Randall Wright, 2015. "Money and Credit Redux," Working Papers 1508, Department of Economics, University of Missouri.
    18. 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.
    19. Narayana R. Kocherlakota, 1996. "Money is memory," Staff Report 218, Federal Reserve Bank of Minneapolis.
    20. Shuyun May Li, 2008. "Costly External Finance, Reallocation, and Aggregate Productivity," Department of Economics - Working Papers Series 1044, The University of Melbourne.
    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. Ed Nosal & Guillaume Rocheteau, 2006. "The economics of payments," Policy Discussion Papers, Federal Reserve Bank of Cleveland, issue Feb.
    23. 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.
    24. Baglioni, Angelo & Colombo, Luca & Rossi, Paola, 2025. "Debt restructuring with multiple bank relationships," Journal of Banking & Finance, Elsevier, vol. 178(C).
    25. 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.
    26. 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. Williamson, Stephen, 1997. "Payments Systems with Random Matching and Private Information," Working Papers 97-21, University of Iowa, Department of Economics.

    Cited by:

    1. 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.
    2. Stephen Williamson, 2000. "The Research Agenda: Payment Systems and Private Money," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 2(1), November.
    3. 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.
    4. 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.
    5. Ed Nosal & Guillaume Rocheteau, 2006. "The economics of payments," Policy Discussion Papers, Federal Reserve Bank of Cleveland, issue Feb.
    6. Williamson, Stephen D., 2003. "Payments systems and monetary policy," Journal of Monetary Economics, Elsevier, vol. 50(2), pages 475-495, March.

  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. Fabre, Alice & Pallage, Stéphane & Zimmermann, Christian, 2014. "Universal Basic Income versus Unemployment Insurance," IZA Discussion Papers 8667, IZA Network @ LISER.
    2. Andreas Pollak, 2004. "Optimal Unemployment Insurance with Variable Skill Levels," Labor and Demography 0409004, University Library of Munich, Germany.
    3. Peter Fredriksson & Bertil Holmlund, 2003. "Optimal Unemployment Insurance Design: Time Limits, Monitoring, or Workfare?," CESifo Working Paper Series 1019, CESifo.
    4. Young, Eric R., 2004. "Unemployment insurance and capital accumulation," Journal of Monetary Economics, Elsevier, vol. 51(8), pages 1683-1710, November.
    5. 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.
    6. Noah Williams & Rui Li, 2014. "Optimal Unemployment Insurance and Cyclical Fluctuations," 2014 Meeting Papers 804, Society for Economic Dynamics.
    7. Violante, Giovanni & Pavoni, Nicola, 2006. "Optimal Welfare-to-Work Programs," CEPR Discussion Papers 5937, C.E.P.R. Discussion Papers.
    8. Mikhail Golosov & Aleh Tsyvinski, 2005. "Optimal Taxation with Endogenous Insurance Markets," NBER Working Papers 11185, National Bureau of Economic Research, Inc.
    9. Schwartz, J., 2015. "Optimal unemployment insurance: When search takes effort and money," Labour Economics, Elsevier, vol. 36(C), pages 1-17.
    10. Ramon Marimon & Fabrizio Zilibotti, 1997. "Unemployment vs. mismatch of talents: Reconsidering unemployment benefits," Economics Working Papers 211, Department of Economics and Business, Universitat Pompeu Fabra.
    11. 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.
    12. Fabre, Alice & Pallage, Stéphane, 2015. "Child labor, idiosyncratic shocks, and social policy," Journal of Macroeconomics, Elsevier, vol. 45(C), pages 394-411.
    13. Milan Vodopivec, 2004. "Income Support for the Unemployed : Issues and Options," World Bank Publications - Books, The World Bank Group, number 14922, April.
    14. Tobias Laun, 2020. "Optimal Social Insurance with Endogenous Health," Scandinavian Journal of Economics, Wiley Blackwell, vol. 122(2), pages 464-493, April.
    15. Pissarides, Christopher, 2002. "Consumption and Savings with Unemployment Risk: Implications for Employment Contracts," CEPR Discussion Papers 3367, C.E.P.R. Discussion Papers.
    16. 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.
    17. Kankanamge, Sumudu & Weitzenblum, Thomas, 2016. "Time-consistent unemployment insurance," TSE Working Papers 16-657, Toulouse School of Economics (TSE).
    18. 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.
    19. 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.
    20. 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.
    21. Fehn, Rainer, 2002. "Arbeitsmarktflexibilisierung und Arbeitslosigkeit," Discussion Paper Series 54, Julius Maximilian University of Würzburg, Chair of Economic Order and Social Policy.
    22. Fredriksson, Peter & Holmlund, Bertil, 2003. "Improving incentives in unemployment insurance: A review of recent research," Working Paper Series 2003:5, IFAU - Institute for Evaluation of Labour Market and Education Policy.
    23. Fredriksson, Peter & Holmlund, Bertil, 1998. "Optimal Unemployment Insurance in Search Equilibrium," Working Paper Series 1998:2, Uppsala University, Department of Economics.
    24. 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.
    25. 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.
    26. 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.
    27. Vodopivec, Milan & Raju, Dhushyanth, 2002. "Income support systems for the unemployed : issues and options," Social Protection Discussion Papers and Notes 25529, The World Bank.
    28. 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.
    29. 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.
    30. Robert Shimer & Ivan Werning, 2005. "Liquidity and insurance for the unemployed," Staff Report 366, Federal Reserve Bank of Minneapolis.
    31. 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.
    32. Saarenheimo, Tuomas, 2001. "Should unemployment benefits decrease as the unemployment spell lengthens?," Bank of Finland Research Discussion Papers 23/2001, Bank of Finland.
    33. 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.
    34. 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.
    35. Stéphane Pallage & Christian Zimmermann, 2006. "On voters’ attitudes towards unemployment insurance subsidies across regions: a Canadian simulation," Journal of Population Economics, Springer;European Society for Population Economics, vol. 19(2), pages 391-410, June.
    36. Spinnewijn, Johannes, 2013. "Training and search during unemployment," Journal of Public Economics, Elsevier, vol. 99(C), pages 49-65.
    37. Mathieu Taschereau-Dumouchel & Edouard Schaal, 2010. "Optimal Policy in a Labor Market with Adverse Selection," 2010 Meeting Papers 1070, Society for Economic Dynamics.
    38. Mikhail Golosov & Aleh Tsyvinski, 2004. "Designing Optimal Disability Insurance: A Case for Asset Testing," NBER Working Papers 10792, National Bureau of Economic Research, Inc.
    39. Conny Wunsch, 2009. "Optimal Use of Labor Market Policies: The Role of Job Search Assistance," CESifo Working Paper Series 2890, CESifo.
    40. 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.
    41. 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.
    42. 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.
    43. 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.
    44. 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.
    45. 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.
    46. 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.
    47. 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.
    48. 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.
    49. 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.
    50. 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.
    51. Stephane Pallage & Christian Zimmermann, 1998. "Voting on Unemployment Insurance Generosity," Cahiers de recherche CREFE / CREFE Working Papers 64, CREFE, Université du Québec à Montréal.
    52. Jeremy Schwartz, 2012. "Unemployment Insurance and the Business Cycle: What Adjustments are Needed?," EcoMod2012 3674, EcoMod.
    53. Gustavo de Souza & Andre Luduvice, 2022. "Optimal Unemployment Insurance Requirements," Working Paper Series WP 2022-45, Federal Reserve Bank of Chicago.
    54. Raj Chetty & Amy Finkelstein, 2012. "Social Insurance: Connecting Theory to Data," NBER Working Papers 18433, National Bureau of Economic Research, Inc.
    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. 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.
    59. Edi Karni, 1999. "Optimal Unemployment Insurance: A Survey," Southern Economic Journal, John Wiley & Sons, vol. 66(2), pages 442-465, October.
    60. Engström, Per & Holmlund, Bertil, 2005. "Worker Absenteeism in Search Equilibrium," Working Paper Series 2005:22, Uppsala University, Department of Economics.
    61. 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.
    62. 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.
    63. Sergio Cappellini, 2022. "Optimal Unemployment Insurance with Worker Profiling," "Marco Fanno" Working Papers 0294, Dipartimento di Scienze Economiche "Marco Fanno".
    64. 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).
    65. Mikhail Golosov & Aleh Tsyvinski, 2003. "Designing Optimal Disability Insurance," Levine's Working Paper Archive 506439000000000217, David K. Levine.
    66. 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.
    67. 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.
    68. Hassler, John & Rodríguez Mora, José V., 2008. "Unemployment insurance design: Inducing moving and retraining," European Economic Review, Elsevier, vol. 52(5), pages 757-791, July.
    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. 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.
    72. World Bank, 2002. "Chile's High Growth Economy : Poverty and Income Distribution, 1987-1998," World Bank Publications - Books, The World Bank Group, number 14091, April.
    73. 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.
    74. 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.
    75. Pavoni, Nicola, 2007. "On optimal unemployment compensation," Journal of Monetary Economics, Elsevier, vol. 54(6), pages 1612-1630, September.
    76. 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.
    77. 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.
    78. 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.

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

    Cited by:

    1. Huberto M. Ennis, 2016. "Models of Discount Window Lending: A Review," Economic Quarterly, Federal Reserve Bank of Richmond, issue 1Q, pages 1-50.
    2. Hajime Tomura, 2019. "On Separation between Payment and Saving Instruments," Working Papers 1813, Waseda University, Faculty of Political Science and Economics.
    3. Gaetano Antinolfi & Todd Keister, 2003. "Discount Window Policy, Banking Crises, and Indeterminacy of Equilibrium," Working Papers 0305, Centro de Investigacion Economica, ITAM.
    4. 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.
    5. 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.
    6. 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.
    7. Chang, Roberto & Velasco, Andres, 2000. "Financial Fragility and the Exchange Rate Regime," Journal of Economic Theory, Elsevier, vol. 92(1), pages 1-34, May.
    8. Gaetano Antinolfi & Elisabeth Huybens & Todd Keister, 2000. "Monetary Stability and Liquidity Crises: The Role of the Lender of Last Resort," Working Papers 0001, Centro de Investigacion Economica, ITAM.
    9. Antoine Martin, 2005. "Reconciling Bagehot with the Fed's response to September 11," Staff Reports 217, Federal Reserve Bank of New York.
    10. Kawamura, Enrique, 2007. "Exchange rate regimes, banking and the non-tradable sector," Journal of Monetary Economics, Elsevier, vol. 54(2), pages 325-345, March.
    11. Todd Keister, 2009. "Central Bank Lending and Inflation," 2009 Meeting Papers 782, Society for Economic Dynamics.
    12. Hajime Tomura, 2019. "Imperfect Contract Enforcement and Nominal Liabilities," Working Papers 1905, Waseda University, Faculty of Political Science and Economics.
    13. Vincent Bignon & Marc Flandreau & Stefano Ugolini, 2009. "Bagehot for beginners: The making of lending of last resort operations in the mid-19th century," Working Paper 2009/22, Norges Bank.
    14. 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.
    15. 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.
    16. 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.
    17. 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.
    18. 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.
    19. 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.
    20. Tarishi Matsuoka & Makoto Watanabe, 2023. "A Monetary Equilibrium with the Lender of Last Resort," CESifo Working Paper Series 10439, CESifo.
    21. 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.
    22. 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.
    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. 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.
    2. Koen Schoors & Konstantin Sonin, 2005. "Passive Creditors," William Davidson Institute Working Papers Series wp737, William Davidson Institute at the University of Michigan.
    3. Samartin, Margarita, 2003. "Should bank runs be prevented?," Journal of Banking & Finance, Elsevier, vol. 27(5), pages 977-1000, May.
    4. David Andolfatto & Aleksander Berentsen & Fernando M. Martin, 2017. "Money, banking and financial markets," ECON - Working Papers 259, Department of Economics - University of Zurich.
    5. Asaf Bernstein & Eric Hughson & Marc D. Weidenmier, 2008. "Can a Lender of Last Resort Stabilize Financial Markets? Lessons from the Founding of the Fed," NBER Working Papers 14422, National Bureau of Economic Research, Inc.
    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. Antoine Martin & Cyril Monnet & Warren E. Weber, 2000. "Costly banknote issuance and interest rates under the national banking system," Working Papers 601, Federal Reserve Bank of Minneapolis.
    8. 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.
    9. Saunders, Drew, 2006. "The Elastic Provision of Liquidity by Private Agents," Purdue University Economics Working Papers 1195, Purdue University, Department of Economics.
    10. von Peter, Goetz, 2009. "Asset prices and banking distress: A macroeconomic approach," Journal of Financial Stability, Elsevier, vol. 5(3), pages 298-319, September.
    11. Gaetano Antinolfi & Elisabeth Huybens, 2000. "Monetary Stability and Liquidity Crises: The Role of the Lender of Last Resort," Econometric Society World Congress 2000 Contributed Papers 1156, Econometric Society.
    12. Janet Hua Jiang, 2008. "Banking crises in monetary economies," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 41(1), pages 80-104, February.
    13. Pender, Casey, 2024. "Is deflation cause for panic? Evidence from the National Banking era," Journal of Macroeconomics, Elsevier, vol. 82(C).
    14. Hajime Tomura, 2019. "On Separation between Payment and Saving Instruments," Working Papers 1813, Waseda University, Faculty of Political Science and Economics.
    15. 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.
    16. Pere Gomis‐Porqueras & Bruce Smith, 2006. "The seasonality of banking failures during the late National Banking Era," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 39(1), pages 296-319, February.
    17. Gaetano Antinolfi & Todd Keister, 2003. "Discount Window Policy, Banking Crises, and Indeterminacy of Equilibrium," Working Papers 0305, Centro de Investigacion Economica, ITAM.
    18. Stephen D. Williamson, 1995. "Discount Window Lending and Deposit Insurance," Macroeconomics 9504001, University Library of Munich, Germany, revised 18 Apr 1995.
    19. Todd Keister, 2011. "Discussion of “Banking in a Matching Model of Money and Capital”," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(s2), pages 477-485, October.
    20. Huberto M. Ennis & Todd Keister, 2006. "Banking Policy without Commitment: Suspension of Convertibility Taken Seriously," 2006 Meeting Papers 464, Society for Economic Dynamics.
    21. Marco A. Espinosa-Vega & Chong K. Yip, 1995. "Fiscal and monetary policy interactions in an endogenous growth model with financial intermediaries," FRB Atlanta Working Paper 95-10, Federal Reserve Bank of Atlanta.
    22. S. CLAEYS & G. LANINE & K. SCHOORs, 2005. "Bank Supervision Russian Style: Rules vs Enforcement and Tacit Objectives," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 05/307, Ghent University, Faculty of Economics and Business Administration.
    23. Todd Keister & Daniel R. Sanches, 2016. "Aggregate Liquidity Management," Working Papers 16-32, Federal Reserve Bank of Philadelphia.
    24. Machicado, Carlos Gustavo, 2008. "Liquidity shocks and the dollarization of a banking system," Journal of Macroeconomics, Elsevier, vol. 30(1), pages 369-381, March.
    25. Bruce D. Smith, 2002. "Monetary Policy, Banking Crises, and the Friedman Rule," American Economic Review, American Economic Association, vol. 92(2), pages 128-134, May.
    26. Jon R. Moen & Ellis W. Tallman, 2007. "Liquidity creation without a lender of last resort: clearinghouse loan certificates in the Banking Panic of 1907," FRB Atlanta Working Paper 2006-23, Federal Reserve Bank of Atlanta.
    27. Kahn, Charles M. & Roberds, William, 2001. "Real-time gross settlement and the costs of immediacy," Journal of Monetary Economics, Elsevier, vol. 47(2), pages 299-319, April.
    28. Freeman, Scott, 1999. "Rediscounting under aggregate risk," Journal of Monetary Economics, Elsevier, vol. 43(1), pages 197-216, February.
    29. 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.
    30. 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.
    31. Tarishi Matsuoka & Makoto Watanabe, 2019. "Banking Panics and the Lender of Last Resort in a Monetary Economy," CESifo Working Paper Series 7451, CESifo.
    32. Robert A. Eisenbeis, 2006. "Home country versus cross-border negative externalities in large banking organization failures and how to avoid them," FRB Atlanta Working Paper 2006-18, Federal Reserve Bank of Atlanta.
    33. Daniel Sanches, 2016. "On The Welfare Properties Of Fractional Reserve Banking," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 57(3), pages 935-954, August.
    34. Huybens, Elisabeth & Smith, Bruce D., 1999. "Inflation, financial markets and long-run real activity," Journal of Monetary Economics, Elsevier, vol. 43(2), pages 283-315, April.
    35. Gary Gorton & Andrew Winton, 2002. "Financial Intermediation," NBER Working Papers 8928, National Bureau of Economic Research, Inc.
    36. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Methods," MPRA Paper 21486, University Library of Munich, Germany.
    37. Nyborg, Kjell, 2015. "Central Bank Collateral Frameworks," CEPR Discussion Papers 10663, C.E.P.R. Discussion Papers.
    38. 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.
    39. Tarishi Matsuoka, 2011. "Monetary Policy and Banking Structure," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(6), pages 1109-1129, September.
    40. Bruce D. Smith & Beatrix Paal & Ke Wang, 2005. "Monopoly versus Competition in Banking: Some Implications for Growth and Welfare," 2005 Meeting Papers 435, Society for Economic Dynamics.
    41. Bhattacharya, Joydeep & Haslag, Joseph & Russell, Steven, 2005. "The role of money in two alternative models: When is the Friedman rule optimal, and why?," Journal of Monetary Economics, Elsevier, vol. 52(8), pages 1401-1433, November.
    42. Smith, Bruce D., 2001. "Introduction to Monetary and Financial Arrangements," Journal of Economic Theory, Elsevier, vol. 99(1-2), pages 1-21, July.
    43. Franklin Allen & Elena Carletti, 2013. "Financial Markets, Institutions and Liquidity," RBA Annual Conference Volume (Discontinued), in: Alexandra Heath & Matthew Lilley & Mark Manning (ed.),Liquidity and Funding Markets, Reserve Bank of Australia.
    44. Chu, Kam Hon, 2015. "Bank consolidation and stability: The Canadian experience, 1867–1935," Journal of Financial Stability, Elsevier, vol. 21(C), pages 46-60.
    45. 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.
    46. Stacey L. Schreft & Bruce Smith, 1999. "The evolution of cash transactions : some implications for monetary policy," Research Working Paper 99-02, Federal Reserve Bank of Kansas City.
    47. Franklin Allen & Douglas Gale, 2003. "Financial Fragility, Liquidity and Asset Prices," Center for Financial Institutions Working Papers 01-37, Wharton School Center for Financial Institutions, University of Pennsylvania.
    48. Allen Head & Junfeng Qiu, 2007. "Elastic Money, Inflation, And Interest Rate Policy," Working Paper 1152, Economics Department, Queen's University.
    49. Michael D. Bordo & Angela Redish & Hugh Rockoff, 2015. "Why didn't Canada have a banking crisis in 2008 (or in 1930, or 1907, or …)?," Economic History Review, Economic History Society, vol. 68(1), pages 218-243, February.
    50. Carlos Gustavo Machicado, 2007. "Growth and Banking Structure in a Partially Dollarized Economy," Development Research Working Paper Series 02/2007, Institute for Advanced Development Studies.
    51. Stephen Williamson, 2000. "The Research Agenda: Payment Systems and Private Money," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 2(1), November.
    52. Chang, Chia-Ying, 2012. "When banking systems meet currencies," Working Paper Series 18620, Victoria University of Wellington, School of Economics and Finance.
    53. 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.
    54. Bruce Smith & Warren E. Weber, 1998. "Private money creation and the Suffolk Banking System," Working Papers 591, Federal Reserve Bank of Minneapolis.
    55. Ennis, Huberto M. & Keister, Todd, 2006. "Bank runs and investment decisions revisited," Journal of Monetary Economics, Elsevier, vol. 53(2), pages 217-232, March.
    56. 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.
    57. Larry D. Wall, 2010. "Too-big-to-fail after FDICIA," Economic Review, Federal Reserve Bank of Atlanta, vol. 95(1).
    58. Chang, Roberto & Velasco, Andres, 2000. "Financial Fragility and the Exchange Rate Regime," Journal of Economic Theory, Elsevier, vol. 92(1), pages 1-34, May.
    59. Daniel R. Sanches, 2015. "Banking panics and protracted recessions," Working Papers 15-39, Federal Reserve Bank of Philadelphia.
    60. Costas Azariadis, 2013. "Credit policy in times of financial distress," Special Conference Papers 23, Bank of Greece.
    61. Ettore Panetti, 2017. "A Theory of Bank Illiquidity and Default with Hidden Trades," Review of Finance, European Finance Association, vol. 21(3), pages 1123-1157.
    62. Allen, Franklin & Carletti, Elena & Gale, Douglas, 2014. "Money, financial stability and efficiency," Journal of Economic Theory, Elsevier, vol. 149(C), pages 100-127.
    63. Donaldson, Jason & Piacentino, Giorgia, 2019. "Money Runs," CEPR Discussion Papers 13955, C.E.P.R. Discussion Papers.
    64. Daniel R. Sanches, 2015. "On the welfare properties of fractional reserve banking," Working Papers 15-20, Federal Reserve Bank of Philadelphia.
    65. Stephen D. Williamson, 2002. "Private money and counterfeiting," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 37-57.
    66. John H. Boyd & Pedro Gomis & Sungkyu Kwak & Bruce D. Smith, 2000. "A User's Guide to Banking Crises," Monash Economics Working Papers archive-36, Monash University, Department of Economics.
    67. Bruce A. Champ, 2007. "The National Banking System: empirical observations," Working Papers (Old Series) 0719, Federal Reserve Bank of Cleveland.
    68. Bullard, James & Smith, Bruce D., 2003. "Intermediaries and payments instruments," Journal of Economic Theory, Elsevier, vol. 109(2), pages 172-197, April.
    69. Tarishi Matsuoka & Makoto Watanabe, 2017. "Banking Panics and Liquidity in a Monetary Economy," Tinbergen Institute Discussion Papers 17-091/VII, Tinbergen Institute.
    70. 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.
    71. Eisei Ohtaki, 2014. "Asymmetric liquidity shocks and optimal monetary policy," Economics Bulletin, AccessEcon, vol. 34(2), pages 1068-1080.
    72. Joseph Haslag & Chao Gu, 2012. "Unconventional Optimal Repurchase Agreements," 2012 Meeting Papers 431, Society for Economic Dynamics.
    73. Chao Gu & Cyril Monnet & Ed Nosal & Randall Wright, 2019. "On the Instability of Banking and other Financial Intermediation," Diskussionsschriften dp1902, Universitaet Bern, Departement Volkswirtschaft.
    74. Antoine Martin, 2005. "Reconciling Bagehot with the Fed's response to September 11," Staff Reports 217, Federal Reserve Bank of New York.
    75. Fernando Martin & Aleksander Berentsen & David Andolfatto, 2016. "Financial Fragility in Monetary Economies," 2016 Meeting Papers 1626, Society for Economic Dynamics.
    76. Kawamura, Enrique, 2007. "Exchange rate regimes, banking and the non-tradable sector," Journal of Monetary Economics, Elsevier, vol. 54(2), pages 325-345, March.
    77. 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.
    78. Douglas W. Diamond & Raghuram G. Rajan, 2003. "Money in a Theory of Banking," NBER Working Papers 10070, National Bureau of Economic Research, Inc.
    79. 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.
    80. 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.
    81. 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.
    82. Keiichiro KOBAYASHI, 2009. "A Monetary Model of Banking Crises," Discussion papers 09036, Research Institute of Economy, Trade and Industry (RIETI).
    83. Bhattacharya, Joydeep & Haslag, Joseph & Martin, Antoine, 2009. "Optimal monetary policy and economic growth," European Economic Review, Elsevier, vol. 53(2), pages 210-221, February.
    84. Greenwood, Jeremy & Smith, Bruce D., 1997. "Financial markets in development, and the development of financial markets," Journal of Economic Dynamics and Control, Elsevier, vol. 21(1), pages 145-181, January.
    85. Young Sik Kim & Ohik Kwon, 2023. "Central Bank Digital Currency, Credit Supply, and Financial Stability," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 55(1), pages 297-321, February.
    86. Tercero-Lucas, David, 2023. "Central bank digital currencies and financial stability in a modern monetary system," Journal of Financial Stability, Elsevier, vol. 69(C).
    87. Todd Keister, 2009. "Central Bank Lending and Inflation," 2009 Meeting Papers 782, Society for Economic Dynamics.
    88. Rangan Gupta & Philton Makena, 2019. "Growth Dynamics, Multiple Equilibria, and Local Indeterminacy in an Endogenous Growth Model of Money, Banking and Inflation Targeting," Working Papers 201960, University of Pretoria, Department of Economics.
    89. Williamson, Stephen, 2009. "Liquidity, Financial Intermediation, and Monetary Policy in a New Monetarist Model," MPRA Paper 20692, University Library of Munich, Germany.
    90. Kawamura, Enrique & García-Cicco, Javier, 2014. "Central Bank Liquidity Management and "Unconventional" Monetary Policies," IDB Publications (Working Papers) 6334, Inter-American Development Bank.
    91. Skeie, David R., 2008. "Banking with nominal deposits and inside money," Journal of Financial Intermediation, Elsevier, vol. 17(4), pages 562-584, October.
    92. 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.
    93. Jason R. Donaldson & Giorgia Piacentino, 2019. "Money Runs," NBER Working Papers 26298, National Bureau of Economic Research, Inc.
    94. Hajime Tomura, 2019. "Imperfect Contract Enforcement and Nominal Liabilities," Working Papers 1905, Waseda University, Faculty of Political Science and Economics.
    95. 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).
    96. Chao Gu & Joseph Haslag, 2011. "Endogenous Credit Cycles," Working Papers 1114, Department of Economics, University of Missouri.
    97. Liu, Zehao & He, Ping, 2022. "Real liquidity and banking," Journal of Financial Intermediation, Elsevier, vol. 49(C).
    98. Vincent Bignon & Marc Flandreau & Stefano Ugolini, 2009. "Bagehot for beginners: The making of lending of last resort operations in the mid-19th century," Working Paper 2009/22, Norges Bank.
    99. Eisei Ohtaki, 2013. "Asymmetric Liquidity Shocks and Optimality of the Freidman Rule," Working Papers e058, Tokyo Center for Economic Research.
    100. Claeys, Sophie & Schoors, Koen, 2007. "Bank supervision Russian style: Evidence of conflicts between micro- and macro-prudential concerns," Journal of Comparative Economics, Elsevier, vol. 35(3), pages 630-657, September.
    101. William Roberds, 1997. "What's really new about the new forms of retail payment?," Economic Review, Federal Reserve Bank of Atlanta, vol. 82(Q 1), pages 32-45.
    102. Nyborg, Kjell G., 2017. "Reprint of: Central bank collateral frameworks," Journal of Banking & Finance, Elsevier, vol. 83(C), pages 232-248.
    103. Claeys, Sophie & Lanine, Gleb & Schoors, Koen, 2005. "Bank supervision Russian style: rules versus enforcement and tacit objectives," BOFIT Discussion Papers 10/2005, Bank of Finland Institute for Emerging Economies (BOFIT).
    104. Matsuoka, Tarishi & Watanabe, Makoto, 2019. "Banking crises and liquidity in a monetary economy," Journal of Economic Dynamics and Control, Elsevier, vol. 108(C).
    105. John H. Boyd & Bruce A. Champ, 2003. "Inflation and financial market performance: what have we learned in the last ten years?," Working Papers (Old Series) 0317, Federal Reserve Bank of Cleveland.
    106. Costas Azariadis & James B. Bullard & Bruce Smith, 2000. "Private and public circulating liabilities," Working Papers 2000-012, Federal Reserve Bank of St. Louis.
    107. Jungu Yang, 2018. "The Banks' Swansong: Banking and the Financial Markets under Asymmetric Information," Working Papers 2018-16, Economic Research Institute, Bank of Korea.
    108. 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.
    109. Smith, Bruce D., 2001. "Banks, short-term debt and financial crises: theory, policy implications, and applications A comment," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 54(1), pages 73-83, June.
    110. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Models," MPRA Paper 21030, University Library of Munich, Germany.
    111. Smith, R. Todd & van Egteren, Henry, 2005. "Interest rate smoothing and financial stability," Review of Financial Economics, Elsevier, vol. 14(2), pages 147-171.
    112. Bhattacharya, Joydeep & Haslag, Joseph & Martin, Antoine, 2007. "Why Does Overnight Liquidity Cost More Than Intraday Liquidity?," Staff General Research Papers Archive 13096, Iowa State University, Department of Economics.
    113. Bhattarai, Keshab, 2013. "Financial Deepening and Economic Growth," MPRA Paper 48696, University Library of Munich, Germany.
    114. Thomas L. Hogan, Daniel J. Smith, Robin Aguiar-Hicks, 2018. "Central Banking without Romance," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 15(2), pages 293-314, December.
    115. Loewy, Michael B., 1998. "Information-Based Bank Runs in a Monetary Economy," Journal of Macroeconomics, Elsevier, vol. 20(4), pages 681-702, October.
    116. 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.
    117. 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.
    118. 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).
    119. Roell, Ailsa & Sussman, Oren, 1997. "Stabilization," European Economic Review, Elsevier, vol. 41(2), pages 279-293, February.
    120. Matsuoka, Tarishi, 2012. "Imperfect interbank markets and the lender of last resort," Journal of Economic Dynamics and Control, Elsevier, vol. 36(11), pages 1673-1687.
    121. Weber, Warren E., 2003. "Interbank payments relationships in the antebellum United States: evidence from Pennsylvania," Journal of Monetary Economics, Elsevier, vol. 50(2), pages 455-474, March.
    122. Scott Freeman, 2002. "Payments and Output," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 5(3), pages 602-617, July.
    123. Goetz von Peter, 2003. "A Unified Approach to Credit Crunches, Financial Instability, and Banking Crises," Macroeconomics 0312006, University Library of Munich, Germany.
    124. Bruce A. Champ, 2007. "The National Banking System: the national bank note puzzle," Working Papers (Old Series) 0722, Federal Reserve Bank of Cleveland.
    125. Stacey L. Schreft & Bruce Smith, 1994. "Money, banking, and capital formation," Working Paper 94-05, Federal Reserve Bank of Richmond.
    126. Temzelides, Theodosios, 1997. "Evolution, coordination, and banking panics," Journal of Monetary Economics, Elsevier, vol. 40(1), pages 163-183, September.
    127. Mr. Bruce D. Smith & Mr. Gianni De Nicolo & John H. Boyd, 2003. "Crisis in Competitive Versus Monopolistic Banking Systems," IMF Working Papers 2003/188, International Monetary Fund.
    128. Jonathan Chiu & Alexandra Lai, 2007. "Modelling Payments Systems: A Review of the Literature," Staff Working Papers 07-28, Bank of Canada.
    129. Edgar A. Ghossoub & Thanarak Laosuthi & Robert R. Reed, 2012. "The role of financial sector competition for monetary policy," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 45(1), pages 270-287, February.
    130. Amy Hongfei Sun & Xiuhua Huangfu, 2007. "Private Money And Bank Runs," Working Paper 1145, Economics Department, Queen's University.
    131. Tarishi Matsuoka & Makoto Watanabe, 2023. "A Monetary Equilibrium with the Lender of Last Resort," CESifo Working Paper Series 10439, CESifo.
    132. Antinolfi, Gaetano & Kawamura, Enrique, 2008. "Banks and markets in a monetary economy," Journal of Monetary Economics, Elsevier, vol. 55(2), pages 321-334, March.
    133. Franklin Allen & Douglas Gale, 2003. "Financial Intermediaries and Markets," Center for Financial Institutions Working Papers 00-44, Wharton School Center for Financial Institutions, University of Pennsylvania.
    134. Chang, Chia-Ying, 2012. "Banking crises and sudden stops: What could IMF do to assist?," Working Paper Series 18621, Victoria University of Wellington, School of Economics and Finance.
    135. Edgar A. Ghossoub & Thanarak Laosuthi & Robert R. Reed, 2012. "The role of financial sector competition for monetary policy," Canadian Journal of Economics, Canadian Economics Association, vol. 45(1), pages 270-287, February.
    136. John Duffy & Maxim Nikitin, 2004. "Dollarization Traps," Econometric Society 2004 North American Summer Meetings 456, Econometric Society.
    137. 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.
    138. 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.
    139. 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.
    140. Eisei Ohtaki, 2016. "Optimality of the Friedman rule under ambiguity," Working Papers e103, Tokyo Center for Economic Research.
    141. Matsuoka, Tarishi, 2022. "Asset prices and standing facilities in a monetary economy," Journal of Economic Dynamics and Control, Elsevier, vol. 135(C).
    142. James Peck & Karl Shell, 2003. "Bank Portfolio Restrictions and Equilibrium Bank Runs," Levine's Bibliography 666156000000000077, UCLA Department of Economics.
    143. 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.
    144. Eisei Ohtaki, 2023. "Climate change, financial intermediation, and monetary policy," Working Papers e179, Tokyo Center for Economic Research.
    145. 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.
    146. Lahdenperä, Harri, 2001. "Payment and financial innovation, reserve demand and implementation of monetary policy," Bank of Finland Research Discussion Papers 26/2001, Bank of Finland.
    147. 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.
    148. Daniel R. Sanches, 2017. "Banking Panics and Output Dynamics," Working Papers 17-20, Federal Reserve Bank of Philadelphia.
    149. Williamson, Stephen D., 2016. "Scarce collateral, the term premium, and quantitative easing," Journal of Economic Theory, Elsevier, vol. 164(C), pages 136-165.
    150. 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.
    151. 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.
    152. 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.
    153. R. Todd Smith & Henry van Egteren, 2005. "Interest rate smoothing and financial stability," Review of Financial Economics, John Wiley & Sons, vol. 14(2), pages 147-171.
    154. Louis RAFFESTIN, 2021. "Uncertainty as a vector of financial contagion: how does it work, and how much does it matter?," LEO Working Papers / DR LEO 2881, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    155. Keister, Todd & Monnet, Cyril, 2022. "Central bank digital currency: Stability and information," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    156. 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.
    157. 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.
    158. Williamson, Stephen D., 2003. "Payments systems and monetary policy," Journal of Monetary Economics, Elsevier, vol. 50(2), pages 475-495, March.
    159. Niloy Bose & Jill A. Holman & Kyriakos C. Neanidis, 2007. "The Optimal Public Expenditure Financing Policy: Does The Level Of Economic Development Matter?," Economic Inquiry, Western Economic Association International, vol. 45(3), pages 433-452, July.
    160. Bhattacharya, Joydeep & Singh, Rajesh, 2005. "Optimal Choice of Monetary Instruments in an Economy with Real and Liquidity Shocks," Staff General Research Papers Archive 12355, Iowa State University, Department of Economics.
    161. Donaldson, Jason Roderick & Piacentino, Giorgia, 2022. "Money runs," Journal of Monetary Economics, Elsevier, vol. 126(C), pages 35-57.
    162. Goetz von Peter, 2004. "Asset Prices and Banking Distress: A Macroeconomic Approach," Finance 0411034, University Library of Munich, Germany.
    163. Matias Fontenla, 2004. "Banks and Capital Inflows," Econometric Society 2004 Latin American Meetings 272, Econometric Society.
    164. John A. James & David F. Weiman, 2010. "From Drafts to Checks: The Evolution of Correspondent Banking Networks and the Formation of the Modern U.S. Payments System, 1850–1914," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(2‐3), pages 237-265, March.
    165. Joseph H. Haslag & Joydeep Bhattacharya & Antoine Martin, 2007. "Money, output and the payment system: Optimal monetary policy in a model with hidden effort," Working Papers 0704, Department of Economics, University of Missouri.
    166. Caroline Betts & Elisabeth Huybens, 1999. "Financial Market Imperfections, Real Exchange Rates, and Capital Flows," Working Papers 9902, Centro de Investigacion Economica, ITAM.

  31. Stephen D. Williamson, 1991. "Liquidity and Market Participation," University of Western Ontario, Departmental Research Report Series 9110, University of Western Ontario, Department of Economics.

    Cited by:

    1. 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.
    2. 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.
    3. 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.
    4. 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.
    5. Mohammed Ait Lahcen & Pedro Gomis-Porqueras, 2018. "A model of endogenous financial inclusion: implications for inequality and monetary policy," ECON - Working Papers 310, Department of Economics - University of Zurich, revised Feb 2021.
    6. 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.
    7. 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.
    8. Ohno, Hiroaki, 2009. "Incomplete market participation, endogenous endowment risks and welfare," Journal of Economics and Business, Elsevier, vol. 61(5), pages 392-403, September.
    9. 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.
    10. 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.).

  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. Madison, Florian, 2024. "A microfounded approach to currency substitution and government policy," Journal of Economic Theory, Elsevier, vol. 219(C).
    2. 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.
    3. 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.
    4. S. Rao Aiyagari & Stephen D. Williamson, 1997. "Credit in a Random Matching Model With Private Information," Game Theory and Information 9705005, University Library of Munich, Germany.
    5. Honohan, Patrick & Vittas, Dimitri, 1996. "Bank regulation and the network paradigm : policy implications for developing and transition economies," Policy Research Working Paper Series 1631, The World Bank.
    6. Chwe, Michael Suk-Young, 1999. "The Reeded Edge and the Phillips Curve: Money Neutrality, Common Knowledge, and Subjective Beliefs," Journal of Economic Theory, Elsevier, vol. 87(1), pages 49-71, July.
    7. Li, Yiting, 1998. "Middlemen and private information," Journal of Monetary Economics, Elsevier, vol. 42(1), pages 131-159, June.
    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. Trejos, Alberto & Wright, Randall, 1995. "Search, Bargaining, Money, and Prices," Journal of Political Economy, University of Chicago Press, vol. 103(1), pages 118-141, February.
    10. Dwight R. Lee, 2001. "The Internet, the Market, and Communication: Don't Ignore the Shoe While Admiring the Shine," Cato Journal, Cato Journal, Cato Institute, vol. 20(3), Fall.
    11. 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.
    12. Engineer, Merwan & Shouying Shi, 1998. "Asymmetry, imperfectly transferable utility, and the role of fiat money in improving terms of trade," Journal of Monetary Economics, Elsevier, vol. 41(1), pages 153-183, February.
    13. Guillaume Rocheteau & Pierre-Olivier Weill, 2011. "Liquidity in frictional asset markets," Working Papers (Old Series) 1105, Federal Reserve Bank of Cleveland.
    14. Christopher J. Waller, 2015. "Microfoundations of Money: Why They Matter," Review, Federal Reserve Bank of St. Louis, vol. 97(4), pages 289-301.
    15. 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.
    16. Li, Yiting, 1995. "Commodity money under private information," Journal of Monetary Economics, Elsevier, vol. 36(3), pages 573-592, December.
    17. 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.
    18. Tsunao Okumura, 2005. "Wealth as a Signal in the Search Model of Money," Discussion Papers 1401, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    19. Enchuan Shao, 2013. "The Threat of Counterfeiting in Competitive Search Equilibrium," Staff Working Papers 13-22, Bank of Canada.
    20. Jeremy C. Stein, 1995. "An Adverse Selection Model of Bank Asset and Liability Management with Implications for the Transmission of Monetary Policy," NBER Working Papers 5217, National Bureau of Economic Research, Inc.
    21. Ennis, Huberto M., 2008. "Search, money, and inflation under private information," Journal of Economic Theory, Elsevier, vol. 138(1), pages 101-131, January.
    22. Jones, Larry E. & Manuelli, Rodolfo E., 2001. "Volatile Policy and Private Information: The Case of Monetary Shocks," Journal of Economic Theory, Elsevier, vol. 99(1-2), pages 265-296, July.
    23. Benhabib, Jess & Dong, Feng & Wang, Pengfei, 2018. "Adverse selection and self-fulfilling business cycles," Journal of Monetary Economics, Elsevier, vol. 94(C), pages 114-130.
    24. Silveira, Rafael & Wright, Randall, 2010. "Search and the market for ideas," Journal of Economic Theory, Elsevier, vol. 145(4), pages 1550-1573, July.
    25. Young Sik Kim & Manjong Lee, 2011. "Unit of Account, Medium of Exchange, and Prices," Discussion Paper Series 1104, Institute of Economic Research, Korea University.
    26. Miquel Faig & Belén Jerez, 2006. "Inflation, Prices, and Information in Competitive Search," Working Papers tecipa-215, University of Toronto, Department of Economics.
    27. Rojas Breu, Mariana, 2017. "Debt enforcement and the value of money," Journal of Economic Theory, Elsevier, vol. 168(C), pages 237-251.
    28. Siddhartha Bandyopadhyay, 2012. "Market Thickness, Prices and Honesty: A Quality Demand Trap," Discussion Papers 12-06, Department of Economics, University of Birmingham.
    29. Aleksander Berentsen & Guillaume Rocheteau, 2002. "Money in Bilateral Trade," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 138(IV), pages 489-506, December.
    30. Benjamin Lester & Andrew Postlewaite & Randall Wright, 2011. "Information and Liquidity," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(s2), pages 355-377, October.
    31. Vincent Bignon & R. Dutu, 2014. "Coin Assaying and Commodity Money," Working papers 506, Banque de France.
    32. Charles M. Kahn & William Roberds, 1995. "On the efficiency of cash settlement," FRB Atlanta Working Paper 95-11, Federal Reserve Bank of Atlanta.
    33. 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.
    34. Bajaj, Ayushi, 2018. "Undefeated equilibria of the Shi–Trejos–Wright model under adverse selection," Journal of Economic Theory, Elsevier, vol. 176(C), pages 957-986.
    35. Nosal, Ed & Wallace, Neil, 2007. "A model of (the threat of) counterfeiting," Journal of Monetary Economics, Elsevier, vol. 54(4), pages 994-1001, May.
    36. 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.
    37. Alberto Trejos & Randall Wright, 1996. "Search-theoretic models of international currency," Proceedings, Federal Reserve Bank of St. Louis, vol. 78(May), pages 117-132.
    38. Isaiah Hull & Or Sattath, 2021. "Revisiting the Properties of Money," Papers 2111.04483, arXiv.org, revised Nov 2021.
    39. Ross Levine, 2004. "Finance and Growth: Theory and Evidence," NBER Working Papers 10766, National Bureau of Economic Research, Inc.
    40. Marvasti, A. & Smyth, David J., 1999. "The effect of barter on the demand for money: an empirical analysis," Economics Letters, Elsevier, vol. 64(1), pages 73-80, July.
    41. Young Sik Kim & Manjong Lee, 2012. "Recognizability and Liquidity of Assets," Discussion Paper Series 1206, Institute of Economic Research, Korea University.
    42. Jonathan Chiu & Thorsten Koeppl, 2011. "Trading Dynamics with Adverse Selection and Search: Market Freeze, Intervention and Recovery," Staff Working Papers 11-30, Bank of Canada.
    43. Kircher, Philipp & Wright, Randall & Julien, Benoit & Guerrieri, Veronica, 2017. "Directed Search: A Guided Tour," CEPR Discussion Papers 12315, C.E.P.R. Discussion Papers.
    44. Stephen D. Williamson & Randall Wright, 2010. "New monetarist economics: methods," Review, Federal Reserve Bank of St. Louis, vol. 92(May), pages 265-302.
    45. A. Andrew John & Kei-Mu Yi, 1997. "Language, learning, and location," Staff Reports 26, Federal Reserve Bank of New York.
    46. Y. Jin & T. Temzelides, 1999. "On the Local Interaction of Money and Credit," Macroeconomics 9905001, University Library of Munich, Germany.
    47. Leong, Kaiwen & Li, Huailu & Xu, Haibo, 2018. "Exploiting the Unbanked: Evidence from Singapore's Unlicensed Moneylending Market," IZA Discussion Papers 11786, IZA Network @ LISER.
    48. Zhu, Tao, 2007. "An Overlapping-Generations Model with Search," Working Papers 07-09, Cornell University, Center for Analytic Economics.
    49. Guriev, Sergei & Kvasov, Dmitry, 2000. "Barter For Price Discrimination?," CEPR Discussion Papers 2449, C.E.P.R. Discussion Papers.
    50. Richard Horan & Erwin Bulte & Jason Shogren, 2008. "Coevolution of human speech and trade," Journal of Economic Growth, Springer, vol. 13(4), pages 293-313, December.
    51. Tao Peng, 2017. "Money And Product Quality Under Asymmetric Information," Economic Inquiry, Western Economic Association International, vol. 55(3), pages 1388-1399, July.
    52. 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.
    53. Sik Kim, Young, 1996. "Money, barter, and costly information acquisition," Journal of Monetary Economics, Elsevier, vol. 37(1), pages 119-142, February.
    54. William Roberds, 1997. "What's really new about the new forms of retail payment?," Economic Review, Federal Reserve Bank of Atlanta, vol. 82(Q 1), pages 32-45.
    55. Seyed Mohammadreza Davoodalhosseini, 2020. "Adverse Selection With Heterogeneously Informed Agents," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 61(3), pages 1307-1358, August.
    56. Francois R. Velde & Warren E. Weber & Randall Wright, 1997. "A model of commodity money, with applications to Gresham's law and the debasement puzzle," Staff Report 215, Federal Reserve Bank of Minneapolis.
    57. Zhifeng Cai & Feng Dong, 2021. "A Model of Secular Migration from Centralized to Decentralized Trade," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 72(1), pages 201-244, July.
    58. Isaiah Hull & Or Sattath, 2024. "The properties of contemporary money," Journal of Economic Surveys, Wiley Blackwell, vol. 38(4), pages 1132-1155, September.
    59. Briana Chang, 2012. "Adverse Selection and Liquidity Distortion in Decentralized Markets," 2012 Meeting Papers 403, Society for Economic Dynamics.
    60. Rocheteau, Guillaume, 2011. "Payments and liquidity under adverse selection," Journal of Monetary Economics, Elsevier, vol. 58(3), pages 191-205.
    61. 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.
    62. Canice Prendergast & Lars Stole, 2001. "Barter, Liquidity and Market Segmentation," CESifo Working Paper Series 586, CESifo.
    63. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Models," MPRA Paper 21030, University Library of Munich, Germany.
    64. Xavier Cuadras & Randall Wright, 1996. "On money as a medium of exchange when goods vary by supply and demand," Economics Working Papers 160, Department of Economics and Business, Universitat Pompeu Fabra.
    65. Richard Dutu & Ed Nosal & Guillaume Rocheteau, 2005. "On the recognizability of money," Working Papers (Old Series) 0512, Federal Reserve Bank of Cleveland.
    66. Narayana R. Kocherlakota, 1996. "Money is memory," Staff Report 218, Federal Reserve Bank of Minneapolis.
    67. 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.
    68. Sergei Guriev & Dmitry Kvassov, 2000. "Barter for price discrimination? A theory and evidence from Russia," Working Papers w0007, Center for Economic and Financial Research (CEFIR).
    69. Feng Dong & Jianjun Miao & Pengfei Wang, 2018. "The perils of credit booms," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 66(4), pages 819-861, December.
    70. Shouyong Shi & Ted Temzelides, 2003. "A Search-Theoretic Model of Bureaucracy and Corruption," Working Papers shouyong-03-02, University of Toronto, Department of Economics.
    71. Guillaume Rocheteau, 2009. "Information and liquidity: a discussion," Working Papers (Old Series) 0902, Federal Reserve Bank of Cleveland.
    72. 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.
    73. Phillip M Johnson, 2002. "Essays on Capital Markets: Frictions and Social Forces," Levine's Working Paper Archive 618897000000000052, David K. Levine.
    74. He, Ping & Huang, Lixin & Wright, Randall, 2008. "Money, banking, and monetary policy," Journal of Monetary Economics, Elsevier, vol. 55(6), pages 1013-1024, September.
    75. Demid Golikov, 2005. "Financial Intermediary In Monetary Economics: An Excerpt," Macroeconomics 0510018, University Library of Munich, Germany.
    76. Demirguc-Kunt, Asli & Levine, Ross, 2008. "Finance, financial sector policies, and long-run growth," Policy Research Working Paper Series 4469, The World Bank.
    77. Wright, Randall, 1995. "Search, evolution, and money," Journal of Economic Dynamics and Control, Elsevier, vol. 19(1-2), pages 181-206.
    78. Mario Gara, 2001. "The Emergence of Non-monetary Means of Payment in the Russian Economy," Post-Communist Economies, Taylor & Francis Journals, vol. 13(1), pages 5-39.
    79. Choi, Michael, 2018. "Imperfect information transmission and adverse selection in asset markets," Journal of Economic Theory, Elsevier, vol. 176(C), pages 619-649.
    80. Winkler, Adalbert, 2001. "On the need for an international lender of last resort: Lessons from domestic financial markets," W.E.P. - Würzburg Economic Papers 28, University of Würzburg, Department of Economics.
    81. Kovenock, Dan & Vries, Casper G. de, 1995. "Fiat exchange in finite economies," Bank of Finland Research Discussion Papers 23/1995, Bank of Finland.
    82. Shao Enchuan, 2009. "Money and Barter under Private Information," The B.E. Journal of Macroeconomics, De Gruyter, vol. 9(1), pages 1-38, February.
    83. Bengt Holmstrom & Jean Tirole, 1996. "Private and Public Supply of Liquidity," NBER Working Papers 5817, National Bureau of Economic Research, Inc.
    84. Guillaume Rocheteau, 2008. "Money and competing assets under private information," Working Papers (Old Series) 0802, Federal Reserve Bank of Cleveland.
    85. Jun Zhang & Haibin Wu, 2004. "Money, Technology Choice and Pattern of Exchange in Search Equilibrium," Econometric Society 2004 North American Summer Meetings 212, Econometric Society.
    86. Nosal, Ed & Rocheteau, Guillaume, 2013. "Pairwise trade, asset prices, and monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 37(1), pages 1-17.
    87. Iordanis Kalaitzoglou & Beatrice Durgheu, 2016. "Financial growth and Economic Growth in Europe : Is the Euro Beneficial for All Countries?," Post-Print hal-00859252, HAL.
    88. Shouyong Shi, 2006. "A Microfoundation of Monetary Economics," Working Papers tecipa-211, University of Toronto, Department of Economics.
    89. Burdett, Kenneth & Trejos, Alberto & Wright, Randall, 2001. "Cigarette Money," Journal of Economic Theory, Elsevier, vol. 99(1-2), pages 117-142, July.
    90. Sergei Guriev & Dmitry Kvassov, 2000. "Price Discrimination Through Barter: A Theory and Evidence from Russia," Econometric Society World Congress 2000 Contributed Papers 0397, Econometric Society.
    91. Guillaume Rocheteau, 2011. "Discussion of “Information and Liquidity”," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(s2), pages 379-384, October.
    92. Hajime Tomura, 2021. "Nominal contracts and the payment system," The Japanese Economic Review, Springer, vol. 72(2), pages 185-216, April.
    93. Luis Araujo & Raoul Minetti, 2007. "On The Long‐Run Effects Of Fashion," Economic Inquiry, Western Economic Association International, vol. 45(4), pages 756-769, October.
    94. Guillaume Rocheteau, 2009. "A monetary approach to asset liquidity," Working Papers (Old Series) 0901, Federal Reserve Bank of Cleveland.
    95. Masters, Adrian, 2009. "Matching with interviews," Journal of Economic Dynamics and Control, Elsevier, vol. 33(4), pages 938-954, April.
    96. Zhang, Cathy, 2014. "An information-based theory of international currency," Journal of International Economics, Elsevier, vol. 93(2), pages 286-301.

  33. Stephen D. Williamson, 1989. "Restrictions on financial intermediaries and implications for aggregate fluctuations: Canada and the United States, 1870-1913," Staff Report 119, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Krasa, Stefan & Villamil, Anne P., 1992. "Monitoring the monitor: An incentive structure for a financial intermediary," Journal of Economic Theory, Elsevier, vol. 57(1), pages 197-221.
    2. Stephen D. Williamson, 1995. "Discount Window Lending and Deposit Insurance," Macroeconomics 9504001, University Library of Munich, Germany, revised 18 Apr 1995.
    3. Zeng, Zhixiong, 2011. "A theory of the non-neutrality of money with banking frictions and bank recapitalization," MPRA Paper 33471, University Library of Munich, Germany.
    4. 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.
    5. Renee Courtois Haltom & Jeffrey M. Lacker, 2013. "Should the Fed Have a Financial Stability Mandate? Lessons from the Fed's first 100 Years," Annual Report, Federal Reserve Bank of Richmond, pages 5-25.
    6. William Roberds, 1997. "What's really new about the new forms of retail payment?," Economic Review, Federal Reserve Bank of Atlanta, vol. 82(Q 1), pages 32-45.
    7. Temzelides, Theodosios, 1997. "Evolution, coordination, and banking panics," Journal of Monetary Economics, Elsevier, vol. 40(1), pages 163-183, September.
    8. De Nicolo, Gianni, 1996. "Run-proof banking without suspension or deposit insurance," Journal of Monetary Economics, Elsevier, vol. 38(2), pages 377-390, October.
    9. Kalemli-Özcan, Sebnem & Papaioannou, Elias & Peydró, José-Luis, 2009. "Financial Integration and Business Cycle Synchronization," CEPR Discussion Papers 7292, C.E.P.R. Discussion Papers.
    10. 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.

  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.

    Cited by:

    1. Toichiro Asada & Carl Chiarella & Peter Flaschel & Reiner Franke, 2003. "Interacting Two-Country Business Fluctuations," Working Paper Series 128, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
    2. Mark Gertler & Kenneth Rogoff, 1989. "Developing Country Borrowing and Domestic Wealth," NBER Working Papers 2887, National Bureau of Economic Research, Inc.
    3. Amado Peiró, 2000. "Economic Comovements In European Countries," Working Papers. Serie EC 2000-19, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    4. Tony Caporale & Chulho Jung, 1998. "Exchange rate regimes and international output co-movement," Applied Economics Letters, Taylor & Francis Journals, vol. 5(3), pages 165-168.
    5. Amado Peiró, 2002. "Macroeconomic Synchronization Between G3 Countries," Working Papers. Serie EC 2002-16, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    6. 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.
    7. Wagner, W.B., 2000. "Decentralized International Risk Sharing and Governmental Moral Hazard," Other publications TiSEM e1835d1b-f90b-4907-be6c-1, Tilburg University, School of Economics and Management.
    8. Stephen D. Williamson, 1989. "Restrictions on financial intermediaries and implications for aggregate fluctuations: Canada and the United States, 1870-1913," Staff Report 119, Federal Reserve Bank of Minneapolis.
    9. Peiro, Amado, 2005. "Economic comovements in European countries," Journal of Policy Modeling, Elsevier, vol. 27(5), pages 575-584, July.
    10. 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.
    11. Alberto Giovannini, 1991. "The Currency Reform as the Last Stage of Economic and Monetary Union: Some Policy Questions," NBER Working Papers 3917, National Bureau of Economic Research, Inc.
    12. Vittorio Grilli & Nouriel Roubini, 1991. "Financial Intermediation and Monetary Policies in the World Economy," NBER Technical Working Papers 0104, National Bureau of Economic Research, Inc.
    13. Wagner, W.B., 2000. "Decentralized International Risk Sharing and Governmental Moral Hazard," Discussion Paper 2000-92, Tilburg University, Center for Economic Research.
    14. Fernando Alvarez & Javier Diaz-Gimenez & Terry J. Fitzgerald & Edward C. Prescott, 1992. "Banking in computable general equilibrium economies," Staff Report 153, Federal Reserve Bank of Minneapolis.
    15. Joseph G. Haubrich, 1991. "Financial efficiency and aggregate fluctuations: an exploration," Economic Review, Federal Reserve Bank of Cleveland, vol. 27(Q IV), pages 25-36.
    16. Amado Peiró, 2002. "Macroeconomic Synchronization Between G3 Countries," German Economic Review, Verein für Socialpolitik, vol. 3(2), pages 137-153, May.

  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.

    Cited by:

    1. Salleo, Carmelo & Homar, Timotej & Kick, Heinrich, 2015. "What drives forbearance - evidence from the ECB Comprehensive Assessment," Working Paper Series 1860, European Central Bank.
    2. Joseph F. Francois & Felix Eschenbach, 2002. "Financial Sector Competition, Service Trade, and Growth," Tinbergen Institute Discussion Papers 02-089/2, Tinbergen Institute.
    3. Disyatat, Piti, 2004. "Currency crises and the real economy: The role of banks," European Economic Review, Elsevier, vol. 48(1), pages 75-90, February.
    4. Makki, Shiva S. & Somwaru, Agapi, 2006. "Impact of Foreign Direct Investment and Trade on Economic Growth," Conference papers 331481, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    5. 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.
    6. 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.
    7. Lawrence Christiano & Daisuke Ikeda, 2011. "Government Policy, Credit Markets and Economic Activity," NBER Working Papers 17142, National Bureau of Economic Research, Inc.
    8. Mark Gertler & R. Glenn Hubbard & Anil Kashyap, 1991. "Interest Rate Spreads, Credit Constraints, and Investment Fluctuations: An Empirical Investigation," NBER Chapters, in: Financial Markets and Financial Crises, pages 11-32, National Bureau of Economic Research, Inc.
    9. Bhattacharya, J. & Chankraborty, S., 2003. "What do Information Frictions Do?," Discussion Paper 2003-21, Tilburg University, Center for Economic Research.
    10. Meeks, Roland, 2012. "Do credit market shocks drive output fluctuations? Evidence from corporate spreads and defaults," Journal of Economic Dynamics and Control, Elsevier, vol. 36(4), pages 568-584.
    11. Krassimira Naydenova, 2018. "Built-In Problems in the New European Regulations for the Bulgarian Capital Market," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 5, pages 106-134.
    12. Paul Ritschel & Jan Wenzelburger, 2024. "Financial intermediation and efficient risk sharing in two-period lived OLG models," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 12(1), pages 57-78, June.
    13. Feng Dong, 2023. "Aggregate Implications of Financial Frictions for Unemployment," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 48, pages 45-71, April.
    14. Basab Dasupta, 2005. "Endogenous Growth in the Presence of Informal Credit Markets: A Comparative Analysis Between Credit Rationing and Self-Revelation Regimes," Working papers 2005-18, University of Connecticut, Department of Economics.
    15. Wenlang Zhang & Gaofeng Han & Steven Chan, 2014. "How Strong are the Linkages between Real Estate and Other Sectors in China?," Working Papers 112014, Hong Kong Institute for Monetary Research.
    16. Jordan Roulleau‐Pasdeloup & Anastasia Zhutova, 2022. "Labor Market Policies in a Deep Recession: Lessons from Hoover's Policies during the U.S. Great Depression," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 54(1), pages 247-283, February.
    17. Martin Berka & Christian Zimmermann, 2011. "Basel Accord and financial intermediation: the impact of policy," Working Papers 2011-042, Federal Reserve Bank of St. Louis.
    18. Zeng, Zhixiong, 2011. "A theory of the non-neutrality of money with banking frictions and bank recapitalization," MPRA Paper 33471, University Library of Munich, Germany.
    19. Jose L Wynne, 2001. "Financial Frictions in Business Cycles, Trade and Growth," Levine's Working Paper Archive 625018000000000127, David K. Levine.
    20. Santiago Acosta-Ormaechea & Atsuyoshi Morozumi, 2012. "Idiosyncratic Uncertainty, Asymmetric Information, and Private Credit," Discussion Papers 12/12, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
    21. Jin, Yi & Leung, Charles Ka Yui & Zeng, Zhixiong, 2010. "Real Estate, the External Finance Premium and Business Investment: A Quantitative Dynamic General Equilibrium Analysis," MPRA Paper 26722, University Library of Munich, Germany.
    22. 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.
    23. Beccarini, Andrea, 2014. "Solving the liquidity constraint by options on futures," Journal of Mathematical Economics, Elsevier, vol. 51(C), pages 116-120.
    24. Mark L. Gertler & R. Glenn Hubbard, 1988. "Financial Factors in Business Fluctuations," NBER Working Papers 2758, National Bureau of Economic Research, Inc.
    25. 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).
    26. Hajime Tomura, 2010. "Liquidity Transformation and Bank Capital Requirements," Staff Working Papers 10-22, Bank of Canada.
    27. Francois, Joseph & Schuknecht, Ludger, 1999. "Trade in Financial Services: Procompetitive Effects and Growth Performance," CEPR Discussion Papers 2144, C.E.P.R. Discussion Papers.
    28. Bougheas, Spiros & Mizen, Paul & Yalcin, Cihan, 2006. "Access to external finance: Theory and evidence on the impact of monetary policy and firm-specific characteristics," Journal of Banking & Finance, Elsevier, vol. 30(1), pages 199-227, January.
    29. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Methods," MPRA Paper 21486, University Library of Munich, Germany.
    30. Fabio ALESSANDRINI, 2003. "Some Additional Evidence from the Credit Channel on the Response to Monetary Shocks: Looking for Asymmetries," Cahiers de Recherches Economiques du Département d'économie 03.04, Université de Lausanne, Faculté des HEC, Département d’économie.
    31. Dean Corbae & Pablo D'Erasmo, 2010. "A Quantitative Model of Banking Industry Dynamics," 2010 Meeting Papers 268, Society for Economic Dynamics.
    32. Ahlem Selma Messai & Fathi Jouini, 2013. "Micro and Macro Determinants of Non-performing Loan," International Journal of Economics and Financial Issues, Econjournals, vol. 3(4), pages 852-860.
    33. Figueroa, Nicolás & Leukhina, Oksana, 2015. "Lending terms and aggregate productivity," Journal of Economic Dynamics and Control, Elsevier, vol. 59(C), pages 1-21.
    34. Ge, Xinyu & Li, Xiao-Lin & Zheng, Ling, 2020. "The transmission of financial shocks in an estimated DSGE model with housing and banking," Economic Modelling, Elsevier, vol. 89(C), pages 215-231.
    35. Kwok, Claudian, 2001. "An aggregate model of firm specific capital with and without commitment," Journal of Monetary Economics, Elsevier, vol. 48(1), pages 217-237, August.
    36. Chugh, Sanjay K., 2013. "Costly external finance and labor market dynamics," Journal of Economic Dynamics and Control, Elsevier, vol. 37(12), pages 2882-2912.
    37. Larsson, Bo & Wijkander, Hans, 2012. "Banking on Regulations?," Research Papers in Economics 2012:3, Stockholm University, Department of Economics.
    38. Aysun, Uluc & Honig, Adam, 2011. "Bankruptcy costs, liability dollarization, and vulnerability to sudden stops," Journal of Development Economics, Elsevier, vol. 95(2), pages 201-211, July.
    39. 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.
    40. Hachem, Kinda, 2011. "Relationship lending and the transmission of monetary policy," Journal of Monetary Economics, Elsevier, vol. 58(6), pages 590-600.
    41. 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.
    42. Faig, Miquel & Gagnon, Gregory, 2008. "Scarce collateral and bank reserves," Journal of Macroeconomics, Elsevier, vol. 30(4), pages 1723-1737, December.
    43. 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.
    44. Carol Scotese Lehr, 2001. "Banks and Output Fluctuations," Working Papers 0101, VCU School of Business, Department of Economics.
    45. Goodhart, Charles, 1989. "The Conduct of Monetary Policy," Economic Journal, Royal Economic Society, vol. 99(396), pages 293-346, June.
    46. Hans Gersbach & Jan Wenzelburger, 2001. "The Dynamics of Deposit Insurance and the Consumption Trap," CESifo Working Paper Series 509, CESifo.
    47. Chen, Nan-Kuang, 2001. "Bank net worth, asset prices and economic activity," Journal of Monetary Economics, Elsevier, vol. 48(2), pages 415-436, October.
    48. Raphael Auer & Cyril Monnet & Hyun Song Shin, 2021. "Distributed ledgers and the governance of money," BIS Working Papers 924, Bank for International Settlements.
    49. Hans Gersbach, 2002. "Financial Intermediation and the Creation of Macroeconomic Risks," CESifo Working Paper Series 695, CESifo.
    50. 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.
    51. Jermann, Urban & Xiang, Haotian, 2023. "Dynamic banking with non-maturing deposits," Journal of Economic Theory, Elsevier, vol. 209(C).
    52. Tiantian Yang & Rebecca Zarutskie, 2015. "How Did Young Firms Fare During the Great Recession? Evidence from the Kauffman Firm Survey," Finance and Economics Discussion Series 2015-85, Board of Governors of the Federal Reserve System (U.S.).
    53. Wenli Li & Pierre-Daniel G. Sarte, 2000. "Investigating fluctuations in U.S. manufacturing : what are the direct effects of informational frictions?," Working Paper 00-01, Federal Reserve Bank of Richmond.
    54. Sunirand, Pojanart, 2002. "The role of bank capital and the transmission mechanism of monetary policy," LSE Research Online Documents on Economics 24953, London School of Economics and Political Science, LSE Library.
    55. 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.
    56. Dante B. Canlas, 2012. "Business Fluctuations and Monetary Policy Rules in the Philippines: with Lessons from the 1984-1985 Contraction," UP School of Economics Discussion Papers 201210, University of the Philippines School of Economics.
    57. Mark Gertler & Simon Gilchrist, 1991. "Monetary Policy, Business Cycles and the Behavior of Small Manufacturing Firms," NBER Working Papers 3892, National Bureau of Economic Research, Inc.
    58. Banerji, Sanjay & Bhattacharya, Joydeep & Long, Ngo Van, 2004. "Can financial intermediation induce endogenous fluctuations," Journal of Economic Dynamics and Control, Elsevier, vol. 28(11), pages 2215-2238, October.
    59. Shouyong Shi, 2011. "Liquidity, Assets and Business Cycles," Working Papers tecipa-434, University of Toronto, Department of Economics.
    60. Ibrahimo, M.V. & Barros, C.P., 2009. "Relevance or irrelevance of capital structure?," Economic Modelling, Elsevier, vol. 26(2), pages 473-479, March.
    61. Sanjay Chugh, 2016. "Firm Risk and Leverage-Based Business Cycles," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 20, pages 111-131, April.
    62. Salvatore Capasso, 2006. "Stock Market Development and Economic Growth," WIDER Working Paper Series RP2006-102, World Institute for Development Economic Research (UNU-WIDER).
    63. 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.
    64. Jean-Olivier Hairault & Franck Portier, 1994. "Contraintes d'encaisses préalables et fluctuations économiques," Revue Économique, Programme National Persée, vol. 45(4), pages 1009-1044.
    65. Miroslav Gabrovski & Ioannis Kospentaris & Lucie Lebeau, 2024. "The Macroeconomics of Labor, Credit and Financial Market Imperfections," Working Papers 2409, Federal Reserve Bank of Dallas.
    66. Meh, Césaire A. & Moran, Kevin, 2010. "The role of bank capital in the propagation of shocks," Journal of Economic Dynamics and Control, Elsevier, vol. 34(3), pages 555-576, March.
    67. 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.
    68. Jon Vilasuso, 1997. "The relationship between cash flow and investment in the United States at business cycle frequencies," Applied Economics, Taylor & Francis Journals, vol. 29(10), pages 1283-1293.
    69. Nobuhiro Kiyotaki & John Moore, 2012. "Liquidity, Business Cycles, and Monetary Policy," NBER Working Papers 17934, National Bureau of Economic Research, Inc.
    70. Takala, Kari & Virén, Matti, 1995. "Bankruptcies, indebtedness and the credit cruch," Bank of Finland Research Discussion Papers 28/1995, Bank of Finland.
    71. Elosegui, Pedro Luis, 2003. "Aggregate risk, credit rationing and capital accumulation," The Quarterly Review of Economics and Finance, Elsevier, vol. 43(4), pages 668-696.
    72. Rampini, Adriano A., 2004. "Entrepreneurial activity, risk, and the business cycle," Journal of Monetary Economics, Elsevier, vol. 51(3), pages 555-573, April.
    73. Koffi Délali Kpognon & Henri Atangana Ondoa & Mamadou Bah & Peter Asare-Nuamah, 2022. "Fostering Labour Productivity Growth for Productive and Decent Job Creation in Sub-Saharan African Countries: the Role of Institutional Quality," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 13(3), pages 1962-1992, September.
    74. Christiano, Lawrence & Motto, Roberto & Rostagno, Massimo, 2004. "The Great Depression and the Friedman-Schwartz hypothesis," Working Paper Series 326, European Central Bank.
    75. Williamson, Stephen, 2009. "Liquidity, Financial Intermediation, and Monetary Policy in a New Monetarist Model," MPRA Paper 20692, University Library of Munich, Germany.
    76. Kevin Salyer & Gabriel S. Lee, 2004. "Time-Varying Uncertainty and the Credit Channel," Working Papers 290, University of California, Davis, Department of Economics.
    77. Yuan, Mingwei & Zimmermann, Christian, 2004. "Credit crunch in a model of financial intermediation and occupational choice," Journal of Macroeconomics, Elsevier, vol. 26(4), pages 637-659, December.
    78. KPOGNON, Koffi & BAH, Mamadou, 2019. "Does institutional quality contribute to increasing labour productivity in sub-Saharan Africa? An empirical analysis," MPRA Paper 98674, University Library of Munich, Germany.
    79. Calmès, Christian & Théoret, Raymond, 2020. "Bank fee-based shocks and the U.S. business cycle," The North American Journal of Economics and Finance, Elsevier, vol. 51(C).
    80. Chakrabarty, Debajyoti, 2002. "Growth and business cycles with imperfect credit markets," ZEI Working Papers B 29A-2002, University of Bonn, ZEI - Center for European Integration Studies.
    81. 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).
    82. Stephen Williamson & Francesca Carapella, 2012. "Credit Markets, Limited Commitment, and Government Debt," 2012 Meeting Papers 226, Society for Economic Dynamics.
    83. Bougheas, Spiros, 2007. "Imperfect capital markets, income distribution and the choice of external finance: A financial equilibrium approach," The Quarterly Review of Economics and Finance, Elsevier, vol. 47(4), pages 507-520, September.
    84. Xiao, Wei, 2013. "Learning about monetary policy rules when the housing market matters," Journal of Economic Dynamics and Control, Elsevier, vol. 37(3), pages 500-515.
    85. Carli, Francesco & Lloyd-Braga, Teresa & Modesto, Leonor, 2024. "Imperfect competition in the banking sector and economic instability," Journal of Mathematical Economics, Elsevier, vol. 112(C).
    86. 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.
    87. Mingwei Yuan & Christian Zimmermann, 2000. "Financial Intermediation with Heterogeneous Projects: An Application to the Japanese Credit Crunch," Cahiers de recherche CREFE / CREFE Working Papers 115, CREFE, Université du Québec à Montréal.
    88. 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.
    89. Agapova, Anna & Vishwasrao, Sharmila, 2020. "Financial sector foreign aid and financial intermediation," International Review of Financial Analysis, Elsevier, vol. 72(C).
    90. 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.
    91. Francesco Ferrante & Andrea Prestipino & Immo Schott, 2025. "Corporate Debt Maturity and Business Cycle Fluctuations," International Finance Discussion Papers 1409, Board of Governors of the Federal Reserve System (U.S.).
    92. Kevin Keasey & Robert Watson, 1995. "The Bank Financing of Small Unlisted Firms in the UK: An Analysis of Recent Conflicts," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 4(2), pages 143-163, Fall.
    93. Pederzoli, Chiara & Torricelli, Costanza, 2005. "Capital requirements and business cycle regimes: Forward-looking modelling of default probabilities," Journal of Banking & Finance, Elsevier, vol. 29(12), pages 3121-3140, December.
    94. Asli GUNAY & Kivilcim METIN-OZCAN & Umit OZLALE, 2001. "Measuring the Probability of Crises in the Turkish Economy," Middle East and North Africa 330400032, EcoMod.
    95. John H. Boyd & Bruce A. Champ, 2003. "Inflation and financial market performance: what have we learned in the last ten years?," Working Papers (Old Series) 0317, Federal Reserve Bank of Cleveland.
    96. 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.
    97. Nobel Prize Committee, 2022. "Financial Intermediation and the Economy," Nobel Prize in Economics documents 2022-2, Nobel Prize Committee.
    98. Atkeson, Andrew G. & Eisfeldt, Andrea L. & Weill, Pierre-Olivier, 2017. "Measuring the financial soundness of U.S. firms, 1926–2012," Research in Economics, Elsevier, vol. 71(3), pages 613-635.
    99. Basab Dasgupta, 2004. "Capital Accumulation in the Presence of Informal Credit Contracts: Does the Incentive Mechanism Work Better than Credit Rationing Under Asymmetric Information?," Working papers 2004-32, University of Connecticut, Department of Economics.
    100. Kinda Hachem, 2014. "Inefficiently Low Screening with Walrasian Markets," NBER Working Papers 20365, National Bureau of Economic Research, Inc.
    101. Adrian Blundell-Wignall & Frank Browne & Stefano Cavaglia & Alison Tarditi, 1992. "Financial Liberalisation and Consumption Behaviour," RBA Research Discussion Papers rdp9209, Reserve Bank of Australia.
    102. Corinne Le Gallic, 1995. "Déréglementation financière, cycle et croissance," Revue Économique, Programme National Persée, vol. 46(2), pages 255-281.
    103. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Models," MPRA Paper 21030, University Library of Munich, Germany.
    104. Manoj Atolia & John Gibson & Milton Marquis, 2019. "Moral Hazard in Lending and Labor Market Volatility," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 51(1), pages 79-109, February.
    105. Ben S. Bernanke & Mark Gertler, 1986. "Agency Costs, Collateral, and Business Fluctuations," NBER Working Papers 2015, National Bureau of Economic Research, Inc.
    106. Cook, David, 2004. "Monetary policy in emerging markets: Can liability dollarization explain contractionary devaluations?," Journal of Monetary Economics, Elsevier, vol. 51(6), pages 1155-1181, September.
    107. Vasilev, Aleksandar Zdravkov, 2008. "Business Cycles in Bulgaria and the Baltic Countries: An RBC Approach," EconStor Conference Papers 141828, ZBW - Leibniz Information Centre for Economics.
    108. Raphael Auer & Cyril Monnet & Hyun Song Shin, 2021. "Permissioned Distributed Ledgers and the Governance of Money," Diskussionsschriften dp2101, Universitaet Bern, Departement Volkswirtschaft.
    109. Petr Jakubik & Eyup Kadioglu, 2022. "Factors affecting bank loan quality: a panel analysis of emerging markets," International Economics and Economic Policy, Springer, vol. 19(3), pages 437-458, July.
    110. Jin, Yi & Zeng, Zhixiong, 2016. "Risk, risk aversion, and a finance-augmented neoclassical economic model of production," International Journal of Production Economics, Elsevier, vol. 176(C), pages 82-91.
    111. Li, Wenli & Sarte, Pierre-Daniel G., 2003. "Credit market frictions and their direct effects on U.S. manufacturing fluctuations," Journal of Economic Dynamics and Control, Elsevier, vol. 28(3), pages 419-443, December.
    112. Paul Beaudry & Amartya Lahiri, 2014. "The Allocation of Aggregate Risk, Secondary Market Trades, and Financial Boom–Bust Cycles," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 46(1), pages 1-42, February.
    113. 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.
    114. 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.
    115. Birol Kanik & Wei Xiao, 2014. "News, Housing Boom-Bust Cycles, and Monetary Policy," International Journal of Central Banking, International Journal of Central Banking, vol. 10(4), pages 249-298, December.
    116. Hajime Tomura, 2012. "Asset Illiquidity and Market Shutdowns in Competitive Equilibrium," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 15(3), pages 283-294, July.
    117. Patrick Artus & Philippe Ducos & Francois Lecointe, 1992. "Rachats d'entreprise avec endettement (LBO et MBO) : motivations micro-économiques, effets sur l'efficacité des entreprises et risques macro-économiques," Économie et Prévision, Programme National Persée, vol. 102(1), pages 89-104.
    118. Fatih Tuluk, 2019. "Shadow Banking, Capital Requirements and Monetary Policy," Working Papers 2019.05, International Network for Economic Research - INFER.
    119. John H. Cochrane, 1994. "Shocks," NBER Working Papers 4698, National Bureau of Economic Research, Inc.
    120. Woon Gyu Choi & Mr. David Cook, 2010. "Fire Sales and the Financial Accelerator," IMF Working Papers 2010/141, International Monetary Fund.
    121. Özlale, Ümit & Metin-Özcan, Kıvılcım, 2007. "An alternative method to measure the likelihood of a financial crisis in an emerging market," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 381(C), pages 329-337.
    122. Santos, Joao A.C., 2006. "Why firm access to the bond market differs over the business cycle: A theory and some evidence," Journal of Banking & Finance, Elsevier, vol. 30(10), pages 2715-2736, October.
    123. Beck, Thorsten & Levine, Ross & Loayza, Norman, 2000. "Finance and the sources of growth," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 261-300.
    124. Spiros Bougheas & Paul Mizen & Cihan Yalcin, 2004. "Access to External Finance : Theory and Evidence on the Impact of Firm-Specific Characteristics," Working Papers 0406, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    125. Sofía Bauducco & Aleš Bulir & Martin Èihák, 2011. "Monetary Policy Rules with Financial Instability," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 61(6), pages 545-565, December.
    126. Ben Bernanke & Mark Gertler, 1987. "Financial Fragility and Economic Performance," NBER Working Papers 2318, National Bureau of Economic Research, Inc.
    127. 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.
    128. Levine, Ross & Loayza, Norman & Beck, Thorsten, 1999. "ɇ‘Èž ĸ­Ä»‹Ä¸Žç» Ƶžå¢Žé•¿Ï¼Šå› Æžœå…³Ç³»Ä¸Žåžÿå›," Policy Research Working Paper Series 2059, The World Bank.
    129. 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.
    130. M Mafizur Rahman & M Salahuddin, 2010. "The determinants of economic growth in Pakistan: Does stock market development play a major role?," Economic Issues Journal Articles, Economic Issues, vol. 15(2), pages 69-86, September.
    131. Davis, George & Toma, Mark, 1995. "Inflation, reserve requirements, and real interest rates with direct and indirect loan markets," Journal of Macroeconomics, Elsevier, vol. 17(3), pages 515-531.
    132. Fung, Ka Wai Terence & Lau, Chi Keung Marco & Chan, Kwok Ho, 2013. "A R&D Based Real Business Cycle Model," MPRA Paper 52571, University Library of Munich, Germany.
    133. David Aadland, 2002. "Detrending Time-Aggregated Data," Macroeconomics 0301007, University Library of Munich, Germany.
    134. Figueroa, Nicolás & Leukhina, Oksana, 2018. "Cash flows and credit cycles," Journal of Banking & Finance, Elsevier, vol. 87(C), pages 318-332.
    135. Atolia, Manoj & Einarsson, Tor & Marquis, Milton, 2011. "Understanding liquidity shortages during severe economic downturns," Journal of Economic Dynamics and Control, Elsevier, vol. 35(3), pages 330-343, March.
    136. Pami Dua & Hema Kapur, 2017. "Macro Stress Testing of Indian Bank Groups," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 11(4), pages 375-403, November.
    137. Ms. Mwanza Nkusu, 2011. "Nonperforming Loans and Macrofinancial Vulnerabilities in Advanced Economies," IMF Working Papers 2011/161, International Monetary Fund.
    138. Williamson, Stephen D., 2016. "Scarce collateral, the term premium, and quantitative easing," Journal of Economic Theory, Elsevier, vol. 164(C), pages 136-165.
    139. Nobuhiro Kiyotaki, 2011. "A perspective on modern business cycle theory," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 97(3Q), pages 195-208.
    140. Luis Lorente, 1991. "Políticas monetarias e inflación, Colombia 1951-1989," Revista Cuadernos de Economia, Universidad Nacional de Colombia, FCE, CID.
    141. Joao F. Gomes & Amir Yaron & Lu Zhang, 2003. "Asset Prices and Business Cycles with Costly External Finance," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(4), pages 767-788, October.
    142. Chan, Steven & Han, Gaofeng & Zhang, Wenlang, 2016. "How strong are the linkages between real estate and other sectors in China?," Research in International Business and Finance, Elsevier, vol. 36(C), pages 52-72.
    143. Jin, Yu, 2010. "Credit Termination and the Technology Bubbles," MPRA Paper 29010, University Library of Munich, Germany.
    144. Connell, William & Hoang, Viet-Ngu & Wilson, Clevo & Nghiem, Xuan-Hoa, 2025. "The effects of sectoral productivity shocks on sectoral output growth in OECD countries: A new decomposition," Economic Analysis and Policy, Elsevier, vol. 87(C), pages 269-280.
    145. 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.
    146. Lawrence Christiano & Roberto Motto & Massimo Rostagno, 2013. "Risk Shocks," NBER Working Papers 18682, National Bureau of Economic Research, Inc.
    147. 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.
    148. Fernando Alvarez & Javier Diaz-Gimenez & Terry J. Fitzgerald & Edward C. Prescott, 1992. "Banking in computable general equilibrium economies," Staff Report 153, Federal Reserve Bank of Minneapolis.
    149. Jin, Yi & Zeng, Zhixiong, 2014. "Banking risk and macroeconomic fluctuations," Journal of Banking & Finance, Elsevier, vol. 48(C), pages 350-360.
    150. Howitt, Peter, 2012. "What have central bankers learned from modern macroeconomic theory?," Journal of Macroeconomics, Elsevier, vol. 34(1), pages 11-22.
    151. Suarez, Javier & Bruche, Max, 2009. "The Macroeconomics of Money Market Freezes," CEPR Discussion Papers 7304, C.E.P.R. Discussion Papers.
    152. Christiano, Lawrence, 2022. "Financial frictions in macroeconomics," Journal of International Money and Finance, Elsevier, vol. 122(C).
    153. Di Giorgio, Giorgio, 2002. "Financial intermediation and capital investment with costly monitoring," International Review of Economics & Finance, Elsevier, vol. 11(1), pages 27-43, April.
    154. Christopher L. House, 2002. "Adverse Selection and the Accelerator," Macroeconomics 0211015, University Library of Munich, Germany.
    155. J. Kent Millington, 1994. "The Impact of Selected Economic Variables on New Business Formation and Business Failures," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 3(2), pages 177-179, Spring.
    156. Paul Beaudry & Amartya Lahiri, 2009. "Risk Allocation, Debt Fueled Expansion and Financial Crisis," NBER Working Papers 15110, National Bureau of Economic Research, Inc.
    157. Bruche, Max & Suarez, Javier, 2010. "Deposit insurance and money market freezes," Journal of Monetary Economics, Elsevier, vol. 57(1), pages 45-61, January.
    158. Nicolas Petrosky-Nadeau, 2014. "Credit, Vacancies and Unemployment Fluctuations," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 17(2), pages 191-205, April.

  36. Stephen D. Williamson, 1984. "Costly Monitoring, Financial Intermediation, and Equilibrium Credit Rationing," Working Paper 583, Economics Department, Queen's University.

    Cited by:

    1. Mukherji, Nivedita, 1998. "Inflation and Risky Investment in an Economy with Asymmetric Information and Monopolistic Loans Markets," Journal of Macroeconomics, Elsevier, vol. 20(1), pages 107-132, January.
    2. Robert E. Krainer, 2014. "Financial Aspects of Business Cycles: An Analysis of Balance Sheet Adjustments of U.S. Nonfinancial Enterprises over the Twentieth Century," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 46(2-3), pages 371-407, March.
    3. Kenneth A. Froot & Jeremy C. Stein, 1989. "Exchange Rates and Foreign Direct Investment: An Imperfect Capital Markets Approach," NBER Working Papers 2914, National Bureau of Economic Research, Inc.
    4. Huber, Kilian, 2021. "Are Bigger Banks Better? Firm-Level Evidence from Germany," CEPR Discussion Papers 15769, C.E.P.R. Discussion Papers.
    5. Randall Wright & Cathy Zhang & Guillaume Rocheteau, 2016. "Corporate Finance and Monetary Policy," 2016 Meeting Papers 97, Society for Economic Dynamics.
    6. 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.
    7. Smith, R. Todd & van Egteren, Henry, 2005. "Inflation, investment and economic performance: The role of internal financing," European Economic Review, Elsevier, vol. 49(5), pages 1283-1303, July.
    8. Jeremy Greenwood & Juan M. Sanchez & Cheng Wang, 2009. "Financing development : the role of information costs," Working Paper 08-08, Federal Reserve Bank of Richmond.
    9. Spiros Bougheas & Tianxi Wang, 2015. "Optimal Organization of Financial Intermediaries," CESifo Working Paper Series 5452, CESifo.
    10. Nivedita Mukherji, 2022. "Complex dynamics in the market for loans," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 45(1), pages 83-99, June.
    11. Berger, A.N. & Frame, W.S. & Ioannidou, V., 2010. "Tests of Ex Ante Versus Ex Post Theories of Collateral Using Private and Public Information," Other publications TiSEM 23a65c0b-9283-466b-ae01-b, Tilburg University, School of Economics and Management.
    12. Àlex Haro & Pere Gomis-Porqueras, 2015. "Global Bifurcations, Credit Rationing and Recurrent Hyperinflations," Working Papers 239, Barcelona School of Economics.
    13. Charles Calomiris, 1995. "The Costs of Rejecting Universal Banking: American Finance in the German Mirror, 1870-1914," NBER Chapters, in: Coordination and Information: Historical Perspectives on the Organization of Enterprise, pages 257-322, National Bureau of Economic Research, Inc.
    14. Bhattacharya, J. & Chankraborty, S., 2003. "What do Information Frictions Do?," Discussion Paper 2003-21, Tilburg University, Center for Economic Research.
    15. Degryse, H.A. & Ioannidou, V. & von Schedvin, E.L., 2011. "On the Non-Exclusivity of Loan Contracts : An Empirical Investigation," Other publications TiSEM 0ac251a7-48f9-4714-92ba-4, Tilburg University, School of Economics and Management.
    16. Krasa, Stefan & Villamil, Anne P., 1992. "Monitoring the monitor: An incentive structure for a financial intermediary," Journal of Economic Theory, Elsevier, vol. 57(1), pages 197-221.
    17. Li, Yiting, 1998. "Middlemen and private information," Journal of Monetary Economics, Elsevier, vol. 42(1), pages 131-159, June.
    18. Gao, Ning & Jain, Bharat A., 2012. "Founder management and the market for corporate control for IPO firms: The moderating effect of the power structure of the firm," Journal of Business Venturing, Elsevier, vol. 27(1), pages 112-126.
    19. Paola L. Montero Ledezma, "undated". "The Role of Politics in Financial Crises in Emerging Markets," Investigación & Desarrollo 0118, Universidad Privada Boliviana.
    20. David Andolfatto & Ed Nosal, 2003. "A Theory of Money and Banking," Macroeconomics 0310003, University Library of Munich, Germany.
    21. Basab Dasupta, 2005. "Endogenous Growth in the Presence of Informal Credit Markets: A Comparative Analysis Between Credit Rationing and Self-Revelation Regimes," Working papers 2005-18, University of Connecticut, Department of Economics.
    22. Eva A. Arnold & Ingrid Größl & Philipp Koziol, 2015. "Market Discipline Across Bank Governance Models. Empirical Evidence from German Depositors," Macroeconomics and Finance Series 201502, University of Hamburg, Department of Socioeconomics.
    23. Mingwei Yuan & Christian Zimmermann, 1999. "Credit Crunch, Bank Lending and Monetary Policy: A Model of Financial Intermediation with Heterogeneous Projects," Cahiers de recherche CREFE / CREFE Working Papers 89, CREFE, Université du Québec à Montréal.
    24. Juan Sanchez & Jeremy Greenwood & Harold Cole, 2012. "Why Doesn't Technology Flow from Rich to Poor Countries?," 2012 Meeting Papers 834, Society for Economic Dynamics.
    25. Luna Azahara Romo González, 2016. "The drivers of European banks’ US dollar debt issuance: opportunistic funding in times of crisis?," Working Papers 1611, Banco de España.
    26. Miyazawa, Shinjiro, 2012. "Optimal borrowing structure: An explanation for the multiplicity of large-share creditors and the differentiation among them," Journal of the Japanese and International Economies, Elsevier, vol. 26(3), pages 434-453.
    27. Joydeep Bhattacharya, 1997. "Credit market imperfections, income distribution, and capital accumulation," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 11(1), pages 171-200.
    28. Anna Maria Menichini & Peter Simmons, 2014. "Sorting the good guys from bad: on the optimal audit structure with ex-ante information acquisition," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 57(2), pages 339-376, October.
    29. Brito, Dagobert L & Hartley, Peter R, 1995. "Consumer Rationality and Credit Cards," Journal of Political Economy, University of Chicago Press, vol. 103(2), pages 400-433, April.
    30. Acharya, Sankarshan, 1996. "Charter value, minimum bank capital requirement and deposit insurance pricing in equilibrium," Journal of Banking & Finance, Elsevier, vol. 20(2), pages 351-375, March.
    31. Zeng, Zhixiong, 2011. "A theory of the non-neutrality of money with banking frictions and bank recapitalization," MPRA Paper 33471, University Library of Munich, Germany.
    32. Jose L Wynne, 2001. "Financial Frictions in Business Cycles, Trade and Growth," Levine's Working Paper Archive 625018000000000127, David K. Levine.
    33. Jin, Yi & Leung, Charles Ka Yui & Zeng, Zhixiong, 2010. "Real Estate, the External Finance Premium and Business Investment: A Quantitative Dynamic General Equilibrium Analysis," MPRA Paper 26722, University Library of Munich, Germany.
    34. Arturo Galindo & Fabio Schiantarelli, 2002. "Limitaciones crediticias en América Latina: panorámica general de los elementos de juicio al nivel micro," Research Department Publications 4306, Inter-American Development Bank, Research Department.
    35. Pino, Gabriel & Herrera, Rodrigo & Rodríguez, Alejandro, 2019. "Geographical spillovers on the relation between risk-taking and market power in the US banking sector," The North American Journal of Economics and Finance, Elsevier, vol. 47(C), pages 351-364.
    36. Cheng Wang & Ruilin Zhou, 2000. "Equilibrium lending mechanism and aggregate activity," Working Paper Series WP-00-30, Federal Reserve Bank of Chicago.
    37. Mateut, Simona & Bougheas, Spiros & Mizen, Paul, 2006. "Trade credit, bank lending and monetary policy transmission," European Economic Review, Elsevier, vol. 50(3), pages 603-629, April.
    38. Gaetano Antinolfi, 2012. "Costly Monitoring, Dynamic Incentives, and Default," 2012 Meeting Papers 892, Society for Economic Dynamics.
    39. Brancaccio, Emiliano & Garbellini, Nadia & Giammetti, Raffaele, 2018. "Structural labour market reforms, GDP growth and the functional distribution of income," Structural Change and Economic Dynamics, Elsevier, vol. 44(C), pages 34-45.
    40. Adriano A. Rampini & S. Viswanathan, 2017. "Financial Intermediary Capital," NBER Working Papers 23302, National Bureau of Economic Research, Inc.
    41. Robin Boadway & Jean-Francois Tremblay & Motohiro Sato, 2016. "Cash-flow Business Taxation Revisited: Bankruptcy, Risk Aversion And Asymmetric Information," Working Paper 1372, Economics Department, Queen's University.
    42. Wang, Tianxi, 2009. "The Allocation of Liability: Why Financial Intermediation?," Economics Discussion Papers 2957, University of Essex, Department of Economics.
    43. Atsue Mizushima & Keiichi Koda, 2007. "Risk Sharing and Growth in the Gifts Economy," Discussion Papers in Economics and Business 07-02, Osaka University, Graduate School of Economics.
    44. Bengt Holmstrom & Jean Tirole, 1998. "Private and Public Supply of Liquidity," Journal of Political Economy, University of Chicago Press, vol. 106(1), pages 1-40, February.
    45. Philipp Meyer-Brauns, 2014. "Financial Contracting with Tax Evaders," Working Papers tax-mpg-rps-2014-01, Max Planck Institute for Tax Law and Public Finance.
    46. Goeschl, Timo & Jarke, Johannes, 2017. "Trust, but verify? Monitoring, inspection costs, and opportunism under limited observability," Journal of Economic Behavior & Organization, Elsevier, vol. 142(C), pages 320-330.
    47. 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.
    48. Arturo Galindo & Fabio Schiantarelli, 2002. "Credit Constraints in Latin America: An Overview of the Micro Evidence," Research Department Publications 3165, Inter-American Development Bank, Research Department.
    49. Lengwiler, Yvan & Rishabh, Kumar, 2017. "Credit from the Monopoly Bank," Working papers 2017/15, Faculty of Business and Economics - University of Basel.
    50. Jeremy Greenwood & Pengfei Han & Juan M. Sanchez, 2017. "Financing Ventures," Working Papers 2017-035, Federal Reserve Bank of St. Louis, revised Nov 2021.
    51. 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).
    52. Reed, Robert R. & LaRue, Amanda & Ume, Ejindu S., 2018. "Mortgage recourse provisions and housing prices," Regional Science and Urban Economics, Elsevier, vol. 73(C), pages 99-111.
    53. 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.
    54. Benfratello, Luigi & Schiantarelli, Fabio & Sembenelli, Alessandro, 2008. "Banks and innovation: Microeconometric evidence on Italian firms," Journal of Financial Economics, Elsevier, vol. 90(2), pages 197-217, November.
    55. Mr. Gianni De Nicolo & Abu M. Jalal & John H. Boyd, 2006. "Bank Risk-Taking and Competition Revisited: New Theory and New Evidence," IMF Working Papers 2006/297, International Monetary Fund.
    56. Cullen Goenner, 2010. "Discrimination and Mortgage Lending in Boston: The Effects of Model Uncertainty," The Journal of Real Estate Finance and Economics, Springer, vol. 40(3), pages 260-285, April.
    57. Christel Dubrulle, 2002. "Le Role Des Salaries Dans La Relation Banque-Entreprise," Post-Print halshs-00584465, HAL.
    58. Huybens, Elisabeth & Smith, Bruce D., 1998. "Financial Market Frictions, Monetary Policy, and Capital Accumulation in a Small Open Economy," Journal of Economic Theory, Elsevier, vol. 81(2), pages 353-400, August.
    59. Francesco Carli & Pedro Gomis-Porqueras, 2025. "The role of risky debt and safe assets in unregulated financial intermediaries with costly state verification," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 80(1), pages 203-239, August.
    60. Santiago L.E. Acosta Ormaechea, 2007. "A Small Open Economy Model with Currency Mismactches and a Financial Accelerator Mechanism," DEGIT Conference Papers c012_035, DEGIT, Dynamics, Economic Growth, and International Trade.
    61. Guest, Ross S. & McDonald, Ian M., 2001. "The volatility of the socially optimal level of investment," Journal of Policy Modeling, Elsevier, vol. 23(8), pages 901-928, November.
    62. Huybens, Elisabeth & Smith, Bruce D., 1999. "Inflation, financial markets and long-run real activity," Journal of Monetary Economics, Elsevier, vol. 43(2), pages 283-315, April.
    63. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Methods," MPRA Paper 21486, University Library of Munich, Germany.
    64. Boyd, John H. & Chang, Chun & Smith, Bruce D., 2002. "Deposit insurance: a reconsideration," Journal of Monetary Economics, Elsevier, vol. 49(6), pages 1235-1260, September.
    65. Jeremy Greenwood & Juan M. Sanchez & Cheng Wang, 2010. "Quantifying the Impact of Financial Development on Economic Development," NBER Working Papers 15893, National Bureau of Economic Research, Inc.
    66. Salvatore Capasso & George Mavrotas, 2003. "Loan Processing Costs and Information Asymmetries-Implications for Financial Sector Development and Economic Growth," WIDER Working Paper Series DP2003-84, World Institute for Development Economic Research (UNU-WIDER).
    67. 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.
    68. Marco A. Espinosa-Vega & Bruce Smith & Chong K. Yip, 2000. "Barriers to international capital flows: when, why, how big, and for whom?," FRB Atlanta Working Paper 2000-16, Federal Reserve Bank of Atlanta.
    69. Muhammad Zubair Khan & Walter Ferrier & Zafir Ullah Khan & Affan Hameed, 2025. "The interplay of institutional quality and financial development in venture capital fundraising," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 52(2), pages 379-413, June.
    70. 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.
    71. Jie Luo & Cheng Wang, 2025. "Banking And Banking Reforms In China In A Model Of Costly State Verification," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 66(2), pages 849-882, May.
    72. Oliver Asiamah & Samuel Kwaku Agyei, 2023. "Information sharing offices and economic growth in sub‐Saharan Africa," African Development Review, African Development Bank, vol. 35(2), pages 211-225, June.
    73. Larsson, Bo & Wijkander, Hans, 2012. "Banking on Regulations?," Research Papers in Economics 2012:3, Stockholm University, Department of Economics.
    74. Hamed Ahmad Almahadin, 2022. "Spillover Effects of US Monetary Policy on Banking Development: Evidence from the Asian Region," Global Business Review, International Management Institute, vol. 23(1), pages 7-19, February.
    75. Charles T. Carlstrom & Katherine A. Samolyk, 1993. "Loan sales as a response to market-based capital constraints," Working Papers (Old Series) 9313, Federal Reserve Bank of Cleveland.
    76. Kang, Kee-Youn & Jang, Inkee, 2020. "Dynamic Adverse Selection and Belief Update in Credit Markets," MPRA Paper 99071, University Library of Munich, Germany.
    77. Castiglionesi, Fabio, 2007. "Financial contagion and the role of the central bank," Journal of Banking & Finance, Elsevier, vol. 31(1), pages 81-101, January.
    78. Charles T. Carlstrom & Timothy S. Fuerst & Matthias Paustian, 2016. "Optimal Contracts, Aggregate Risk, and the Financial Accelerator," American Economic Journal: Macroeconomics, American Economic Association, vol. 8(1), pages 119-147, January.
    79. Carton, Christine & Ronquillo, Cely, 2008. "Determinantes del crecimiento económico e intermediación bancaria: un análisis empírico para países latinoamericanos [Determinants of economic growth and bank intermediation: empirical analysis for Latin American countries]," MPRA Paper 15514, University Library of Munich, Germany, revised 25 Nov 2008.
    80. Berger, Allen N. & Espinosa-Vega, Marco A. & Frame, W. Scott & Miller, Nathan H., 2011. "Why do borrowers pledge collateral? New empirical evidence on the role of asymmetric information," Journal of Financial Intermediation, Elsevier, vol. 20(1), pages 55-70, January.
    81. 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.
    82. Ari Hyytinen & Otto Toivanen, 2000. "Monitoring and Market Power in Credit Markets," Econometric Society World Congress 2000 Contributed Papers 1879, Econometric Society.
    83. Kislat, Carmen & Menkhoff, Lukas & Neuberger, Doris, 2013. "The use of collateral in formal and informal lending," VfS Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79765, Verein für Socialpolitik / German Economic Association.
    84. 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.
    85. de la Fuente, Angel & Marin, JoseMaria, 1996. "Innovation, bank monitoring, and endogenous financial development," Journal of Monetary Economics, Elsevier, vol. 38(2), pages 269-301, October.
    86. John H. Boyd & Chun Chang & Bruce Smith, 1998. "Moral hazard under commercial and universal banking," Working Papers 585, Federal Reserve Bank of Minneapolis.
    87. Hakenes, Hendrik, 2004. "Banks as delegated risk managers," Journal of Banking & Finance, Elsevier, vol. 28(10), pages 2399-2426, October.
    88. Manasa Gopal, 2021. "How Collateral Affects Small Business Lending: The Role of Lender Specialization," Working Papers 21-22, Center for Economic Studies, U.S. Census Bureau.
    89. Raphael Auer & Cyril Monnet & Hyun Song Shin, 2021. "Distributed ledgers and the governance of money," BIS Working Papers 924, Bank for International Settlements.
    90. Hans Gersbach, 2002. "Financial Intermediation and the Creation of Macroeconomic Risks," CESifo Working Paper Series 695, CESifo.
    91. Frederick T. Furlong, 1990. "Tax incentives for corporate leverage in the 1980s," Economic Review, Federal Reserve Bank of San Francisco, issue Fall, pages 3-17.
    92. Kunhong Kim & Iris Claus, 2004. "Agency costs and asymmetric information in a small open economy: a dynamic general equilibrium model," Econometric Society 2004 Far Eastern Meetings 787, Econometric Society.
    93. Sunirand, Pojanart, 2002. "The role of bank capital and the transmission mechanism of monetary policy," LSE Research Online Documents on Economics 24953, London School of Economics and Political Science, LSE Library.
    94. Goeschl, Timo & Jarke, Johannes, 2014. "Trust, but verify? When trustworthiness is observable only through (costly) monitoring," WiSo-HH Working Paper Series 20, University of Hamburg, Faculty of Business, Economics and Social Sciences, WISO Research Laboratory.
    95. Cieply Sylvie, 2001. "The Radical Change of French Firms’ Financial Characteristics. Macroeconomic Consequences and Lessons for Political Economics / Die französische Finanzrevolution. Die Folgen für die Finanzstruktur der Unternehmen," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 221(5-6), pages 556-576, October.
    96. Asongu, Simplice & Nnanna, Joseph, 2018. "ICT in Reducing Information Asymmetry for Financial Sector Competition," MPRA Paper 89372, University Library of Munich, Germany.
    97. Fan Wang, 2022. "An Empirical Equilibrium Model of Formal and Informal Credit Markets in Developing Countries," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 46, pages 224-243, October.
    98. Longhofer, Stanley D., 1997. "Absolute Priority Rule Violations, Credit Rationing, and Efficiency," Journal of Financial Intermediation, Elsevier, vol. 6(3), pages 249-267, July.
    99. Yongfu Huang, 2011. "Private investment and financial development in a globalized world," Empirical Economics, Springer, vol. 41(1), pages 43-56, August.
    100. Winker, Peter, 1996. "Causes and effects of financing constraints at the firm level: Some microeconometric evidence," Discussion Papers, Series II 292, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    101. Simplice A. Asongu & Jacinta C. Nwachukwu, 2017. "Information Asymmetry and Conditional Financial Sector Development," Research Africa Network Working Papers 17/027, Research Africa Network (RAN).
    102. Wai-Hong Ho, 2017. "Financial market globalization, nonconvergence and credit cycles," Annals of Finance, Springer, vol. 13(2), pages 153-180, May.
    103. Calice, Pietro & Leonida, Leone & Muzzupappa, Eleonora, 2021. "Concentration-stability vs concentration-fragility. New cross-country evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 74(C).
    104. John H. Boyd & Pedro Gomis & Sungkyu Kwak & Bruce D. Smith, 2000. "A User's Guide to Banking Crises," Monash Economics Working Papers archive-36, Monash University, Department of Economics.
    105. Winker, Peter, 1994. "Credit rationing at the firm level: Some microeconometric evidence," Discussion Papers, Series II 223, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    106. Bullard, James & Smith, Bruce D., 2003. "Intermediaries and payments instruments," Journal of Economic Theory, Elsevier, vol. 109(2), pages 172-197, April.
    107. Low, Soo-Wah & Glorfeld, Louis & Hearth, Douglas & Rimbey, James N., 2001. "The link between bank monitoring and corporate dividend policy: The case of dividend omissions," Journal of Banking & Finance, Elsevier, vol. 25(11), pages 2069-2087, November.
    108. 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.
    109. Fernando Tallo, 2001. "Differences in growth with international capital markets and financial innovation," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 7(3), pages 327-336, August.
    110. Beck, Thorsten & Demirguc-Kunt, Asli & Levine, Ross, 2006. "Bank concentration, competition, and crises: First results," Journal of Banking & Finance, Elsevier, vol. 30(5), pages 1581-1603, May.
    111. João Pinto & Mário Coutinho dos Santos, 2014. "Corporate Financing Choices after the 2007-2008 Financial Crisis," Working Papers de Economia (Economics Working Papers) 03, Católica Porto Business School, Universidade Católica Portuguesa.
    112. Salvatore Capasso, 2006. "Stock Market Development and Economic Growth," WIDER Working Paper Series RP2006-102, World Institute for Development Economic Research (UNU-WIDER).
    113. Larsson, Bo & Wijkander, Hans, 2015. "Dynamic Banking with Endogenous Risk Based Funding Cost: Value Maximization, Risk-taking, Responses to Regulation and Credit Contraction," Research Papers in Economics 2015:3, Stockholm University, Department of Economics.
    114. Djakaria TOU & Mahamadou DIARRA, 2025. "Macro-economic determinants of financial inclusion: evidence from West African Economic and Monetary Union (WAEMU)," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(1(642), S), pages 211-236, Spring.
    115. Joseph G. Haubrich, 1995. "Imperfect state verification and financial contracting," Working Papers (Old Series) 9506, Federal Reserve Bank of Cleveland.
    116. Hatice Jenkins, 1996. "Financial Liberalization and Bank Lending Behavior in Turkey," Development Discussion Papers 1996-05, JDI Executive Programs.
    117. Agenor, Pierre-Richard & Aizenman, Joshua, 1998. "Volatility and the welfare costs of financial market integration," Policy Research Working Paper Series 1974, The World Bank.
    118. Stephen D. Williamson, 2008. "New Keynesian economics : a monetary perspective," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 94(Sum), pages 197-218.
    119. Robert R. Bliss & Mark J. Flannery, 2000. "Market discipline in the governance of U.S. Bank Holding Companies: monitoring vs. influencing," Working Paper Series WP-00-3, Federal Reserve Bank of Chicago.
    120. John H. Boyd & Mark Gertler, 1993. "U.S. Commercial Banking: Trends, Cycles, and Policy," NBER Working Papers 4404, National Bureau of Economic Research, Inc.
    121. Belanès, Amel & Saihi, Malek, 2016. "Evidence on complementarity and substitution contingency in monitoring and bonding mechanisms," Research in International Business and Finance, Elsevier, vol. 38(C), pages 161-171.
    122. Nacer Bernou & Marceline Grondin, 2001. "Réconciliation entre libéralisation financière et croissance économique dans un système fondé sur la banque," Post-Print halshs-00179981, HAL.
    123. Yoshiki Ando & Emin Dinlersoz & Jeremy Greenwood & Ruben Piazzesi, 2025. "Technifying Ventures," Economie d'Avant Garde Research Reports 40, Economie d'Avant Garde.
    124. Chen, Jeff Zeyun & Lobo, Gerald J. & Wang, Yanyan & Yu, Lisheng, 2013. "Loan collateral and financial reporting conservatism: Chinese evidence," Journal of Banking & Finance, Elsevier, vol. 37(12), pages 4989-5006.
    125. Vanessa S. Tchamyou & Simplice A. Asongu, 2016. "Information Sharing and Financial Sector Development in Africa," Research Africa Network Working Papers 16/023, Research Africa Network (RAN).
    126. Karel Janda, 2007. "Optimal Debt Contracts in Emerging Markets with Multiple Investors," Prague Economic Papers, Prague University of Economics and Business, vol. 2007(2), pages 115-129.
    127. Simplice A. Asongu & Jacinta C. Nwachukwu, 2017. "At What Levels of Financial Development Does Information Sharing Matter?," Research Africa Network Working Papers 17/017, Research Africa Network (RAN).
    128. Espinosa-Vega, Marco A. & Smith, Bruce D. & Yip, Chong K., 2002. "Monetary Policy and Government Credit Programs," Journal of Financial Intermediation, Elsevier, vol. 11(3), pages 232-268, July.
    129. Philippe Adair & Mohamed Adaskou, 2016. "The determinants of credit rationing of SMEs in France: A disequilibrium model upon a balanced panel [Les déterminants du rationnement du crédit des PME en France : un modèle de déséquilibre sur un panel cylindré (2002-2010)]," Post-Print hal-01667299, HAL.
    130. Asongu, Simplice & Odhiambo, Nicholas, 2019. "The Mobile Phone, Information Sharing and Financial Sector Development in Africa: A Quantile Regressions Approach," MPRA Paper 94011, University Library of Munich, Germany.
    131. Stacey L. Schreft & Anne P. Villamil, 1990. "Liquidity constraints in commercial loan markets with imperfect information and imperfect competition," Working Paper 90-10, Federal Reserve Bank of Richmond.
    132. Iris Claus & Christie Smith, 1999. "Financial intermediation and the monetary transmission mechanism," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 62, December.
    133. Greenwood, Jeremy & Smith, Bruce D., 1997. "Financial markets in development, and the development of financial markets," Journal of Economic Dynamics and Control, Elsevier, vol. 21(1), pages 145-181, January.
    134. Iris Claus & Arthur Grimes, 2003. "Asymmetric Information, Financial Intermediation and the Monetary Transmission Mechanism: A Critical Review," Treasury Working Paper Series 03/19, New Zealand Treasury.
    135. Hvide, Hans K. & Leite, Tore, 2007. "Optimal Debt Contracts under Costly Enforcement," CEPR Discussion Papers 6040, C.E.P.R. Discussion Papers.
    136. Campiglio, Emanuele & Spiganti, Alessandro & Wiskich, Anthony, 2024. "Clean innovation, heterogeneous financing costs, and the optimal climate policy mix," LSE Research Online Documents on Economics 126063, London School of Economics and Political Science, LSE Library.
    137. Yuchi Chu & Yiting Li, 2024. "Secured Loans and Risky Assets in a Monetary Economy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(2-3), pages 395-427, March.
    138. James B. Ang, 2007. "A Survey Of Recent Developments In The Literature Of Finance And Growth," Monash Economics Working Papers 03-07, Monash University, Department of Economics.
    139. Temesgen Belissa & Robert Lensink & Anne Winkel, 2020. "Effects of Index Insurance on Demand and Supply of Credit: Evidence from Ethiopia," American Journal of Agricultural Economics, John Wiley & Sons, vol. 102(5), pages 1511-1531, October.
    140. Fu, Xiaoqing (Maggie) & Lin, Yongjia (Rebecca) & Molyneux, Philip, 2014. "Bank competition and financial stability in Asia Pacific," Journal of Banking & Finance, Elsevier, vol. 38(C), pages 64-77.
    141. Andrew Winton, 1996. "Monitored finance, liquidity, and institutional investment choice," Working Papers (Old Series) 9616, Federal Reserve Bank of Cleveland.
    142. Prasad Siba Borah & Courage Simon Kofi Dogbe & Michael D. Dzandu & Wisdom Wise Kwabla Pomegbe, 2023. "Forging organizational resilience through green value co‐creation: The role of green technology, green operations, and green transaction capabilities," Business Strategy and the Environment, Wiley Blackwell, vol. 32(8), pages 5734-5747, December.
    143. Alessandria, George & Qian, Jun, 2005. "Endogenous financial intermediation and real effects of capital account liberalization," Journal of International Economics, Elsevier, vol. 67(1), pages 97-128, September.
    144. Elosegui, Pedro Luis, 2003. "Aggregate risk, credit rationing and capital accumulation," The Quarterly Review of Economics and Finance, Elsevier, vol. 43(4), pages 668-696.
    145. Claus, Iris, 2011. "Inside the black box: How important is the credit channel relative to the interest and exchange rate channels?," Economic Modelling, Elsevier, vol. 28(1-2), pages 1-12, January.
    146. Wang, Yong & Zhou, Hanqing, 2001. "Money and credit in liquidity provision," Journal of Banking & Finance, Elsevier, vol. 25(11), pages 2041-2067, November.
    147. 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.
    148. Cieply, S. & Dejardin, M.A.F.G., 2009. "Entrepreneurial Finance in France: The Persistent Role of Banks," ERIM Report Series Research in Management ERS-2009-056-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    149. Takeo Hoshi & Anil Kashyap & David Scharfstein, 1989. "Bank Monitoring and Investment: Evidence from the Changing Structure of Japanese Corporate Banking Relationships," NBER Working Papers 3079, National Bureau of Economic Research, Inc.
    150. Winton, Andrew, 1997. "Competition among Financial Intermediaries When Diversification Matters," Journal of Financial Intermediation, Elsevier, vol. 6(4), pages 307-346, October.
    151. Yuan, Mingwei & Zimmermann, Christian, 2004. "Credit crunch in a model of financial intermediation and occupational choice," Journal of Macroeconomics, Elsevier, vol. 26(4), pages 637-659, December.
    152. Daibi W. Dagogo & Tamunonimim A. Ngerebo-a, 2018. "Bank Fraud and Financial Intermediation: A Supply-side Causality Analysis," Athens Journal of Business & Economics, Athens Institute for Education and Research (ATINER), vol. 4(1), pages 83-96, January.
    153. Charles W. Calomiris & R. Glenn Hubbard, 1988. "Firm Heterogeneity, Internal Finance, and `Credit Rationing'," NBER Working Papers 2497, National Bureau of Economic Research, Inc.
    154. Beck, Thorsten & Demirguc-Kunt, Asli & Levine, Ross, 2003. "Bank concentration and crises," Policy Research Working Paper Series 3041, The World Bank.
    155. SECK, Massamba Souleymane, 2019. "Complémentarité Banque islamique du Sénégal/institutions de microfinance : un modèle de financement inclusif et durable des PME sénégalaises [Complementarity Islamic Bank of Senegal/microfinance institutions: an inclusive and sustainable financing," MPRA Paper 92190, University Library of Munich, Germany.
    156. Brockman, Paul & Guo, Tao & Vivero, Maria Gabriela & Yu, Wayne, 2022. "Is idiosyncratic risk priced? The international evidence," Journal of Empirical Finance, Elsevier, vol. 66(C), pages 121-136.
    157. John H. Boyd & Sangmok Choi & Bruce Smith, 1996. "Inflation, financial markets and capital formation," Review, Federal Reserve Bank of St. Louis, vol. 78(May), pages 9-35.
    158. Peter Nderitu GITHAIGA, 2019. "Income Diversification, Market Power and Performance," Journal of Economics and Financial Analysis, Tripal Publishing House, vol. 3(2), pages 1-21.
    159. Chakrabarty, Debajyoti, 2002. "Growth and business cycles with imperfect credit markets," ZEI Working Papers B 29A-2002, University of Bonn, ZEI - Center for European Integration Studies.
    160. 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).
    161. Nielsen, Carsten Krabbe, 2015. "The loan contract with costly state verification and subjective beliefs," Mathematical Social Sciences, Elsevier, vol. 78(C), pages 89-105.
    162. Charles T. Carlstrom & Katherine A. Samolyk, 1993. "Examining the microfoundations of market incentives for asset-backed lending," Economic Review, Federal Reserve Bank of Cleveland, vol. 29(Q I), pages 27-38.
    163. Manuel Ennes Ferreira & João Dias & Jelson Serafim, 2022. "Stock Market and Economic Growth: Evidence from Africa," Working Papers REM 2022/0228, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    164. Inderst, Roman & Mueller, Holger M., 2008. "Bank capital structure and credit decisions," Journal of Financial Intermediation, Elsevier, vol. 17(3), pages 295-314, July.
    165. Bougheas, Spiros, 2007. "Imperfect capital markets, income distribution and the choice of external finance: A financial equilibrium approach," The Quarterly Review of Economics and Finance, Elsevier, vol. 47(4), pages 507-520, September.
    166. Ghossoub, Mario, 2010. "Supplement to "Belief heterogeneity in the Arrow-Borch-Raviv insurance model"," MPRA Paper 37717, University Library of Munich, Germany, revised 22 Mar 2012.
    167. Fachat, Christian, 2000. "Agency Costs, Net Worth, and the Transmission Mechanism of Monetary Policy," Bonn Econ Discussion Papers 2/2000, University of Bonn, Bonn Graduate School of Economics (BGSE).
    168. Meyer-Brauns, Philipp, 2014. "Financial Contracting with Tax Evaders," VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100524, Verein für Socialpolitik / German Economic Association.
    169. Stephen D. Williamson, 1987. "Recent developments in modeling financial intermediation," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 11(Sum), pages 19-29.
    170. Lutz G. Arnold & Benedikt Booker & Gregor Dorfleitner & Michaela Röhe, 2021. "Refinancing MFIs with market power: theory and evidence," Small Business Economics, Springer, vol. 56(4), pages 1485-1505, April.
    171. Dubra, Juan & Caffera, Marcelo & Figueroa, Nicolás, 2016. "Mechanism Design when players' Preferences and information coincide," MPRA Paper 75721, University Library of Munich, Germany.
    172. Hillier, Brian & Rougier, Jonathan, 1999. "Real Business Cycles, Investment Finance, and Multiple Equilibria," Journal of Economic Theory, Elsevier, vol. 86(1), pages 100-122, May.
    173. Davide Iacoboni & Alberto Zazzaro, 2000. "Legal system efficiency, information production, and technological choice: a banking model," Heterogeneity and monetary policy 0005, Universita di Modena e Reggio Emilia, Dipartimento di Economia Politica.
    174. Edda Claus & ris Claus, 2007. "Transmitting shocks to the economy: The contribution of interest and exchange rates and the credit channel," The Institute for International Integration Studies Discussion Paper Series iiisdp206, IIIS.
    175. Masaya Sakuragawa & Kaoru Hosono, 2010. "Fiscal Sustainability Of Japan: A Dynamic Stochastic General Equilibrium Approach," The Japanese Economic Review, Japanese Economic Association, vol. 61(4), pages 517-537, December.
    176. Mohamed Sami Ben Ali & Timoumi Intissar & Rami Zeitun, 2018. "Banking Concentration and Financial Stability. New Evidence from Developed and Developing Countries," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 44(1), pages 117-134, January.
    177. Berger, A.N. & Frame, W.S. & Ioannidou, V., 2012. "Reexamining the Empirical Relation between Loan Risk and Collateral : The Role of the Economic Characteristics of Collateral," Other publications TiSEM 249d4242-1eac-4a81-b71a-5, Tilburg University, School of Economics and Management.
    178. Kato, Ryo, 2006. "Liquidity, infinite horizons and macroeconomic fluctuations," European Economic Review, Elsevier, vol. 50(5), pages 1105-1130, July.
    179. Elizabeth Asiedu & Yi Jin & Anne Villamil, 2006. "Do lack of transparency and enforcement undermine international risk-sharing?," Annals of Finance, Springer, vol. 2(2), pages 123-140, March.
    180. Villacorta, Alonso, 2018. "Business cycles and the balance sheets of the financial and non-financial sectors," ESRB Working Paper Series 68, European Systemic Risk Board.
    181. Marco A. Espinosa-Vega & Bruce Smith & Chong K. Yip, 1999. "Barriers to international capital flows: who should erect them and how big should they be?," FRB Atlanta Working Paper 99-6, Federal Reserve Bank of Atlanta.
    182. Lionel Effiom & Peter Samuel Ubi & Emmanuel O. Okon, 2012. "A Case for Non Interest Banking in Nigeria amidst the Collapsing Paradigms in the Global Economy," International Journal of Business Administration, International Journal of Business Administration, Sciedu Press, vol. 3(4), pages 20-30, July.
    183. Kevin Keasey & Robert Watson, 1995. "The Bank Financing of Small Unlisted Firms in the UK: An Analysis of Recent Conflicts," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 4(2), pages 143-163, Fall.
    184. Marcella Lucchetta & Mr. Gianni De Nicolo, 2011. "Bank Competition and Financial Stability: A General Equilibrium Exposition," IMF Working Papers 2011/295, International Monetary Fund.
    185. Giuseppe Coco & David De Meza, 2009. "In Defense of Usury Laws," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(8), pages 1691-1703, December.
    186. John H. Boyd & Bruce A. Champ, 2003. "Inflation and financial market performance: what have we learned in the last ten years?," Working Papers (Old Series) 0317, Federal Reserve Bank of Cleveland.
    187. Rousseau, Peter L., 1998. "The permanent effects of innovation on financial depth:: Theory and US historical evidence from unobservable components models," Journal of Monetary Economics, Elsevier, vol. 42(2), pages 387-425, July.
    188. 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.
    189. Nobel Prize Committee, 2022. "Financial Intermediation and the Economy," Nobel Prize in Economics documents 2022-2, Nobel Prize Committee.
    190. Hakenes, Hendrik, 2003. "Banks as delegated risk managers," Papers 03-13, Sonderforschungsbreich 504.
    191. Diego Restuccia & Richard Rogerson, 2012. "Misallocation and Productivity," Working Papers tecipa-468, University of Toronto, Department of Economics.
    192. Blackman, Allen, 2001. "Why Don't Lenders Finance High-Return Technological Change in Developing-Country Agriculture?," Discussion Papers 10886, Resources for the Future.
    193. Basab Dasgupta, 2004. "Capital Accumulation in the Presence of Informal Credit Contracts: Does the Incentive Mechanism Work Better than Credit Rationing Under Asymmetric Information?," Working papers 2004-32, University of Connecticut, Department of Economics.
    194. Grüner, Hans Peter & Siemroth, Christoph, 2015. "Cutting out the Middleman: Crowdinvesting, Efficiency, and Inequality," CEPR Discussion Papers 10488, C.E.P.R. Discussion Papers.
    195. Smith, Bruce D., 2001. "Banks, short-term debt and financial crises: theory, policy implications, and applications A comment," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 54(1), pages 73-83, June.
    196. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Models," MPRA Paper 21030, University Library of Munich, Germany.
    197. Manoj Atolia & John Gibson & Milton Marquis, 2019. "Moral Hazard in Lending and Labor Market Volatility," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 51(1), pages 79-109, February.
    198. Ho, Wai-Hong, 2017. "Financial market globalization and growth with interdependent countries," Journal of Mathematical Economics, Elsevier, vol. 69(C), pages 12-21.
    199. John V. Duca, 1995. "Regulatory changes and housing coefficients," Working Papers 9512, Federal Reserve Bank of Dallas.
    200. Patrick Artus, 1995. "Mode de financement de l'investissement et croissance," Revue Économique, Programme National Persée, vol. 46(2), pages 169-194.
    201. Ghani, Ejaz, 1992. "How financial markets affect long run growth : a cross country study," Policy Research Working Paper Series 843, The World Bank.
    202. Xu Bin, 1998. "Costly Monitoring in Financial Markets and Capital Outflow Restrictions," International Economic Journal, Taylor & Francis Journals, vol. 12(2), pages 117-136.
    203. Valentina Meliciani & Stefania Cosci, 2005. "Multiple banking Relationships and Over-Leverage in Italian Manufacturing Firms," Money Macro and Finance (MMF) Research Group Conference 2005 87, Money Macro and Finance Research Group.
    204. Bhaumik, Sumon Kumar & Owolabi, Oluwarotimi & Pal, Sarmistha, 2018. "Private information, institutional distance, and the failure of cross-border acquisitions: Evidence from the banking sector in Central and Eastern Europe," Journal of World Business, Elsevier, vol. 53(4), pages 504-513.
    205. Cook, David, 2004. "Monetary policy in emerging markets: Can liability dollarization explain contractionary devaluations?," Journal of Monetary Economics, Elsevier, vol. 51(6), pages 1155-1181, September.
    206. Hyytinen, Ari & Toivanen, Otto, 2000. "Monitoring and market power in loan markets," Bank of Finland Research Discussion Papers 9/2000, Bank of Finland.
    207. Boyd, John, 1999. "Introduction to special finance issue," The North American Journal of Economics and Finance, Elsevier, vol. 10(2), pages 309-313.
    208. Thomas Barnebeck Andersen & Finn Tarp, 2003. "Financial liberalization, financial development and economic growth in LDCs," Journal of International Development, John Wiley & Sons, Ltd., vol. 15(2), pages 189-209.
    209. Zsolt Becsi & Ping Wang & Mark A. Wynne, 1998. "Costly intermediation and the big push," FRB Atlanta Working Paper 98-16, Federal Reserve Bank of Atlanta.
    210. Huberto M. Ennis, 2003. "Economic fundamentals and bank runs," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 89(Spr), pages 55-71.
    211. Zhiming Ma & Derrald Stice & Christopher Williams, 2022. "What's my style? Supply‐side determinants of debt covenant inclusion," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(3-4), pages 461-490, March.
    212. Yoshiro Miwa & J. Mark Ramseyer, 2003. "Does Relationship Banking Matter? Japanese Bank-Borrower Ties in Good Times and Bad," CIRJE F-Series CIRJE-F-239, CIRJE, Faculty of Economics, University of Tokyo.
    213. Stephen D. Williamson, 1989. "Restrictions on financial intermediaries and implications for aggregate fluctuations: Canada and the United States, 1870-1913," Staff Report 119, Federal Reserve Bank of Minneapolis.
    214. Raphael Auer & Cyril Monnet & Hyun Song Shin, 2021. "Permissioned Distributed Ledgers and the Governance of Money," Diskussionsschriften dp2101, Universitaet Bern, Departement Volkswirtschaft.
    215. K Blackburn & N Bose & S Capasso, 2001. "Financial Development, Financing Choice and Economic Growth," Centre for Growth and Business Cycle Research Discussion Paper Series 07, Economics, The University of Manchester.
    216. Jin, Yi & Zeng, Zhixiong, 2016. "Risk, risk aversion, and a finance-augmented neoclassical economic model of production," International Journal of Production Economics, Elsevier, vol. 176(C), pages 82-91.
    217. Ángel Hernando-Veciana, 1998. "Efectos del análisis crediticio sobre los incentivos empresariales," Investigaciones Economicas, Fundación SEPI, vol. 22(3), pages 361-392, September.
    218. Maria Celia López-Penabad & Ana Iglesias-Casal & José Fernando Silva Neto, 2021. "Competition and Financial Stability in the European Listed Banks," SAGE Open, , vol. 11(3), pages 21582440211, July.
    219. Slavtcheva, Dessislava, 2015. "Financial development, exchange rate regimes and productivity growth: Theory and evidence," Journal of Macroeconomics, Elsevier, vol. 44(C), pages 109-123.
    220. Stefan Krasa & Tridib Sharma & Anne Villamil, 2008. "Bankruptcy and firm finance," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 36(2), pages 239-266, August.
    221. Nieuwerburgh, Stijn Van & Buelens, Frans & Cuyvers, Ludo, 2006. "Stock market development and economic growth in Belgium," Explorations in Economic History, Elsevier, vol. 43(1), pages 13-38, January.
    222. Asongu, Simplice A. & Moulin, Bertrand, 2016. "The role of ICT in reducing information asymmetry for financial access," Research in International Business and Finance, Elsevier, vol. 38(C), pages 202-213.
    223. Bell, Clive & Clemenz, Gerhard, 2006. "The desire for land: Strategic lending with adverse selection," Journal of Development Economics, Elsevier, vol. 79(1), pages 1-25, February.
    224. Sylvie Cieply & Marcelline Grondin, 1999. "Expertise et contrôle des risques - PME par le chargé de clientèle entreprises : une alternative au rationnement," Revue d'Économie Financière, Programme National Persée, vol. 54(4), pages 59-78.
    225. Patrick Artus & Claude Jessua, 1996. "Le comportement des banques face à des fortes modifications des flux d'épargne et de financement," Revue Économique, Programme National Persée, vol. 47(3), pages 719-729.
    226. Yong Wang, 1999. "Asymmetric Information and Demand for Money in an Overlapping Generations Economy," Southern Economic Journal, John Wiley & Sons, vol. 66(2), pages 403-413, October.
    227. Andolfatto, David & Nosal, Ed, 2009. "Money, intermediation, and banking," Journal of Monetary Economics, Elsevier, vol. 56(3), pages 289-294, April.
    228. Shimizu, Katsutoshi, 2006. "How can we effectively resolve the financial crisis: Empirical evidence on the bank rehabilitation plan of the Japanese government," Pacific-Basin Finance Journal, Elsevier, vol. 14(2), pages 119-134, April.
    229. Mr. Mohsin S. Khan & Mr. Abdelhak S Senhadji & Mr. Bruce D. Smith, 2001. "Inflation and Financial Depth," IMF Working Papers 2001/044, International Monetary Fund.
    230. Douglas Cumming & Grant Fleming & Armin Schwienbacher, 2008. "Financial intermediaries, ownership structure and the provision of venture capital to SMEs: evidence from Japan," Small Business Economics, Springer, vol. 31(1), pages 59-92, June.
    231. Edward J. Green & Soo-Nam Oh, 1991. "Can a \\"credit crunch\\" be efficient?," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 15(Fall), pages 3-17.
    232. Jan Frederik Slijkerman & David J.C. Smant & Casper G. de Vries, 2004. "Credit Rationing Effects of Credit Value-at-Risk," Tinbergen Institute Discussion Papers 04-032/2, Tinbergen Institute.
    233. Huber, Kilian Maria, 2020. "Are bigger banks better? Firm-level evidence from Germany," LSE Research Online Documents on Economics 121861, London School of Economics and Political Science, LSE Library.
    234. Altermatt, Lukas & Wang, Zijian, 2021. "Oligopoly Banking, Risky Investment, and Monetary Policy," Economics Discussion Papers 30728, University of Essex, Department of Economics.
    235. Cumming, Douglas & Khan, Muhammad Zubair & Khan, Naimat U. & Khan, Zafir Ullah, 2024. "Size matters: Unpacking the relationship between institutional investor size and private equity asset allocation within diverse institutional contexts," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 92(C).
    236. 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.
    237. Fatih Tuluk, 2019. "Shadow Banking, Capital Requirements and Monetary Policy," Working Papers 2019.05, International Network for Economic Research - INFER.
    238. John H. Boyd & Edward C. Prescott, 1985. "Financial intermediary-coalitions," Staff Report 87, Federal Reserve Bank of Minneapolis.
    239. Yang Fuming & WeiLun Huang & Liu Xiaojing, 2022. "Micro- and small-sized enterprises’ willingness to borrow via internet financial services during coronavirus disease 2019," International Entrepreneurship and Management Journal, Springer, vol. 18(1), pages 191-216, March.
    240. Natalya Presman & Nitzan Tzur-Ilan, 2019. "Does Location Matter? Evidence on Differential Mortgage Pricing in Israel," Bank of Israel Working Papers 2019.14, Bank of Israel.
    241. Patrick K. Asea & S. Brock Blomberg, 1997. "Lending Cycles," NBER Working Papers 5951, National Bureau of Economic Research, Inc.
    242. Attar, Andrea & Campioni, Eloisa, 2003. "Costly state verification and debt contracts: a critical resume," Research in Economics, Elsevier, vol. 57(4), pages 315-343, December.
    243. Vincent Bouvatier & Laetitia Lepetit & Pierre-Nicolas Rehault & Frank Strobel, 2018. "Bank insolvency risk and Z-score measures: caveats and best practice," Working Papers hal-01937929, HAL.
    244. Capasso, Salvatore & Mavrotas, George, 2010. "Loan processing costs, information asymmetries and the speed of technology adoption," Economic Modelling, Elsevier, vol. 27(1), pages 358-367, January.
    245. Mark L. Gertler, 1988. "Financial Structure and Aggregate Economic Activity: An Overview," NBER Working Papers 2559, National Bureau of Economic Research, Inc.
    246. Milne, Alistair & Robertson, Donald, 1996. "Firm behaviour under the threat of liquidation," Journal of Economic Dynamics and Control, Elsevier, vol. 20(8), pages 1427-1449, August.
    247. S. Rao Aiyagari, 1994. "Macroeconomics with frictions," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 18(Sum), pages 24-40.
    248. Niinimäki, Juha-Pekka, 2018. "Collateral in credit rationing in markets with asymmetric information," The Quarterly Review of Economics and Finance, Elsevier, vol. 68(C), pages 97-102.
    249. Kim, Duhyeong, 2025. "Negative nominal interest rates and monetary policy," Journal of Monetary Economics, Elsevier, vol. 154(C).
    250. Ioannidou, Vasso & Pavanini, Nicola & Peng, Yushi, 2022. "Collateral and asymmetric information in lending markets," Journal of Financial Economics, Elsevier, vol. 144(1), pages 93-121.
    251. Wai-Hong Ho & Yong Wang, 2015. "Capital Income Taxation Revisited: The Roles of Information Friction and External Finance," Pacific Economic Review, Wiley Blackwell, vol. 20(2), pages 225-242, May.
    252. Allen N. Berger & W. Scott Frame & Vasso P. Ioannidou, 2011. "Reexamining the empirical relation between loan risk and collateral: the roles of collateral characteristics and types," FRB Atlanta Working Paper 2011-12, Federal Reserve Bank of Atlanta.
    253. Robin Boadway & Jean-François Tremblay, 2003. "Public Economics and Startup Entrepreneurs," CESifo Working Paper Series 877, CESifo.
    254. Wei Zhao, 2017. "Informal Finance and Asymmetric Information: A Theory Review," Applied Economics and Finance, Redfame publishing, vol. 4(2), pages 190-197, March.
    255. Sun, Hongfei, 2007. "Aggregate uncertainty, money and banking," Journal of Monetary Economics, Elsevier, vol. 54(7), pages 1929-1948, October.
    256. Andrés Erosa, 2000. "Financial Intermediation and Occupational Choice in Development," University of Western Ontario, Departmental Research Report Series 20003, University of Western Ontario, Department of Economics.
    257. Matutes, Carmen & Vives, Xavier, 2000. "Imperfect competition, risk taking, and regulation in banking," European Economic Review, Elsevier, vol. 44(1), pages 1-34, January.
    258. Ma Chenchen & Cheng Dongshu & Ge Mei & Cao Junrui & Kou Jiayang & Chen Ziyang, 2024. "The Impact of Geographic Factors on Credit Risk: A Study of Chinese Commercial Banks," Economics - The Open-Access, Open-Assessment Journal, De Gruyter, vol. 18(1), pages 1-20.
    259. Lisa Barrow & Cecilia Elena Rouse, 2000. "Using market valuation to assess the importance and efficiency of public school spending," Working Paper Series WP-00-4, Federal Reserve Bank of Chicago.
    260. 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.
    261. Matabaro Borauzima, Luc & Muller, Aline, 2023. "Bank risk-taking and competition in developing banking markets: Does efficiency level matter? Evidence from Africa," Emerging Markets Review, Elsevier, vol. 55(C).
    262. Zsolt Becsi & Ping Wang & Mark A. Wynne, 1998. "Endogenous market structures and financial development," FRB Atlanta Working Paper 98-15, Federal Reserve Bank of Atlanta.
    263. Katherine A. Samolyk, 1991. "A regional perspective on the credit view," Economic Review, Federal Reserve Bank of Cleveland, vol. 27(Q II), pages 27-38.
    264. John D. Montgomery, 1991. "Market segmentation and 1992: toward a theory of trade in financial services," International Finance Discussion Papers 394, Board of Governors of the Federal Reserve System (U.S.).
    265. Botsch, Matthew & Vanasco, Victoria, 2019. "Learning by lending," Journal of Financial Intermediation, Elsevier, vol. 37(C), pages 1-14.
    266. Tan, Liang, 2013. "Creditor control rights, state of nature verification, and financial reporting conservatism," Journal of Accounting and Economics, Elsevier, vol. 55(1), pages 1-22.
    267. Fu-Sheng Hung, 2001. "Fiscal, Monetary, and Reserve Requirement Policy in an Endogenous Growth with Financial Market Imperfections," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 26(1), pages 61-82, June.
    268. Bénédicte Coestier & Nathalie Fombaron, 2003. "L'audit en assurance," Thema Working Papers 2003-41, THEMA (Théorie Economique, Modélisation et Applications), CY Cergy-Paris University, ESSEC and CNRS.
    269. Sylvain Champonnois, 2009. "Bank Competition and Economic Stability: The Role of Monetary Policy," 2009 Meeting Papers 1118, Society for Economic Dynamics.
    270. ATTAR, Andréa, 2003. "Financial contracting along the business cycle," LIDAM Discussion Papers CORE 2003069, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    271. SylvieCieply & Bernard Paranque & ., 1997. "French manufacturing firms and the capital gap since1985 - a credit rationing approach," Finance 9708002, University Library of Munich, Germany, revised 29 Oct 2000.
    272. Gersbach, Hans & Uhlig, Harald, 2006. "Debt contracts and collapse as competition phenomena," Journal of Financial Intermediation, Elsevier, vol. 15(4), pages 556-574, October.
    273. Atolia, Manoj & Einarsson, Tor & Marquis, Milton, 2011. "Understanding liquidity shortages during severe economic downturns," Journal of Economic Dynamics and Control, Elsevier, vol. 35(3), pages 330-343, March.
    274. Cillian Ryan & Nicholas Horsewood, 2009. "The role of banks in financial integration: evidence from new EU members," International Economics and Economic Policy, Springer, vol. 6(3), pages 235-258, October.
    275. Ying Yan, 1997. "Credit rationing, bankruptcy cost, and the optimal debt contract for small business," Working Papers (Old Series) 9702, Federal Reserve Bank of Cleveland.
    276. Ma, Chien-Hui & Smith, Bruce D., 1996. "Credit market imperfections and economic development: Theory and evidence," Journal of Development Economics, Elsevier, vol. 48(2), pages 351-387, March.
    277. Charles W. Calomiris & R. Glenn Hubbard, 1993. "Internal Finance and Investment: Evidence from the Undistributed Profits Tax of 1936-1937," NBER Working Papers 4288, National Bureau of Economic Research, Inc.
    278. Fachat, Christian, 2000. "Agency Costs, Net Worth, and the Credit Channel of Monetary Transmission," Bonn Econ Discussion Papers 3/2000, University of Bonn, Bonn Graduate School of Economics (BGSE).
    279. Ryszard Kowalski & Grzegorz Wałęga, 2022. "Regulation of Usury: Justification, Consequences, and Some Lessons from Polish Experience," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 2, pages 57-73.
    280. 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.
    281. Marco A. Espinosa-Vega & Bruce Smith, 2001. "Socially excessive bankruptcy costs and the benefits of interest rate ceilings on loans," FRB Atlanta Working Paper 2001-27, Federal Reserve Bank of Atlanta.
    282. John V. Duca & Stuart S. Rosenthal, 1991. "An econometric analysis of borrowing constraints and household debt," Working Papers 9111, Federal Reserve Bank of Dallas.
    283. Williamson, Stephen D., 2016. "Scarce collateral, the term premium, and quantitative easing," Journal of Economic Theory, Elsevier, vol. 164(C), pages 136-165.
    284. Wang, Hung-Jen, 2000. "Symmetrical Information and Credit Rationing: Graphical Demonstrations," MPRA Paper 31078, University Library of Munich, Germany, revised 08 Feb 2005.
    285. Ludovic Renou & Guillaume Carlier, 2003. "Existence and monotonicity of optimal debt contracts in costly state verification models," Economics Bulletin, AccessEcon, vol. 7(5), pages 1-9.
    286. Duca, John V., 1998. "Assessing Monetary Policy and Deposit Deregulation," Journal of Economics and Business, Elsevier, vol. 50(1), pages 3-21, January.
    287. Daniel F. Spulber, 1996. "Market Microstructure and Intermediation," Journal of Economic Perspectives, American Economic Association, vol. 10(3), pages 135-152, Summer.
    288. Aizenman, Joshua & Powell, Andrew, 2003. "Volatility and financial intermediation," Journal of International Money and Finance, Elsevier, vol. 22(5), pages 657-679, October.
    289. Liu, Yu-Chen & Li, Yiting, 2024. "Corporate finance, collateralized borrowing, and monetary policy," European Economic Review, Elsevier, vol. 170(C).
    290. Ying Yan, 1996. "Credit Rationing, Bankruptcy Cost, and Optimal Debt Contract for Small Business," Finance 9612003, University Library of Munich, Germany.
    291. 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.
    292. Boyd, John H. & Smith, Bruce D., 1997. "Capital Market Imperfections, International Credit Markets, and Nonconvergence," Journal of Economic Theory, Elsevier, vol. 73(2), pages 335-364, April.
    293. Timothy M. Devinney & Hellmuth Milde, 1990. "Agency Contracting and Inside Debt," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 126(II), pages 97-111, June.
    294. John Muellbauer & Pierre St-Amant & David Williams, 2015. "Credit Conditions and Consumption, House Prices and Debt: What Makes Canada Different?," Staff Working Papers 15-40, Bank of Canada.
    295. Boyd, John H. & Smith, Bruce D., 1999. "The Use of Debt and Equity in Optimal Financial Contracts," Journal of Financial Intermediation, Elsevier, vol. 8(4), pages 270-316, October.
    296. 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.
    297. Ludovic Renou, 2008. "Multi-lender coalitions in costly state verification models," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 36(3), pages 407-433, September.
    298. Philip Bond & Robert M. Townsend, 1996. "Formal and informal financing in a Chicago neighborhood," Economic Perspectives, Federal Reserve Bank of Chicago, vol. 20(Jul), pages 3-27.
    299. Jin, Yi & Zeng, Zhixiong, 2014. "Banking risk and macroeconomic fluctuations," Journal of Banking & Finance, Elsevier, vol. 48(C), pages 350-360.
    300. Been-Lon Chen & Yeong-Yuh Chiang & Ping Wang, 2008. "Credit Market Imperfections and Long-Run Macroeconomic Consequences," Annals of Economics and Finance, Society for AEF, vol. 9(1), pages 151-175, May.
    301. Nicolas Eber, 2000. "Sélection de clientèle et exclusion bancaire," Revue d'Économie Financière, Programme National Persée, vol. 58(3), pages 79-96.
    302. William R. Keeton, 1999. "Does faster loan growth lead to higher loan losses?," Economic Review, Federal Reserve Bank of Kansas City, vol. 84(Q II), pages 57-75.
    303. Antic, Nemanja & Hu, Tai-Wei, 2024. "Optimal banking with delegated monitoring," Journal of Economic Theory, Elsevier, vol. 222(C).
    304. Ho, Wai-Hong & Wang, Yong, 2008. "Asymmetric Information, Auditing Commitment and Economic Growth," MPRA Paper 17469, University Library of Munich, Germany.
    305. Claus, Iris, 2011. "The effects of asymmetric information between borrowers and lenders in an open economy," Journal of International Money and Finance, Elsevier, vol. 30(5), pages 796-816, September.
    306. Di Giorgio, Giorgio, 2002. "Financial intermediation and capital investment with costly monitoring," International Review of Economics & Finance, Elsevier, vol. 11(1), pages 27-43, April.
    307. John V. Duca & Bonnie Garrett, 1992. "The effects of credit availability, nonbank competition, and tax reform on bank consumer lending," Working Papers 9207, Federal Reserve Bank of Dallas.
    308. Rozália Pál & Roman Kozhan, 2006. "Firms' investment under financing constraints. An euro area investigation," KRTK-KTI WORKING PAPERS 0606, Institute of Economics, Centre for Economic and Regional Studies, revised 21 Jul 2006.
    309. López-Penabad, Maria Celia & Iglesias-Casal, Ana & Silva Neto, José Fernando, 2022. "Effects of a negative interest rate policy in bank profitability and risk taking: Evidence from European banks," Research in International Business and Finance, Elsevier, vol. 60(C).
    310. Levine, Ross & Zervos, Sara, 1996. "Stock markets, banks, and economic growth," Policy Research Working Paper Series 1690, The World Bank.
    311. Stanley D. Longhofer, 1997. "Absolute priority rule violations, credit rationing, and efficiency," Working Papers (Old Series) 9710, Federal Reserve Bank of Cleveland.
    312. Thilo Pausch, 2005. "Credit Risk, Credit Rationing, and the Role of Banks: The Case of Risk Averse Lenders," Discussion Paper Series 271, Universitaet Augsburg, Institute for Economics.

  37. Stephen D. Williamson, 1984. "Costly Monitoring, Loan Contracts and Equilibrium Credit Rationing," Working Paper 572, Economics Department, Queen's University.

    Cited by:

    1. Innes, Robert, 1987. "Adverse Selection And Tax Externalities In A Model Of Entrepreneurial Investment," Working Papers 225812, University of California, Davis, Department of Agricultural and Resource Economics.
    2. Yuanyuan Li & Bertrand Wigniolle, 2016. "Endogenous information revelation in a competitive credit market and credit crunch," Post-Print halshs-01277539, HAL.
    3. Yin, Xiang & Chen, Yin-E & Chang, Chun-Ping, 2025. "The effectiveness of China's fiscal subsidy policies in supporting the development of rural inclusive finance," Economic Analysis and Policy, Elsevier, vol. 85(C), pages 392-406.
    4. Michael Brei & Carlos Winograd, 2018. "Credit risk of foreign bank branches and subsidiaries in Argentina and Uruguay," EconomiX Working Papers 2018-12, University of Paris Nanterre, EconomiX.
    5. Hisashi Nakamura & Koichiro Takaoka, 2014. "A Continuous-Time Optimal Insurance Design with Costly Monitoring," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 21(3), pages 237-261, September.
    6. Ross Levine & Chen Lin & Zigan Wang & Wensi Xie, 2018. "Bank Liquidity, Credit Supply, and the Environment," NBER Working Papers 24375, National Bureau of Economic Research, Inc.
    7. Francesco Pappadà & Yanos Zylberberg, 2021. "Sovereign default and imperfect tax enforcement," Working Papers halshs-03142208, HAL.
    8. David A. Miller & Kareen Rozen, 2011. "Optimally Empty Promises and Endogenous Supervision," Levine's Working Paper Archive 786969000000000270, David K. Levine.
    9. Frédérique Savignac, 2006. "The impact of financial constraints on innovation: evidence from French manufacturing firms," Post-Print halshs-00115717, HAL.
    10. 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.
    11. Luis Felipe Cespedes & Roberto Chang & Andres Velasco, 2000. "Balance Sheets and Exchange Rate Policy," NBER Working Papers 7840, National Bureau of Economic Research, Inc.
    12. Hugo Rodríguez Mendizábal, 2017. "Narrow Banking with Modern Depository Institutions: Is there a Reason to Panic?," Working Papers 955, Barcelona School of Economics.
    13. Francois, Joseph & ,, 2002. "Financial Sector Competition, Services Trade, and Growth," CEPR Discussion Papers 3573, C.E.P.R. Discussion Papers.
    14. Bhattacharya, J. & Chankraborty, S., 2003. "What do Information Frictions Do?," Discussion Paper 2003-21, Tilburg University, Center for Economic Research.
    15. Khan, Feisal, 2010. "How 'Islamic' is Islamic Banking?," Journal of Economic Behavior & Organization, Elsevier, vol. 76(3), pages 805-820, December.
    16. Sylvester C. W. Eijffinger & Benedikt Goderis, 2007. "Currency Crises, Monetary Policy and Corporate Balance Sheets," German Economic Review, Verein für Socialpolitik, vol. 8(3), pages 309-343, August.
    17. Arturo Galindo & Alejandro Micco, 2005. "Bank Credit to Small and Medium-Sized Enterprises: The Role of Creditor Protection," Working Papers Central Bank of Chile 347, Central Bank of Chile.
    18. Basab Dasupta, 2005. "Endogenous Growth in the Presence of Informal Credit Markets: A Comparative Analysis Between Credit Rationing and Self-Revelation Regimes," Working papers 2005-18, University of Connecticut, Department of Economics.
    19. ismail, abdul & smith, peter, 1993. "Monetary Policy and Commercial Banks: An Overview," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 27, pages 29-55.
    20. Karel Janda, 2006. "Lender and Borrower as Principal and Agent," Working Papers IES 2006/24, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Jul 2006.
    21. Bertrand Kian Hassani & Yacoub Bahini, 2022. "Relationships between ESG Disclosure and Economic Growth: A Critical Review," JRFM, MDPI, vol. 15(11), pages 1-23, November.
    22. Sophie Osotimehin & Francesco Pappada, 2010. "All you Need is Loan. Credit Market Frictions and the Exit of Firms in Recessions," Working Papers 2010-51, Center for Research in Economics and Statistics.
    23. Joydeep Bhattacharya, 1997. "Credit market imperfections, income distribution, and capital accumulation," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 11(1), pages 171-200.
    24. Marco A. Espinosa-Vega & Chong K. Yip, 1995. "Fiscal and monetary policy interactions in an endogenous growth model with financial intermediaries," FRB Atlanta Working Paper 95-10, Federal Reserve Bank of Atlanta.
    25. Rangan Gupta, 2005. "Costly State Monitoring and Reserve Requirements," Annals of Economics and Finance, Society for AEF, vol. 6(2), pages 263-288, November.
    26. Gabriel de Abreu Madeira, 2012. "Legal Enforcement, Default and Heterogeneity of Project Financing Contracts," Working Papers, Department of Economics 2012_31, University of São Paulo (FEA-USP).
    27. Arturo Galindo & Fabio Schiantarelli, 2002. "Limitaciones crediticias en América Latina: panorámica general de los elementos de juicio al nivel micro," Research Department Publications 4306, Inter-American Development Bank, Research Department.
    28. Cheng Wang & Ruilin Zhou, 2000. "Equilibrium lending mechanism and aggregate activity," Working Paper Series WP-00-30, Federal Reserve Bank of Chicago.
    29. Gaetano Antinolfi, 2012. "Costly Monitoring, Dynamic Incentives, and Default," 2012 Meeting Papers 892, Society for Economic Dynamics.
    30. Robin Boadway & Jean-Francois Tremblay & Motohiro Sato, 2016. "Cash-flow Business Taxation Revisited: Bankruptcy, Risk Aversion And Asymmetric Information," Working Paper 1372, Economics Department, Queen's University.
    31. 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.
    32. Arturo Galindo & Fabio Schiantarelli, 2002. "Credit Constraints in Latin America: An Overview of the Micro Evidence," Research Department Publications 3165, Inter-American Development Bank, Research Department.
    33. Benjamin Eden, 2009. "The Role of Government in the Credit Market," Vanderbilt University Department of Economics Working Papers 0907, Vanderbilt University Department of Economics.
    34. Yicheng Wang, 2017. "Debt-Market Friction, Firm-specific Knowledge Capital Accumulation and Macroeconomic Implications," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 26, pages 19-39, October.
    35. Damiano Sandri & Fabián Valencia, 2013. "Financial Crises and Recapitalizations," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(s2), pages 59-86, December.
    36. Ogawa, Kazuo, 2011. "Balance sheet deterioration and credit allocations: Japanese evidence from the short-term economic survey of enterprises," Japan and the World Economy, Elsevier, vol. 23(2), pages 86-96, March.
    37. Nan‐Kuang Chen & Hung‐Jen Wang, 2008. "Identifying the Demand and Supply Effects of Financial Crises on Bank Credit—Evidence from Taiwan," Southern Economic Journal, John Wiley & Sons, vol. 75(1), pages 26-49, July.
    38. Francois, Joseph & Schuknecht, Ludger, 1999. "Trade in Financial Services: Procompetitive Effects and Growth Performance," CEPR Discussion Papers 2144, C.E.P.R. Discussion Papers.
    39. Benfratello, Luigi & Schiantarelli, Fabio & Sembenelli, Alessandro, 2008. "Banks and innovation: Microeconometric evidence on Italian firms," Journal of Financial Economics, Elsevier, vol. 90(2), pages 197-217, November.
    40. Cullen Goenner, 2010. "Discrimination and Mortgage Lending in Boston: The Effects of Model Uncertainty," The Journal of Real Estate Finance and Economics, Springer, vol. 40(3), pages 260-285, April.
    41. Huybens, Elisabeth & Smith, Bruce D., 1998. "Financial Market Frictions, Monetary Policy, and Capital Accumulation in a Small Open Economy," Journal of Economic Theory, Elsevier, vol. 81(2), pages 353-400, August.
    42. Francesco Carli & Pedro Gomis-Porqueras, 2025. "The role of risky debt and safe assets in unregulated financial intermediaries with costly state verification," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 80(1), pages 203-239, August.
    43. Huybens, Elisabeth & Smith, Bruce D., 1999. "Inflation, financial markets and long-run real activity," Journal of Monetary Economics, Elsevier, vol. 43(2), pages 283-315, April.
    44. Boyd, John H. & Chang, Chun & Smith, Bruce D., 2002. "Deposit insurance: a reconsideration," Journal of Monetary Economics, Elsevier, vol. 49(6), pages 1235-1260, September.
    45. Gray, Jo Anna & Wu, Ying, 1995. "On equilibrium credit rationing and interest rates," Journal of Macroeconomics, Elsevier, vol. 17(3), pages 405-420.
    46. Salvatore Capasso & George Mavrotas, 2003. "Loan Processing Costs and Information Asymmetries-Implications for Financial Sector Development and Economic Growth," WIDER Working Paper Series DP2003-84, World Institute for Development Economic Research (UNU-WIDER).
    47. Judit Montoriol-Garriga & J. Christina Wang, 2011. "The Great Recession and bank lending to small businesses," Working Papers 11-16, Federal Reserve Bank of Boston.
    48. Michelacci, Claudio & Silva, Olmo, 2006. "Why So Many Local Entrepreneurs?," CEPR Discussion Papers 5828, C.E.P.R. Discussion Papers.
    49. R.Fiorentini & R.Tamborini, 2000. "Monetary policy, credit and aggregate supply: the evidence from Italy," General Economics and Teaching 0004008, University Library of Munich, Germany.
    50. Giorgio Di Giorgio, 1996. "Social security and equity investment in an economy with financial intermediaries and costly monitoring," Working Papers in Public Economics 13, Department of Economics and Law, Sapienza University of Rome.
    51. Marco A. Espinosa-Vega & Bruce Smith & Chong K. Yip, 2000. "Barriers to international capital flows: when, why, how big, and for whom?," FRB Atlanta Working Paper 2000-16, Federal Reserve Bank of Atlanta.
    52. Wanrong Li & Queena Qian & Erwin Mlecnik & Shutong He & Kun Song, 2025. "Forging Enhanced Collaboration: Investigating Transaction Costs in Pre-Design Phase of Market-Oriented Community Renovation in China," Land, MDPI, vol. 14(7), pages 1-26, July.
    53. Ceyhun Elgin & Burak Uras, 2013. "Is informality a barrier to financial development?," SERIEs: Journal of the Spanish Economic Association, Springer;Spanish Economic Association, vol. 4(3), pages 309-331, August.
    54. Beck, T.H.L., 2007. "Financing constraints of SMEs in developing countries : Evidence, determinants and solutions," Other publications TiSEM 85aac075-08b5-44ce-bf1a-9, Tilburg University, School of Economics and Management.
    55. Charles T. Carlstrom & Timothy S. Fuerst, 2000. "Monetary shocks, agency costs, and business cycles," Working Papers (Old Series) 0011, Federal Reserve Bank of Cleveland.
    56. Ogura, Yoshiaki, 2010. "Interbank competition and information production: Evidence from the interest rate difference," Journal of Financial Intermediation, Elsevier, vol. 19(2), pages 279-304, April.
    57. 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.
    58. Uluc Aysun, 2011. "The implications of dynamic financial frictions for DSGE models," Working Papers 2011-02, University of Central Florida, Department of Economics.
    59. Constant Fouopi Djiogap & Jacques Simon Song, 2016. "Qualité des institutions, structure de propriété et efficacité des banques dans la CEMAC ," African Development Review, African Development Bank, vol. 28(4), pages 496-508, December.
    60. Jessica Holmes & Jonathan Isham & Jessica Wasilewski, 2002. "Overcoming Information Asymmetries in Low-Income Lending: Lessons from the "Working Wheels" Program," Middlebury College Working Paper Series 0244, Middlebury College, Department of Economics.
    61. Hoff, Karla & Stiglitz, Joseph E., 1998. "Moneylenders and bankers: price-increasing subsidies in a monopolistically competitive market," Journal of Development Economics, Elsevier, vol. 55(2), pages 485-518, April.
    62. Robert S. Chirinko & Ulf von Kalckreuth, 2003. "On the German Monetary Transmission Mechanism: Interest Rate and Credit Channels for Investment Spending," CESifo Working Paper Series 838, CESifo.
    63. Goeschl, Timo & Jarke, Johannes, 2014. "Trust, but verify? When trustworthiness is observable only through (costly) monitoring," WiSo-HH Working Paper Series 20, University of Hamburg, Faculty of Business, Economics and Social Sciences, WISO Research Laboratory.
    64. Cieply Sylvie, 2001. "The Radical Change of French Firms’ Financial Characteristics. Macroeconomic Consequences and Lessons for Political Economics / Die französische Finanzrevolution. Die Folgen für die Finanzstruktur der Unternehmen," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 221(5-6), pages 556-576, October.
    65. Santiago Camara & Lawrence Christiano & Husnu Dalgic, 2024. "The International Monetary Transmission Mechanism," CRC TR 224 Discussion Paper Series crctr224_2024_608, University of Bonn and University of Mannheim, Germany.
    66. Suarez, Javier & González-Aguado, Carlos, 2011. "Interest Rates and Credit Risk," CEPR Discussion Papers 8398, C.E.P.R. Discussion Papers.
    67. Giorgio Di Giorgio, 1999. "Financial intermediation and equity investment with costly monitoring," Economics Working Papers 410, Department of Economics and Business, Universitat Pompeu Fabra.
    68. Kjenstad, Einar C. & Su, Xunhua & Zhang, Li, 2015. "Credit rationing by loan size: A synthesized model," The Quarterly Review of Economics and Finance, Elsevier, vol. 55(C), pages 20-27.
    69. Longhofer, Stanley D., 1997. "Absolute Priority Rule Violations, Credit Rationing, and Efficiency," Journal of Financial Intermediation, Elsevier, vol. 6(3), pages 249-267, July.
    70. Suarez, Javier & Derviz, Alexis & Nikolov, Kalin & Clerc, Laurent & Mendicino, Caterina & Stracca, Livio & Vardoulakis, Alexandros & Moyen, Stéphane, 2014. "Capital Regulation in a Macroeconomic Model with Three Layers of Default," CEPR Discussion Papers 10316, C.E.P.R. Discussion Papers.
    71. Yongfu Huang, 2011. "Private investment and financial development in a globalized world," Empirical Economics, Springer, vol. 41(1), pages 43-56, August.
    72. Wai-Hong Ho, 2017. "Financial market globalization, nonconvergence and credit cycles," Annals of Finance, Springer, vol. 13(2), pages 153-180, May.
    73. Luis Felipe Céspedes & Roberto Chang & Andrés Velasco, 2002. "Dollarization of Liabilities, Net Worth Effects, and Optimal Monetary Policy," NBER Chapters, in: Preventing Currency Crises in Emerging Markets, pages 559-600, National Bureau of Economic Research, Inc.
    74. Raccanello, Kristiano, 2016. "Do Microenterprises’ size and status matter to access informal finance?./ ¿El tamaño y el registro de las microempresas permite el acceso a los mercados financieros informales?," Panorama Económico, Escuela Superior de Economía, Instituto Politécnico Nacional, vol. 12(23), pages 123-152, Segundo s.
    75. John H. Boyd & Pedro Gomis & Sungkyu Kwak & Bruce D. Smith, 2000. "A User's Guide to Banking Crises," Monash Economics Working Papers archive-36, Monash University, Department of Economics.
    76. Gertler, M. & Rose,Thomas A., 1991. "Finance, growth, and public policy," Policy Research Working Paper Series 814, The World Bank.
    77. Vadim Elenev & Tim Landvoigt & Stijn Van Nieuwerburgh, 2021. "A Macroeconomic Model With Financially Constrained Producers and Intermediaries," Econometrica, Econometric Society, vol. 89(3), pages 1361-1418, May.
    78. Claudio Michelacci & Olmo Silva, 2005. "Why So Many Local Entrepreneurs?," Working Papers wp2005_0506, CEMFI.
    79. NGUENA Christian-Lambert & NANFOSSO Roger, 2014. "Macroeconomic Factors and Dynamics of Financial Deepening: An empirical Investigation applied to the CEMAC Sub-region," Working Papers of the African Governance and Development Institute. 14/015, African Governance and Development Institute..
    80. João Pinto & Mário Coutinho dos Santos, 2014. "Corporate Financing Choices after the 2007-2008 Financial Crisis," Working Papers de Economia (Economics Working Papers) 03, Católica Porto Business School, Universidade Católica Portuguesa.
    81. Anjan V. Thakor, 2004. "Capital Requirements, Monetary Policy, and Aggregate Bank," Finance 0411027, University Library of Munich, Germany.
    82. Salvatore Capasso, 2006. "Stock Market Development and Economic Growth," WIDER Working Paper Series RP2006-102, World Institute for Development Economic Research (UNU-WIDER).
    83. Kick, Thomas & Pausch, Thilo & Ruprecht, Benedikt, 2015. "The winner's curse: Evidence on the danger of aggressive credit growth in banking," Discussion Papers 32/2015, Deutsche Bundesbank.
    84. Buch, Claudia M., 1994. "Insolvency costs and incomplete information in commercial banks: Implications for financial reform in Eastern Europe," Kiel Working Papers 616, Kiel Institute for the World Economy.
    85. Javier Bianchi & Saki Bigio, 2022. "Banks, Liquidity Management, and Monetary Policy," Econometrica, Econometric Society, vol. 90(1), pages 391-454, January.
    86. Alberto ZAZZARO, 2003. "Should Courts Enforce Credit Contracts Strictly ?," Working Papers 181, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
    87. Edward J. Green & Ping Lin, 2000. "Diamond and Dybvig's classic theory of financial intermediation : what's missing?," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 24(Win), pages 3-13.
    88. Belanès, Amel & Saihi, Malek, 2016. "Evidence on complementarity and substitution contingency in monitoring and bonding mechanisms," Research in International Business and Finance, Elsevier, vol. 38(C), pages 161-171.
    89. Lin, Chen & Schmid, Thomas & Xuan, Yuhai, 2018. "Employee representation and financial leverage," Journal of Financial Economics, Elsevier, vol. 127(2), pages 303-324.
    90. Christian Lambert Nguena & Roger Tsafack Nanfosso, 2013. "Financial Deepening Dynamics and Implication for Financial Policy Coordination in a Monetary Union: the case of WAEMU," AAYE Policy Research Working Paper Series 13_005, Association of African Young Economists, revised Nov 2013.
    91. Miroslav Gabrovski & Ioannis Kospentaris & Lucie Lebeau, 2024. "The Macroeconomics of Labor, Credit and Financial Market Imperfections," Working Papers 2409, Federal Reserve Bank of Dallas.
    92. Karel Janda, 2007. "Optimal Debt Contracts in Emerging Markets with Multiple Investors," Prague Economic Papers, Prague University of Economics and Business, vol. 2007(2), pages 115-129.
    93. Espinosa-Vega, Marco A. & Smith, Bruce D. & Yip, Chong K., 2002. "Monetary Policy and Government Credit Programs," Journal of Financial Intermediation, Elsevier, vol. 11(3), pages 232-268, July.
    94. Philippe Adair & Mohamed Adaskou, 2016. "The determinants of credit rationing of SMEs in France: A disequilibrium model upon a balanced panel [Les déterminants du rationnement du crédit des PME en France : un modèle de déséquilibre sur un panel cylindré (2002-2010)]," Post-Print hal-01667299, HAL.
    95. Karel Janda, 2006. "Agency Theory Approach to the Contracting between Lender and Borrower [Smluvní vztah mezi věřitelem a dlužníkem z hlediska přístupu teorie zastoupení]," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2006(3), pages 34-47.
    96. Chang, Roberto & Velasco, Andres, 2001. "Monetary policy in a dollarized economy where balance sheets matter," Journal of Development Economics, Elsevier, vol. 66(2), pages 445-464, December.
    97. Heshmati, Almas & Lindstrom, Ossi, 2005. "Interacting demand and supply conditions in European bank lending," Discussion Papers 11859, MTT Agrifood Research Finland.
    98. Yuchi Chu & Yiting Li, 2024. "Secured Loans and Risky Assets in a Monetary Economy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(2-3), pages 395-427, March.
    99. Jessica Holmes & Jonathan Isham & Jessica Wasilewski, 2005. "Overcoming Information Asymmetries in Low‐Income Lending: Lessons from the “Working Wheels” Program," Southern Economic Journal, John Wiley & Sons, vol. 72(2), pages 329-351, October.
    100. Philip Lowe & Thomas Rohling, 1992. "Loan Rate Stickiness: Theory and Evidence," RBA Research Discussion Papers rdp9206, Reserve Bank of Australia.
    101. Rafik Abdesselam & Sylvie Cieply & Nicolas Le Pape, 2002. "Les facteurs de différentiation des banquiers mutualistes et commerciaux en matière de financement des PME," Revue d'Économie Financière, Programme National Persée, vol. 67(3), pages 121-131.
    102. Cavalcanti, Marco Antonio F.H., 2010. "Credit market imperfections and the power of the financial accelerator: A theoretical and empirical investigation," Journal of Macroeconomics, Elsevier, vol. 32(1), pages 118-144, March.
    103. Petrick, Martin, 2004. "Credit rationing of Polish farm households: a theoretical and empirical analysis," Studies on the Agricultural and Food Sector in Transition Economies, Leibniz Institute of Agricultural Development in Transition Economies (IAMO), volume 26, number 93022.
    104. Mr. Rodolphe Blavy, 2005. "Monitoring and Commitment in Bank Lending Behavior," IMF Working Papers 2005/222, International Monetary Fund.
    105. William G. Gale, 1989. "Collateral, Rationing and Government Intervention in Credit Markets," NBER Working Papers 3083, National Bureau of Economic Research, Inc.
    106. Kirchesch, Kai, 2004. "Financial Risks, Bankruptcy Probabilities, and the Investment Behaviour of Enterprises," Discussion Paper Series 26185, Hamburg Institute of International Economics.
    107. Kaiji Chen & Patrick C. Higgins & Tao Zha, 2020. "Cyclical Lending Standards: A Structural Analysis," NBER Working Papers 27214, National Bureau of Economic Research, Inc.
    108. Eijffinger, Sylvester & Goderis, Benedikt, 2002. "Financial Crises, Monetary Policy and Financial Fragility; A Second-Generation Model of Currency Crises," CEPR Discussion Papers 3637, C.E.P.R. Discussion Papers.
    109. Fernanda Cigainski Lisbinski & Heloisa Lee Burnquist, 2024. "Institutions and financial development: Comparative analysis of developed and developing economies," EconomiA, Emerald Group Publishing Limited, vol. 25(2), pages 347-376, May.
    110. J. Peter Ferderer, 1994. "Credibility of the Interwar Gold Standard, Uncertainty, and the Great Depression," Economics Working Paper Archive wp_102, Levy Economics Institute.
    111. Größl Ingrid & Stahlecker Peter, 2000. "Finanzierungsbedingungen und Güterangebot: Ein Überblick über finanzökonomische Ansätze und deren geldpolitische Konsequenzen," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 220(2), pages 223-250, April.
    112. Hellmann, Thomas & Stiglitz, Joseph, 2000. "Credit and equity rationing in markets with adverse selection," European Economic Review, Elsevier, vol. 44(2), pages 281-304, February.
    113. Bougheas, Spiros, 2007. "Imperfect capital markets, income distribution and the choice of external finance: A financial equilibrium approach," The Quarterly Review of Economics and Finance, Elsevier, vol. 47(4), pages 507-520, September.
    114. Gustavo Adolfo Díaz Valencia, 2010. "Las imperfecciones del mercado de créditos, la restricción crediticia y los créditos alternativos," Revista CIFE, Universidad Santo Tomás.
    115. Fachat, Christian, 2000. "Agency Costs, Net Worth, and the Transmission Mechanism of Monetary Policy," Bonn Econ Discussion Papers 2/2000, University of Bonn, Bonn Graduate School of Economics (BGSE).
    116. Admasu Shiferaw, 2016. "Constraints to Private Investment in a High-Growth Environment: Firm-level Evidence from Ethiopia," Working Papers 168, Economics Department, William & Mary.
    117. Christopher M. Gunn & Alok Johri, 2012. "News, Credit Spreads and Default Costs: An expectations-driven interpretation of the recent boom-bust cycle in the U.S," Department of Economics Working Papers 2012-04, McMaster University.
    118. Jonathan Conning, 2001. "Of Pirates and Moneylenders: Product Market Competition and the Depth of Lending relationships in a rural market in Chile," Department of Economics Working Papers 2000-08, Department of Economics, Williams College.
    119. Davide Iacoboni & Alberto Zazzaro, 2000. "Legal system efficiency, information production, and technological choice: a banking model," Heterogeneity and monetary policy 0005, Universita di Modena e Reggio Emilia, Dipartimento di Economia Politica.
    120. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95, May.
    121. Mohamed Sami Ben Ali & Timoumi Intissar & Rami Zeitun, 2018. "Banking Concentration and Financial Stability. New Evidence from Developed and Developing Countries," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 44(1), pages 117-134, January.
    122. Pablo Druck & Jorge M. Streb, 2001. "Economic Development as a Matter of Political Geography," CEMA Working Papers: Serie Documentos de Trabajo. 182, Universidad del CEMA.
    123. Bernanke, Ben S, 1983. "Nonmonetary Effects of the Financial Crisis in Propagation of the Great Depression," American Economic Review, American Economic Association, vol. 73(3), pages 257-276, June.
    124. Berkowitz, Jeremy & Hynes, Richard, 1999. "Bankruptcy Exemptions and the Market for Mortgage Loans," Journal of Law and Economics, University of Chicago Press, vol. 42(2), pages 809-830, October.
    125. Marco A. Espinosa-Vega & Bruce Smith & Chong K. Yip, 1999. "Barriers to international capital flows: who should erect them and how big should they be?," FRB Atlanta Working Paper 99-6, Federal Reserve Bank of Atlanta.
    126. Chala, Alemu Tulu, 2018. "Syndicated Lending: The Role of Relationships for the Retained Share," Working Papers 2018:34, Lund University, Department of Economics.
    127. Anne Villamil & Stefan Krasa & Tridib Sharma, 2004. "Enforcement and Firm Finance," 2004 Meeting Papers 868, Society for Economic Dynamics.
    128. Azmat, Saad & Hassan, M. Kabir & Ghaffar, Hamza & Azad, A.S.M. Sohel, 2021. "State contingent banking and asset price bubbles: The case of Islamic banking industry," Global Finance Journal, Elsevier, vol. 50(C).
    129. Gabriel Chodorow-Reich & Antonio Falato, 2017. "The Loan Covenant Channel: How Bank Health Transmits to the Real Economy," NBER Working Papers 23879, National Bureau of Economic Research, Inc.
    130. Grimme, Christian, 2017. "Uncertainty and the Cost of Bank vs. Bond Finance," MPRA Paper 79852, University Library of Munich, Germany.
    131. Ms. Mwanza Nkusu, 2003. "Interest Rates, Credit Rationing, and Investment in Developing Countries," IMF Working Papers 2003/063, International Monetary Fund.
    132. Sigurd Galaasen & Rustam Jamilov & Hélène Rey & Ragnar Juelsrud, 2020. "Granular credit risk," Working Paper 2020/15, Norges Bank.
    133. Tim Schmidt-Eisenlohr & Friederike Niepmann, 2015. "No Guarantees, No Trade: How Banks Affect Export Patterns," 2015 Meeting Papers 682, Society for Economic Dynamics.
    134. Basab Dasgupta, 2004. "Capital Accumulation in the Presence of Informal Credit Contracts: Does the Incentive Mechanism Work Better than Credit Rationing Under Asymmetric Information?," Working papers 2004-32, University of Connecticut, Department of Economics.
    135. Ho, Wai-Hong, 2017. "Financial market globalization and growth with interdependent countries," Journal of Mathematical Economics, Elsevier, vol. 69(C), pages 12-21.
    136. Xu Bin, 1998. "Costly Monitoring in Financial Markets and Capital Outflow Restrictions," International Economic Journal, Taylor & Francis Journals, vol. 12(2), pages 117-136.
    137. Sergi Basco & John P. Tang, 2021. "Banks, Credit Supply, and the Life Cycle of Firms: Theory and Evidence from Late Nineteenth Century Japan," CEH Discussion Papers 02, Centre for Economic History, Research School of Economics, Australian National University.
    138. Bhaumik, Sumon Kumar & Owolabi, Oluwarotimi & Pal, Sarmistha, 2018. "Private information, institutional distance, and the failure of cross-border acquisitions: Evidence from the banking sector in Central and Eastern Europe," Journal of World Business, Elsevier, vol. 53(4), pages 504-513.
    139. Hyytinen, Ari & Toivanen, Otto, 2000. "Monitoring and market power in loan markets," Bank of Finland Research Discussion Papers 9/2000, Bank of Finland.
    140. Thomas Barnebeck Andersen & Finn Tarp, 2003. "Financial liberalization, financial development and economic growth in LDCs," Journal of International Development, John Wiley & Sons, Ltd., vol. 15(2), pages 189-209.
    141. Choe, Chongwoo, 1998. "Contract design and costly verification games," Journal of Economic Behavior & Organization, Elsevier, vol. 34(2), pages 327-340, February.
    142. Saqib Jafarey & Sajal Lahiri, 2009. "Developing Country Borrowing From A Monopolistic Lender: Strategic Interactions And Endogenous Leadership," The Japanese Economic Review, Japanese Economic Association, vol. 60(2), pages 191-207, June.
    143. Burkhard Heer & Alfred Maußner & Halvor Ruf, 2017. "Q-Targeting in New Keynesian Models," Journal of Business Cycle Research, Springer;Centre for International Research on Economic Tendency Surveys (CIRET), vol. 13(2), pages 189-224, November.
    144. Christopher M. Gunn & Alok Johri, 2013. "An Expectations-Driven Interpretation of the "Great Recession"," Carleton Economic Papers 13-02, Carleton University, Department of Economics.
    145. Di Giorgio, Giorgio, 1999. "Financial development and reserve requirements," Journal of Banking & Finance, Elsevier, vol. 23(7), pages 1031-1041, July.
    146. Wako Watanabe, 2004. "Availability of Firms' Information and their Choice of External Credit: Evidence from the Data of Small Firms," ISER Discussion Paper 0616, Institute of Social and Economic Research, The University of Osaka.
    147. Chaowei Wang & Vo Phuong Mai Le & Kent Matthews & Peng Zhou, 2021. "Shadow banking activity and entrusted loans in a DSGE model of China," Manchester School, University of Manchester, vol. 89(5), pages 445-469, September.
    148. Mr. Jaromir Benes & Mr. Andrew Berg & Mr. Rafael A Portillo & Mai Dao & Mr. Alfredo Baldini, 2012. "Monetary Policy in Low Income Countries in the Face of the Global Crisis: The Case of Zambia," IMF Working Papers 2012/094, International Monetary Fund.
    149. Sarte, Pierre-Daniel G., 2001. "Rent-seeking bureaucracies and oversight in a simple growth model," Journal of Economic Dynamics and Control, Elsevier, vol. 25(9), pages 1345-1365, September.
    150. Buch, Claudia M., 1995. "The emerging financial systems of the Eastern European economics: A progress report," Kiel Working Papers 716, Kiel Institute for the World Economy.
    151. David Cimon, 2023. "Crowdfunding and Risk," Staff Working Papers 23-28, Bank of Canada.
    152. Lotz, Sebastien & Zhang, Cathy, 2015. "Money and Credit as Means of Payment: A New Monetarist Approach," MPRA Paper 64535, University Library of Munich, Germany.
    153. 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).
    154. Douglas W. Diamond, 1996. "Financial intermediation as delegated monitoring: a simple example," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 51-66.
    155. Innes, Robert, 1987. "Asymmetric Information And The Entrepreneurial Firm: Capital Structure, Investment And Government Intervention," Working Papers 225813, University of California, Davis, Department of Agricultural and Resource Economics.
    156. Morakinyo Akinola & Muller Colette & Sibanda Mabutho, 2018. "Non-Performing Loans, Banking System and Macroeconomy," Studia Universitatis Babeș-Bolyai Oeconomica, Sciendo, vol. 63(2), pages 67-86, August.
    157. Cheng, Chao & Yang, Liu, 2022. "What drives the credit constraints faced by Chinese small and micro enterprises?," Economic Modelling, Elsevier, vol. 113(C).
    158. Alfredo Baldini & Jaromir Benes & Andrew Berg & Mai C. Dao & Rafael A. Portillo, 2015. "Monetary Policy in Low Income Countries in the Face of The Global Crisis: A Structural Analysis," Pacific Economic Review, Wiley Blackwell, vol. 20(1), pages 149-192, February.
    159. Guillaume Plantin & Igor Makarov, 2009. "Equilibrium Subprime Lending," 2009 Meeting Papers 456, Society for Economic Dynamics.
    160. Caterina Mendicino & Kalin Nikolov & Javier Suarez & Dominik Supera, 2016. "Optimal Dynamic Capital Requirements," Working Papers wp2016_1614, CEMFI.
    161. Pedro Mazeda Gil, 2003. "A Model of Firm Behaviour with Equity Constraints and Bankruptcy Costs," FEP Working Papers 134, Universidade do Porto, Faculdade de Economia do Porto.
    162. Harold L. Cole, 2008. "Self-Enforcing Stochastic Monitoring and the Separation of Debt and Equity Claims," NBER Working Papers 14480, National Bureau of Economic Research, Inc.
    163. Mr. Mohsin S. Khan & Mr. Abdelhak S Senhadji & Mr. Bruce D. Smith, 2001. "Inflation and Financial Depth," IMF Working Papers 2001/044, International Monetary Fund.
    164. Philip Lowe & Thomas Rohling, 1993. "Agency Costs, Balance Sheets and the Business Cycle," RBA Research Discussion Papers rdp9311, Reserve Bank of Australia.
    165. David A. Miller & Kareen Rozen, 2009. "Need I remind you? Monitoring with collective memory," Levine's Working Paper Archive 814577000000000236, David K. Levine.
    166. Sewaid, Ahmed & Parker, Simon C. & Kaakeh, Abdulkader, 2021. "Explaining serial crowdfunders' dynamic fundraising performance," Journal of Business Venturing, Elsevier, vol. 36(4).
    167. Natalya Presman & Nitzan Tzur-Ilan, 2019. "Does Location Matter? Evidence on Differential Mortgage Pricing in Israel," Bank of Israel Working Papers 2019.14, Bank of Israel.
    168. Roszbach, Kasper, 2003. "Bank Lending Policy, Credit Scoring and the Survival of Loans," Working Paper Series 154, Sveriges Riksbank (Central Bank of Sweden).
    169. Beck, Thorsten & de la Torre, Augusto, 2006. "The basic analytics of access to financial services," Policy Research Working Paper Series 4026, The World Bank.
    170. Lutz G. Arnold & John G. Riley, 2009. "On the Possibility of Credit Rationing in the Stiglitz-Weiss Model," American Economic Review, American Economic Association, vol. 99(5), pages 2012-2021, December.
    171. Capasso, Salvatore & Mavrotas, George, 2010. "Loan processing costs, information asymmetries and the speed of technology adoption," Economic Modelling, Elsevier, vol. 27(1), pages 358-367, January.
    172. Niinimäki, Juha-Pekka, 2018. "Collateral in credit rationing in markets with asymmetric information," The Quarterly Review of Economics and Finance, Elsevier, vol. 68(C), pages 97-102.
    173. Bose, Niloy & Murshid, Antu Panini & Wurm, Martin A., 2012. "The Growth Effects of Property Rights: The Role of Finance," World Development, Elsevier, vol. 40(9), pages 1784-1797.
    174. Goeschl, Timo & Jarke, Johannes, 2013. "Second vs. Third Party Punishment under Costly Monitoringː A New Experimental Method and Evidence," WiSo-HH Working Paper Series 6, University of Hamburg, Faculty of Business, Economics and Social Sciences, WISO Research Laboratory.
    175. Bertrand, Jérémie & Klein, Paul-Olivier, 2021. "Creditor information registries and relationship lending," International Review of Law and Economics, Elsevier, vol. 65(C).
    176. Chaudry, Atif Saeed & Azmat, Saad & Sohail, Maryam, 2018. "State contingent and conventional banking: The optimal banking choice model," Economic Modelling, Elsevier, vol. 68(C), pages 167-177.
    177. Kenichi UEDA, 2019. "Speedy Bankruptcy Procedures and Bank Bailouts," Discussion papers 19108, Research Institute of Economy, Trade and Industry (RIETI).
    178. Wickens, Michael R., 2011. "A DSGE model of banks and financial intermediation with default risk," CEPR Discussion Papers 8556, C.E.P.R. Discussion Papers.
    179. Mr. Etibar Jafarov & Mr. Rodolfo Maino & Mr. Marco Pani, 2019. "Financial Repression is Knocking at the Door, Again," IMF Working Papers 2019/211, International Monetary Fund.
    180. Jacobson, Tor & Roszbach, Kasper, 2003. "Bank lending policy, credit scoring and value-at-risk," Journal of Banking & Finance, Elsevier, vol. 27(4), pages 615-633, April.
    181. Jeffrey M. Lacker, 1998. "Collateralized debt as the optimal contract," Working Paper 98-04, Federal Reserve Bank of Richmond.
    182. Kirchesch, Kai, 2004. "Financial Risks, Bankruptcy Probabilities, and the Investment Behaviour of Enterprises," HWWA Discussion Papers 299, Hamburg Institute of International Economics (HWWA).
    183. Veronika Dolar & Césaire Meh, 2002. "Financial Structure and Economic Growth: A Non-Technical Survey," Staff Working Papers 02-24, Bank of Canada.
    184. Ian Goldin & Kenneth Reinert, 2005. "Global capital flows and development: A Survey," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 14(4), pages 453-481.
    185. Donald P. Morgan, 2000. "Bank commitment relationships, cash flow constraints, and liquidity management," Staff Reports 108, Federal Reserve Bank of New York.
    186. Aaron Finkle, "undated". "Obstructive Monitoring," Working Papers 14-05, Davidson College, Department of Economics.
    187. Petrick, Martin, 2003. "Empirical Measurement Of Credit Rationing In Agriculture: A Methodological Survey," IAMO Discussion Papers 14926, Institute of Agricultural Development in Transition Economies (IAMO).
    188. Ben Bernanke & Mark Gertler & Simon Gilchrist, 1994. "The Financial Accelerator and the Flight to Quality," NBER Working Papers 4789, National Bureau of Economic Research, Inc.
    189. Takalo, Tuomas & Toivanen, Otto, 2003. "Equilibrium in financial markets with adverse selection," Bank of Finland Research Discussion Papers 6/2003, Bank of Finland.
    190. Bhattacharya, Joydeep, 2003. "Monetary Policy And The Distribution Of Income," Staff General Research Papers Archive 11072, Iowa State University, Department of Economics.
    191. Athreya, Kartik B., 2014. "Big Ideas in Macroeconomics: A Nontechnical View," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262019736, December.
    192. Mervyn K. Lewis, 1992. "Modern Banking in Theory and Practice," Revue Économique, Programme National Persée, vol. 43(2), pages 203-228.
    193. Christian Lambert Nguena & Roger Tsafack Nanfosso, 2013. "What Drives and Limits Financial Deepening Dynamics? Fresh Empirical-based Policy Lessons for African Sub-Regions," AAYE Policy Research Working Paper Series 13_003, Association of African Young Economists, revised Nov 2013.
    194. Cesar Tamayo, 2015. "Investor protection and optimal contracts under risk aversion and costly state verification," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 59(3), pages 547-577, August.
    195. Olomola, Aderibigbe S., . "Determinants of Agro-Dealers’ Participation in the Loan Market in Nigeria," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association, vol. 17(3), pages 1-20.
    196. Jeffrey MacKie-Mason, 1988. "Do Taxes Affect Corporate Financing Decisions?," NBER Working Papers 2632, National Bureau of Economic Research, Inc.
    197. Bénédicte Coestier & Nathalie Fombaron, 2003. "L'audit en assurance," Thema Working Papers 2003-41, THEMA (Théorie Economique, Modélisation et Applications), CY Cergy-Paris University, ESSEC and CNRS.
    198. Valencia, Fabián, 2014. "Monetary policy, bank leverage, and financial stability," Journal of Economic Dynamics and Control, Elsevier, vol. 47(C), pages 20-38.
    199. Hristov, Atanas, 2015. "The high sensitivity of employment to agency costs: The relevance of wage rigidity," Journal of Macroeconomics, Elsevier, vol. 45(C), pages 137-154.
    200. Goeschl, Timo & Jarke, Johannes, 2016. "Second and third party punishment under costly monitoring," Journal of Economic Psychology, Elsevier, vol. 54(C), pages 124-133.
    201. 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.
    202. Jean Bonnet & Sylvie Cieply & Marcus Dejardin, 2011. "Does the regional dimension matter as regards finance and entrepreneurship?," Economics Working Paper Archive (University of Rennes & University of Caen) 201127, Center for Research in Economics and Management (CREM), University of Rennes, University of Caen and CNRS.
    203. Ma, Chien-Hui & Smith, Bruce D., 1996. "Credit market imperfections and economic development: Theory and evidence," Journal of Development Economics, Elsevier, vol. 48(2), pages 351-387, March.
    204. Fachat, Christian, 2000. "Agency Costs, Net Worth, and the Credit Channel of Monetary Transmission," Bonn Econ Discussion Papers 3/2000, University of Bonn, Bonn Graduate School of Economics (BGSE).
    205. Kopecky, Kenneth J. & VanHoose, David, 2004. "Bank capital requirements and the monetary transmission mechanism," Journal of Macroeconomics, Elsevier, vol. 26(3), pages 443-464, September.
    206. Monnet, Cyril & Quintin, Erwan, 2002. "Optimal contracts in a dynamic costly state verification model," Working Paper Series 126, European Central Bank.
    207. Ryszard Kowalski & Grzegorz Wałęga, 2022. "Regulation of Usury: Justification, Consequences, and Some Lessons from Polish Experience," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 2, pages 57-73.
    208. Marco A. Espinosa-Vega & Bruce Smith, 2001. "Socially excessive bankruptcy costs and the benefits of interest rate ceilings on loans," FRB Atlanta Working Paper 2001-27, Federal Reserve Bank of Atlanta.
    209. Mr. Damiano Sandri & Mr. Fabian Valencia, 2012. "Balance-Sheet Shocks and Recapitalizations," IMF Working Papers 2012/068, International Monetary Fund.
    210. Mr. Fabian Valencia, 2011. "Monetary Policy, Bank Leverage, and Financial Stability," IMF Working Papers 2011/244, International Monetary Fund.
    211. Subhayu Bandyopadhyay & Sajal Lahiri & Javed Younas, 2013. "Should Easier Access to Credit Replace Foreign Aid? A Trade-theoretic Analysis," Economics Bulletin, AccessEcon, vol. 33(3), pages 2320-2327.
    212. Kobayashi, Teruyoshi, 2009. "Firm entry and monetary policy transmission under credit rationing," MPRA Paper 17553, University Library of Munich, Germany.
    213. Daniel F. Spulber, 1996. "Market Microstructure and Intermediation," Journal of Economic Perspectives, American Economic Association, vol. 10(3), pages 135-152, Summer.
    214. Witness Nyasha Bandura & Canicio Dzingirai, 2019. "Financial Development and Economic Growth in Sub-Saharan Africa: The Role of Institutions," PSL Quarterly Review, Economia civile, vol. 72(291), pages 315-334.
    215. Rocheteau, Guillaume & Rodriguez-Lopez, Antonio, 2014. "Liquidity provision, interest rates, and unemployment," Journal of Monetary Economics, Elsevier, vol. 65(C), pages 80-101.
    216. Kobayashi, Teruyoshi, 2011. "Firm entry, credit availability and monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 35(8), pages 1245-1272, August.
    217. Liu, Yu-Chen & Li, Yiting, 2024. "Corporate finance, collateralized borrowing, and monetary policy," European Economic Review, Elsevier, vol. 170(C).
    218. Ying Yan, 1996. "Credit Rationing, Bankruptcy Cost, and Optimal Debt Contract for Small Business," Finance 9612003, University Library of Munich, Germany.
    219. Fu Xin & Jie Zhang & Yue Guo & Shangkun Liang, 2022. "Banking structure change and corporate innovation: evidence from Chinese city‐branch data," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(S1), pages 2057-2084, April.
    220. Annie bellier & Wafa Sayeh & Stéphanie Serve, 2012. "What lies behind credit rationing? A survey of the literature," Thema Working Papers 2012-39, THEMA (Théorie Economique, Modélisation et Applications), CY Cergy-Paris University, ESSEC and CNRS.
    221. Moshe Kim & Eirik Gaard Kristiansen & Bent Vale, 2005. "What determines banks’ market power? Akerlof versus Herfindahl," Working Paper 2005/8, Norges Bank.
    222. Spinesi, Luca, 2009. "Rent-seeking bureaucracies, inequality, and growth," Journal of Development Economics, Elsevier, vol. 90(2), pages 244-257, November.
    223. Boyd, John H. & Smith, Bruce D., 1999. "The Use of Debt and Equity in Optimal Financial Contracts," Journal of Financial Intermediation, Elsevier, vol. 8(4), pages 270-316, October.
    224. Innes, Robert, 1988. "Tax Asymmetries And Capital Structure Choices In Closely Held Firms," Working Papers 225810, University of California, Davis, Department of Agricultural and Resource Economics.
    225. Fraser,Stuart, 2019. "Impact: Entrepreneurial Borrowing: Do Entrepreneurs Seek and Receive Enough Credit?," Foundations and Trends(R) in Entrepreneurship, now publishers, vol. 15(5-6), pages 431–663-4, December.
    226. Ludovic Renou, 2008. "Multi-lender coalitions in costly state verification models," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 36(3), pages 407-433, September.
    227. Aaron Finkle & Dongsoo Shin, 2020. "Obstructive monitoring," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 29(4), pages 873-891, October.
    228. Wickens, Michael, 2017. "A DSGE model of banks and financial intermediation with default risk," Research in Economics, Elsevier, vol. 71(3), pages 636-642.
    229. Luca, SPINESI, 2005. "Rent-Seeking Bureaucracies in a Schumpeterian Endogenous Growth Model : Effects on Human Capital Accumulation, Inequality and Growth," Discussion Papers (ECON - Département des Sciences Economiques) 2005027, Université catholique de Louvain, Département des Sciences Economiques.
    230. Ho, Wai-Hong & Wang, Yong, 2008. "Asymmetric Information, Auditing Commitment and Economic Growth," MPRA Paper 17469, University Library of Munich, Germany.
    231. Jessica Holmes & Jonathan Isham & Ryan Petersen & Paul Sommers, 2005. "Does Relationship Lending Still Matter in the Consumer Banking Sector? Evidence from Two Financial Service Organizations in Vermont," Middlebury College Working Paper Series 0511, Middlebury College, Department of Economics.
    232. Di Giorgio, Giorgio, 2002. "Financial intermediation and capital investment with costly monitoring," International Review of Economics & Finance, Elsevier, vol. 11(1), pages 27-43, April.
    233. Benoit Julien & Pere Gomis-Porqueras, 2007. "Market Structure and the Banking Sector," Economics Bulletin, AccessEcon, vol. 4(24), pages 1-9.
    234. Caprio, Gerard Jr. & Dooley, Michael & Leipziger, Danny & Walsh, Carl, 1996. "The lender of last resort function under a currency board : the case of Argentina," Policy Research Working Paper Series 1648, The World Bank.
    235. Arturo GARCÃ A-SANTILLÃ N, & Jesica RAMOS-HERNÃ NDEZ, & Sara HERNÃ NDEZ-GONZÃ LEZ, & Patricia RIVERA-SANTIAGO, 2017. "Pawnshops: Are They Really A Solution For The Vulnerable Population?," EcoForum, "Stefan cel Mare" University of Suceava, Romania, Faculty of Economics and Public Administration - Economy, Business Administration and Tourism Department., vol. 6(1), pages 1-52, January.
    236. Kaoru Hosono & Masaki Hotei & Chie Umezaki, 2013. "External Finance Constraints and the Timing of Investment Spikes," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 9(2), pages 365-404, March.
    237. Stanley D. Longhofer, 1997. "Absolute priority rule violations, credit rationing, and efficiency," Working Papers (Old Series) 9710, Federal Reserve Bank of Cleveland.

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. Iwasaki, Kohei, 2024. "Credibility of central banks in monetary economies," Economics Letters, Elsevier, vol. 243(C).
    2. Hermawan, Danny & Lie, Denny & Sasongko, Aryo & Yusan, Richard, 2023. "Money velocity, digital currency, and inflation dynamics," MPRA Paper 116906, University Library of Munich, Germany.
    3. 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.
    4. 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).
    5. 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).
    6. Dominique Torre & Qing Xu, 2025. "Could migrant families encourage the adoption of CBDCs in developing countries?," Economics Bulletin, AccessEcon, vol. 45(2), pages 842-853.
    7. Dionysopoulos, Lambis & Marra, Miriam & Urquhart, Andrew, 2024. "Central bank digital currencies: A critical review," International Review of Financial Analysis, Elsevier, vol. 91(C).
    8. Georgarakos, Dimitris & Kenny, Geoff & Laeven, Luc & Meyer, Justus, 2025. "Consumer attitudes towards a central bank digital currency," Working Paper Series 3035, European Central Bank.
    9. Kim, Duhyeong, 2023. "International effects of quantitative easing and foreign exchange intervention," Journal of International Economics, Elsevier, vol. 145(C).
    10. Lorenzo Burlon & Manuel A. Muñoz & Frank Smets, 2024. "The Optimal Quantity of CBDC in a Bank-Based Economy," American Economic Journal: Macroeconomics, American Economic Association, vol. 16(4), pages 172-217, October.
    11. 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.
    12. Tarishi Matsuoka & Makoto Watanabe, 2025. "Banking Crises and Central Bank Digital Currency in a Monetary Economy," CESifo Working Paper Series 11922, CESifo.
    13. 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.
    14. 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.
    15. 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).
    16. Bindseil, Ulrich & Senner, Richard, 2024. "Macroeconomic modelling of CBDC: a critical review," Working Paper Series 2978, European Central Bank.
    17. 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).
    18. 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).
    19. 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).
    20. Kang, Kee-Youn, 2024. "Digital currency and privacy," Theoretical Economics, Econometric Society, vol. 19(1), January.
    21. Tercero-Lucas, David, 2023. "Central bank digital currencies and financial stability in a modern monetary system," Journal of Financial Stability, Elsevier, vol. 69(C).
    22. 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.).
    23. Danny Hermawan Adiwibowo & Aryo Sasongko & Denny Lie, 2022. "Money Velocity, Digital Currency, And Inflation Dynamics," Working Papers WP/13/2022, Bank Indonesia.
    24. 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.
    25. 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).
    26. Amendola, Nicola & Araujo, Luis & Ferraris, Leo, 0. "Physical vs digital currency: a difference that makes a difference," Theoretical Economics, Econometric Society.
    27. 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).
    28. 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.
    29. Nyffenegger, Remo, 2024. "Central bank digital currency and bank intermediation: Medium of Exchange vs. Savings vehicle," European Economic Review, Elsevier, vol. 170(C).
    30. 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).
    31. Moro, Alessandro & Nispi Landi, Valerio, 2024. "The external financial spillovers of CBDCs," Journal of Economic Dynamics and Control, Elsevier, vol. 159(C).
    32. 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).
    33. 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).
    34. 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).
    35. Nocciola, Luca & Zamora-Pérez, Alejandro, 2024. "Transactional demand for central bank digital currency," Working Paper Series 2926, European Central Bank.
    36. 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.
    37. Dirk Niepelt, 2024. "Money and Banking with Reserves and CBDC," Journal of Finance, American Finance Association, vol. 79(4), pages 2505-2552, August.
    38. 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.
    39. 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.
    40. 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.
    41. 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.
    42. Jeremie Banet & Lucie Lebeau, 2022. "Central Bank Digital Currency: Financial Inclusion vs. Disintermediation," Working Papers 2218, Federal Reserve Bank of Dallas.
    43. 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.
    44. 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.
    45. Keister, Todd & Monnet, Cyril, 2022. "Central bank digital currency: Stability and information," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    46. 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.
    47. 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.
    48. Abad, Jorge & Nuño, Galo & Thomas, Carlos, 2025. "CBDC and the operational framework of monetary policy," Journal of Monetary Economics, Elsevier, vol. 151(C).
    49. Mishra, Bineet & Prasad, Eswar, 2023. "A Simple Model of a Central Bank Digital Currency," IZA Discussion Papers 16154, IZA Network @ LISER.

  3. 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. Marco Bassetto & Thomas J. Sargent, 2020. "Shotgun Wedding: Fiscal and Monetary Policy," NBER Working Papers 27004, National Bureau of Economic Research, Inc.
    2. Ida, Daisuke, 2025. "The neo-Fisherian effect in a new Keynesian model with real money balances," The North American Journal of Economics and Finance, Elsevier, vol. 80(C).
    3. Airaudo, Marco & Hajdini, Ina, 2023. "Wealth effects, price markups, and the neo-Fisherian hypothesis," European Economic Review, Elsevier, vol. 157(C).
    4. Ida, Daisuke, 2024. "Household heterogeneity and the price puzzle in a new Keynesian model," Journal of Macroeconomics, Elsevier, vol. 79(C).

  4. 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.
  5. 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.
  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. 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.
    2. Marco Bassetto & David S. Miller, 2022. "A Monetary-Fiscal Theory of Sudden Inflations," Staff Report 641, Federal Reserve Bank of Minneapolis.
    3. 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.
    4. Carmignani, Fabrizio, 2025. "The partisanship of a central banker," Journal of Macroeconomics, Elsevier, vol. 83(C).
    5. Kim, Jeong-Yoo & Choi, Hyung Sun, 2023. "Monetary policy, fiscal policy and cross signal jamming," Journal of Macroeconomics, Elsevier, vol. 75(C).
    6. 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.).

  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. 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.
    2. 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.
    3. 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.
    4. 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.
    5. Garriga, Carlos & Kydland, Finn E. & Šustek, Roman, 2021. "MoNK: Mortgages in a New-Keynesian model," Journal of Economic Dynamics and Control, Elsevier, vol. 123(C).
    6. 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.
    7. 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.
    8. Airaudo, Marco & Hajdini, Ina, 2023. "Wealth effects, price markups, and the neo-Fisherian hypothesis," European Economic Review, Elsevier, vol. 157(C).
    9. 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.
    10. 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.

  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. James Chapman & Carolyn A. Wilkins, 2019. "Crypto ‘Money’: Perspective of a Couple of Canadian Central Bankers," Discussion Papers 2019-1, Bank of Canada.
    2. 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.
    3. 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).
    4. Sokolov, Konstantin, 2021. "Ransomware activity and blockchain congestion," Journal of Financial Economics, Elsevier, vol. 141(2), pages 771-782.
    5. 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.
    6. 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.

  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. Inda Mulaahmetovic, 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.
    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. 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.
    5. 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.
    6. KAMKOUM, Arnaud Cedric, 2023. "The Federal Reserve’s Response to the Global Financial Crisis and Its Long-Term Impact: An Interrupted Time-Series Natural Experimental Analysis," OSF Preprints 53qbm, Center for Open Science.
    7. 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.
    8. 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.
    9. 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.
    10. 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.
    11. Xiong, Wanting & Wang, Yougui, 2022. "A reformulation of the bank lending channel under multiple prudential regulations," Economic Modelling, Elsevier, vol. 114(C).
    12. 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.
    13. 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.
    14. 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.

  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. 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.
    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. 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.
    5. Christian Pfister & Jean-Guillaume Sahuc, 2020. "Unconventional Monetary Policies: A Stock-Taking Exercise," Working papers 761, Banque de France.
    6. Hafsa Hina, 2024. "Unveiling the Neo-Fisher Effect: Evidence from Pakistan," Journal of South Asian Development, , vol. 19(3), pages 387-407, December.
    7. Stephen Williamson, 2017. "The Curse of Cash," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 52(1), pages 78-80, January.
    8. 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.
    9. 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.
    10. 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.
    11. 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.
    12. 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.
    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, Sciendo, vol. 63(3), pages 68-90, December.
    14. 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.
    15. 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).

  13. 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.

  14. 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.
  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. Ida, Daisuke, 2023. "The effect of real money balances on international monetary policy transmission," Journal of International Money and Finance, Elsevier, vol. 139(C).
    2. 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.
    3. Silvia Bressan, 2018. "The impact of banks’ liquidity reserves on lending," Journal of Banking Regulation, Palgrave Macmillan, vol. 19(4), pages 337-345, November.
    4. 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.

  22. 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. Stephen D. Williamson, 2015. "Monetary Policy Normalization in the United States," Review, Federal Reserve Bank of St. Louis, vol. 97(2), pages 87-108.
    2. 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.
    3. Ioannis N. Kallianiotis, 2015. "Economic Crises and the Substitution of Fiscal Policy by Monetary Policy," International Journal of Economics and Financial Issues, Econjournals, vol. 5(1), pages 44-68.
    4. 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, Sciendo, vol. 12(1), pages 335-348, May.

  23. 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, 2018. "Does Central Bank Financial Strength Really Matter for Inflation? The Key Role of the Fiscal Support," Open Economies Review, Springer, vol. 29(5), pages 911-952, November.

  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. Yener Gök, Zeynep, 2018. "Yeni Parasalcılık: Bir Yazın Taraması [New Monetarism: A Survey Of The Literature]," MPRA Paper 88349, University Library of Munich, Germany.
    2. Valentin Jouvanceau, 2019. "Quantitative Easing and Excess Reserves," Working Papers halshs-02053237, HAL.
    3. Richard A. Iley & Mervyn K. Lewis, 2013. "Global Finance After the Crisis," Books, Edward Elgar Publishing, number 15075.

  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. 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.
    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. Lee, Seungduck, 2016. "Money, Asset Prices and the Liquidity Premium," MPRA Paper 74010, University Library of Munich, Germany.
    4. Lukas Altermatt, 2017. "Inside money, investment, and unconventional monetary policy," ECON - Working Papers 247, Department of Economics - University of Zurich, revised Jul 2019.
    5. Han, Han, 2015. "Over-the-Counter Markets, Intermediation, and Monetary Policy," MPRA Paper 68709, University Library of Munich, Germany.
    6. Randall Wright & Cathy Zhang & Guillaume Rocheteau, 2016. "Corporate Finance and Monetary Policy," 2016 Meeting Papers 97, Society for Economic Dynamics.
    7. Barnea, Emanuel & Landskroner, Yoram & Sokoler, Meir, 2015. "Monetary policy and financial stability in a banking economy: Transmission mechanism and policy tradeoffs," Journal of Financial Stability, Elsevier, vol. 18(C), pages 78-90.
    8. Kam, Timothy & Lee, Hyungsuk & Lee, Junsang & Ng, Sam, 2025. "On a pecuniary externality of competitive banking through goods pricing dispersion," European Economic Review, Elsevier, vol. 179(C).
    9. Stephen Williamson, 2016. "Interest on Reserves, Interbank Lending, and Monetary Policy," 2016 Meeting Papers 428, Society for Economic Dynamics.
    10. Jung, Kuk Mo & Lee, Seungduck, 2015. "A Liquidity-Based Resolution of the Uncovered Interest Parity Puzzle," MPRA Paper 64164, University Library of Munich, Germany.
    11. Hoelle Matthew, 2018. "Optimal Term Structure in a Monetary Economy with Incomplete Markets," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 18(1), pages 1-26, January.
    12. Gomes, João F. & Grotteria, Marco & Wachter, Jessica A., 2023. "Foreseen risks," Journal of Economic Theory, Elsevier, vol. 212(C).
    13. Seungduck Lee & Kuk Mo Jung, 2019. "A Liquidity-Based Resolution of the Uncovered Interest Parity Puzzle," Working Papers 1902, Nam Duck-Woo Economic Research Institute, Sogang University (Former Research Institute for Market Economy).
    14. 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.
    15. 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.
    16. Kim, Duhyeong, 2023. "International effects of quantitative easing and foreign exchange intervention," Journal of International Economics, Elsevier, vol. 145(C).
    17. Arseneau, David M. & Rappoport W., David E. & Vardoulakis, Alexandros P., 2020. "Private and public liquidity provision in over-the-counter markets," Theoretical Economics, Econometric Society, vol. 15(4), November.
    18. Lee, Seungduck, 2016. "Money, Asset Prices and the Liquidity Premium," MPRA Paper 73533, University Library of Munich, Germany.
    19. Yener Gök, Zeynep, 2018. "Yeni Parasalcılık: Bir Yazın Taraması [New Monetarism: A Survey Of The Literature]," MPRA Paper 88349, University Library of Munich, Germany.
    20. Todd Keister & Daniel R. Sanches, 2016. "Aggregate Liquidity Management," Working Papers 16-32, Federal Reserve Bank of Philadelphia.
    21. Marco Di Maggio & Amir Kermani & Christopher Palmer, 2016. "How Quantitative Easing Works: Evidence on the Refinancing Channel," NBER Working Papers 22638, National Bureau of Economic Research, Inc.
    22. Lukas Altermatt & Christian Wipf, 2024. "Liquidity, the Mundell–Tobin Effect, and the Friedman Rule," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(5), pages 1235-1259, August.
    23. Marco Bassetto & Thomas J. Sargent, 2020. "Shotgun Wedding: Fiscal and Monetary Policy," NBER Working Papers 27004, National Bureau of Economic Research, Inc.
    24. Christopher J. Waller, 2015. "Microfoundations of Money: Why They Matter," Review, Federal Reserve Bank of St. Louis, vol. 97(4), pages 289-301.
    25. Altermatt, Lukas, 2019. "Savings, asset scarcity, and monetary policy," Journal of Economic Theory, Elsevier, vol. 182(C), pages 329-359.
    26. Lukas Altermatt & Hugo van Buggenum & Lukas Voellmy, 2022. "Systemic bank runs without aggregate risk: how a misallocation of liquidity may trigger a solvency crisis," Working Papers 2022-10, Swiss National Bank.
    27. 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.
    28. Meixing Dai & Frédéric Dufourt & Qiao Zhang, 2013. "Large Scale Asset Purchases with Segmented Mortgage and Corporate Loan Markets," Working Papers halshs-00842279, HAL.
    29. Hendrickson, Joshua R., 2017. "Interest on reserves, settlement, and the effectiveness of monetary policy," Journal of Macroeconomics, Elsevier, vol. 54(PB), pages 208-216.
    30. Tarishi Matsuoka & Makoto Watanabe, 2025. "Banking Crises and Central Bank Digital Currency in a Monetary Economy," CESifo Working Paper Series 11922, CESifo.
    31. 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.
    32. Edward C. Prescott & Ryan Wessel, 2016. "Fiat Value in the Theory of Value," Staff Report 530, Federal Reserve Bank of Minneapolis.
    33. Tarishi Matsuoka & Makoto Watanabe, 2019. "Banking Panics and the Lender of Last Resort in a Monetary Economy," CESifo Working Paper Series 7451, CESifo.
    34. 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).
    35. Christian Wipf, 2020. "Should Banks Create Money?," Diskussionsschriften dp2015, Universitaet Bern, Departement Volkswirtschaft.
    36. Athanasios Geromichalos & Lucas Herrenbrueck, 2017. "The Liquidity-Augmented Model of Macroeconomic Aggregates," Discussion Papers dp17-16, Department of Economics, Simon Fraser University.
    37. Javier Bianchi & Saki Bigio, 2014. "Banks, Liquidity Management and Monetary Policy," Working Papers 18, Peruvian Economic Association.
    38. Stephen Williamson, 2014. "Central Bank Purchases of Private Assets," 2014 Meeting Papers 208, Society for Economic Dynamics.
    39. Jermann, Urban & Xiang, Haotian, 2023. "Dynamic banking with non-maturing deposits," Journal of Economic Theory, Elsevier, vol. 209(C).
    40. 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.
    41. 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.
    42. Kühl, Michael, 2014. "Mitigating financial stress in a bank-financed economy: Equity injections into banks or purchases of assets?," Discussion Papers 19/2014, Deutsche Bundesbank.
    43. 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.
    44. Kazuo Nishimura & Carine Nourry & Thomas Seegmuller & Alain Venditti, 2014. "On the (De)Stabilizing Effect of Public Debt in a Ramsey Model with Heterogeneous Agents," AMSE Working Papers 1436, Aix-Marseille School of Economics, France, revised Jun 2014.
    45. A. Bartocci & L. Burlon & A. Notarpietro & M. Pisani, 2021. "Macroeconomic Effects of Non‐Standard Monetary Policy Measures in the Euro Area: The Role of Corporate Bond Purchases," Manchester School, University of Manchester, vol. 89(S1), pages 97-130, September.
    46. Nicola Amendola & Lorenzo Carbonari & Leo Ferraris, 2021. "Three Liquid Assets," CEIS Research Paper 516, Tor Vergata University, CEIS, revised 14 Oct 2021.
    47. Lilit Popoyan & Mauro Napoletano & Andrea Roventini, 2019. "Winter is possibly not coming: mitigating financial instability in an agent-based model with interbank market," Sciences Po Economics Publications (main) hal-03403274, HAL.
    48. Saki Bigio & Yuliy Sannikov, 2019. "A Model of Intermediation, Money, Interest, and Prices," Working Papers 150, Peruvian Economic Association.
    49. Vincenzo Quadrini, 2015. "Bank Liabilities Channel," 2015 Meeting Papers 234, Society for Economic Dynamics.
    50. Huberto M. Ennis, 2015. "Discussion on \"Scarcity of Safe Assets, Inflation, and the Policy Trap\" by Andolfatto and Williamson," Working Paper 15-3, Federal Reserve Bank of Richmond.
    51. Chao Gu & Han Han & Randall Wright, 2016. "The Effects of Monetary Policy and Other Announcements," Working Papers 1621, Department of Economics, University of Missouri.
    52. 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.
    53. Piazzesi, Monika & Lenel, Moritz & Schneider, Martin, 2019. "The Short Rate Disconnect in a Monetary Economy," CEPR Discussion Papers 13947, C.E.P.R. Discussion Papers.
    54. Tarishi Matsuoka & Makoto Watanabe, 2017. "Banking Panics and Liquidity in a Monetary Economy," Tinbergen Institute Discussion Papers 17-091/VII, Tinbergen Institute.
    55. Jiang, Janet Hua & Puzzello, Daniela & Zhang, Cathy, 2023. "Inflation, Output, and Welfare in the Laboratory," European Economic Review, Elsevier, vol. 152(C).
    56. 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.
    57. Feng Dong & Yi Wen, 2017. "Optimal Monetary Policy under Negative Interest Rate," Working Papers 2017-19, Federal Reserve Bank of St. Louis.
    58. 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.
    59. Harrison, Andre & Reed, Robert R., 2023. "International capital flows, liquidity risk, and monetary policy," Journal of Macroeconomics, Elsevier, vol. 77(C).
    60. Wei Cui & Sören Radde, 2014. "Search-Based Endogenous Illiquidity and the Macroeconomy," Discussion Papers of DIW Berlin 1367, DIW Berlin, German Institute for Economic Research.
    61. Miroslav Gabrovski & Ioannis Kospentaris & Lucie Lebeau, 2024. "The Macroeconomics of Labor, Credit and Financial Market Imperfections," Working Papers 2409, Federal Reserve Bank of Dallas.
    62. 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.
    63. 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.
    64. 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.
    65. 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.
    66. 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.
    67. Anna Duszak, 2018. "Does the Way of Financing Quantitative Easing Programmes Matter?," Central European Journal of Economic Modelling and Econometrics, Central European Journal of Economic Modelling and Econometrics, vol. 10(2), pages 101-131, June.
    68. Yuchi Chu & Yiting Li, 2024. "Secured Loans and Risky Assets in a Monetary Economy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(2-3), pages 395-427, March.
    69. Athanasios Geromichalos & Lucas Herrenbrueck, 2015. "A Tractable Model of Indirect Asset Liquidity," Working Papers 126, University of California, Davis, Department of Economics.
    70. Lukas Altermatt, 2019. "Bank lending, financial frictions, and inside money creation," ECON - Working Papers 325, Department of Economics - University of Zurich.
    71. Rocheteau, Guillaume & Wright, Randall & Xiaolin Xiao, Sylvia, 2018. "Open market operations," Journal of Monetary Economics, Elsevier, vol. 98(C), pages 114-128.
    72. Stephen D. Williamson, 2014. "Scarce collateral, the term premium, and quantitative easing," Working Papers 2014-8, Federal Reserve Bank of St. Louis.
    73. John Geanakoplos & Kieran Haobin Wang, 2018. "Quantitative Easing, Collateral Constraints, and Financial Spillovers," Cowles Foundation Discussion Papers 2154, Cowles Foundation for Research in Economics, Yale University.
    74. 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.
    75. Chao Gu & Fabrizio Mattesini & Randall Wright, 2015. "Money and Credit Redux," Working Papers 1508, Department of Economics, University of Missouri.
    76. Andrew Lee Smith, 2014. "House prices, heterogeneous banks and unconventional monetary policy options," Research Working Paper RWP 14-12, Federal Reserve Bank of Kansas City.
    77. 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.
    78. Chao Gu & Joseph Haslag, 2011. "Endogenous Credit Cycles," Working Papers 1114, Department of Economics, University of Missouri.
    79. Dominguez, Begona & Gomis-Porqueras, Pedro, 2016. "The Effects of Secondary Markets and Unsecured Credit on Inflation Dynamics," MPRA Paper 75096, University Library of Munich, Germany.
    80. Hu, Tai-Wei, 2021. "Optimal monetary policy with interest on reserves and capital over-accumulation," Journal of Economic Theory, Elsevier, vol. 196(C).
    81. Dong, Mei & Xiao, Sylvia Xiaolin, 2024. "Idle liquidity, CBDC and banking," European Economic Review, Elsevier, vol. 164(C).
    82. Park, Jaevin & Kwon, Ohik, 2023. "Stablecoins: Legal restrictions theory and monetary policy," Economics Letters, Elsevier, vol. 226(C).
    83. Stephen Williamson, 2014. "The Balance Sheet and the Future of Fed Policy," Open Economies Review, Springer, vol. 25(1), pages 163-170, February.
    84. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95, May.
    85. Daniel R. Sanches, 2014. "Banking panics and protracted recessions," Working Papers 14-37, Federal Reserve Bank of Philadelphia.
    86. Young Sik Kim & Ohik Kwon, 2019. "Central Bank Digital Currency and Financial Stability," Working Papers 2019-6, Economic Research Institute, Bank of Korea.
    87. Berentsen, Aleksander & van Buggenum, Hugo & Ruprecht, Romina, 2025. "On the negatives of negative interest rates," European Economic Review, Elsevier, vol. 178(C).
    88. Lucas Herrenbrueck, 2016. "Quantitative Easing and the Liquidity Channel of Monetary Policy," 2016 Meeting Papers 767, Society for Economic Dynamics.
    89. Altermatt, Lukas & Wang, Zijian, 2024. "Oligopoly banking, risky investment, and monetary policy," European Economic Review, Elsevier, vol. 164(C).
    90. Aleksander Berentsen & Alessandro Marchesiani & Christopher Waller, 2014. "Floor Systems for Implementing Monetary Policy: Some Unpleasant Fiscal Arithmetic," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 17(3), pages 523-542, July.
    91. Matsuoka, Tarishi & Watanabe, Makoto, 2019. "Banking crises and liquidity in a monetary economy," Journal of Economic Dynamics and Control, Elsevier, vol. 108(C).
    92. Edward C. Prescott & Ryan Wessel, 2016. "Monetary Policy with 100 Percent Reserve Banking: An Exploration," NBER Working Papers 22431, National Bureau of Economic Research, Inc.
    93. Zachary Bethune & Guillaume Rocheteau & Russell Wong & Cathy Zhang, 2020. "Lending Relationships and Optimal Monetary Policy," Working Paper 20-13, Federal Reserve Bank of Richmond.
    94. Andreas Schrimpf & Semyon Malamud, 2017. "Intermediation Markups and Monetary Policy Passthrough," 2017 Meeting Papers 812, Society for Economic Dynamics.
    95. 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.
    96. McMahon, Michael & Peiris, M. Udara & Polemarchakis, Herakles, 2018. "Perils of unconventional monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 93(C), pages 92-114.
    97. Lee, Seungduck, 2016. "Money, Asset Prices and the Liquidity Premium," MPRA Paper 73707, University Library of Munich, Germany.
    98. Azariadis, Costas & Bullard, James & Singh, Aarti & Suda, Jacek, 2015. "Incomplete Credit Markets and Monetary Policy," Working Papers 2015-12, University of Sydney, School of Economics, revised Feb 2019.
    99. 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.
    100. 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.
    101. Wang, Tianxi, 2021. "Government Bonds, Bank Liquidity and Non-Neutrality of Monetary Policy in the Steady," Economics Discussion Papers 29502, University of Essex, Department of Economics.
    102. Lucas Herrenbrueck, Zijian Wang, 2023. "Interest Rates, Moneyness, and the Fisher Equation," Discussion Papers dp23-11, Department of Economics, Simon Fraser University.
    103. Bustamante, Christian, 2023. "The long-run redistributive effects of monetary policy," Journal of Monetary Economics, Elsevier, vol. 140(C), pages 106-123.
    104. Carli, Francesco & Gomis-Porqueras, Pedro, 2021. "Real consequences of open market operations: The role of limited commitment," European Economic Review, Elsevier, vol. 132(C).
    105. Silva, Mario Rafael, 2019. "Corporate finance, monetary policy, and aggregate demand," Journal of Economic Dynamics and Control, Elsevier, vol. 102(C), pages 1-28.
    106. 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.
    107. 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.
    108. Stephen D. Williamson, 2014. "Low Real Interest Rates, Collateral Misrepresentation, and Monetary Policy," Working Papers 2014-26, Federal Reserve Bank of St. Louis.
    109. 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).
    110. Yi Wen, 2013. "Evaluating unconventional monetary policies -why aren’t they more effective?," Working Papers 2013-028, Federal Reserve Bank of St. Louis.
    111. Edward C. Prescott & Ryan Wessel, 2018. "Money in the Production Function," Staff Report 562, Federal Reserve Bank of Minneapolis.
    112. Seungduck Lee, 2020. "Money, Asset Prices, and the Liquidity Premium," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(6), pages 1435-1466, September.
    113. Zannini, Ugo, 2020. "The optimal quantity of money and partially-liquid assets," Journal of Economic Theory, Elsevier, vol. 188(C).
    114. Fatih Tuluk, 2019. "Shadow Banking, Capital Requirements and Monetary Policy," Working Papers 2019.05, International Network for Economic Research - INFER.
    115. Todd Keister & Daniel R. Sanches, 2021. "Should Central Banks Issue Digital Currency?," Working Papers 21-37, Federal Reserve Bank of Philadelphia.
    116. Chattopadhyay, Siddhartha & Daniel, Betty C., 2015. "Taylor-Rule Exit Policies for the Zero Lower Bound," MPRA Paper 66076, University Library of Munich, Germany.
    117. Parantap Basu, 2014. "Quantitative Easing in an Endogenous Growth Model," CEMAP Working Papers 2014_01, Durham University Business School.
    118. 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.
    119. 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.
    120. Tarishi Matsuoka & Makoto Watanabe, 2023. "A Monetary Equilibrium with the Lender of Last Resort," CESifo Working Paper Series 10439, CESifo.
    121. 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.
    122. Lee, Seungduck, 2016. "Money, Asset Prices and the Liquidity Premium," MPRA Paper 74615, University Library of Munich, Germany.
    123. Benigno, Pierpaolo & Robatto, Roberto, 2018. "Private Money Creation, Liquidity Crises, and Government Intervention," CEPR Discussion Papers 13091, C.E.P.R. Discussion Papers.
    124. Luis Araujo & Leo Ferraris, 2020. "Money, Bonds, and the Liquidity Trap," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(7), pages 1853-1867, October.
    125. van Buggenum, Hugo, 2021. "Risk, Inside Money, and the Real Economy," Discussion Paper 2021-020, Tilburg University, Center for Economic Research.
    126. Monika Piazzesi & Martin Schneider, 2018. "Payments, credit and asset prices," BIS Working Papers 734, Bank for International Settlements.
    127. Lee, Seungduck, 2016. "Money, Asset Prices and the Liquidity Premium," MPRA Paper 75869, University Library of Munich, Germany.
    128. Lucas Herrenbrueck, 2019. "Interest rates, moneyness, and the Fisher equation," 2019 Meeting Papers 1409, Society for Economic Dynamics.
    129. Russell Wong & Cathy Zhang & Guillaume Rocheteau, 2017. "Lending Relationships, Banking Crises and Optimal Monetary Policies," 2017 Meeting Papers 152, Society for Economic Dynamics.
    130. Huberto M. Ennis, 2014. "A Simple General Equilibrium Model of Large Excess Reserves," Working Paper 14-14, Federal Reserve Bank of Richmond.
    131. Matsuoka, Tarishi, 2022. "Asset prices and standing facilities in a monetary economy," Journal of Economic Dynamics and Control, Elsevier, vol. 135(C).
    132. Stefan Stojkov & Emilija Beker Pucar & Aleksandar Sekulić, 2024. "Real Exchange Rate Channel of QE Monetary Transmission Mechanism in Selected EU Members: The Pooled Mean Group Panel Approach," JRFM, MDPI, vol. 18(1), pages 1-21, December.
    133. Matteo Iacoviello, 2015. "Financial Business Cycles," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(1), pages 140-164, January.
    134. 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.
    135. Aleksander Berentsen & Romina Ruprecht & Hugo van Buggenum, 2023. "On the Negatives of Negative Interest Rates," Finance and Economics Discussion Series 2023-064, Board of Governors of the Federal Reserve System (U.S.).
    136. 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.
    137. Jeong, Minhyeon, 2015. "Optimal policy in an economy with human capital where money is essential," Economics Letters, Elsevier, vol. 136(C), pages 103-107.
    138. Mathieu Boullot, 2017. "Secular Stagnation, Liquidity Trap and Rational Asset Price Bubbles," Working Papers halshs-01295012, HAL.
    139. Fatih Tuluk, 2021. "Collateral Misrepresentation, External Auditing, and Optimal Supervisory Policy," Open Economies Review, Springer, vol. 32(5), pages 975-1016, November.
    140. Wu, Jing Cynthia & Zhang, Ji, 2019. "A shadow rate New Keynesian model," Journal of Economic Dynamics and Control, Elsevier, vol. 107(C), pages 1-1.
    141. Cameron Harwick, 2019. "Bubbles and Broad Monetary Aggregates: Toward a Consensus Approach to Business Cycles," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 45(2), pages 250-268, April.
    142. Williamson, Stephen D., 2022. "Central bank digital currency and flight to safety," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    143. 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.
    144. Lucas Marc Fuhrer & Benjamin Müller & Luzian Steiner, 2016. "The Liquidity Coverage Ratio and Security Prices," Working Papers 2016-11, Swiss National Bank.
    145. Liu, Yu-Chen & Li, Yiting, 2024. "Corporate finance, collateralized borrowing, and monetary policy," European Economic Review, Elsevier, vol. 170(C).
    146. Rodney Ramcharan & Amir Kermani & Marco Di Maggio, 2015. "Monetary Policy Pass-Through: Household Consumption and Voluntary Deleveraging," 2015 Meeting Papers 256, Society for Economic Dynamics.
    147. Herrenbrueck, Lucas, 2019. "Frictional asset markets and the liquidity channel of monetary policy," Journal of Economic Theory, Elsevier, vol. 181(C), pages 82-120.
    148. 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.
    149. Christian Bustamante, 2021. "More Money for Some: The Redistributive Effects of Open Market Operations," Staff Working Papers 21-46, Bank of Canada.
    150. 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).
    151. Robert Oleschak, 2021. "Financial inclusion, technology and their impacts on monetary and fiscal policy: theory and evidence," Working Papers 2021-04, Swiss National Bank.
    152. Hu, Tai-Wei & Li, Yiting & Liu, Yilei, 2025. "Optimal banking regulation and monetary policy," European Economic Review, Elsevier, vol. 178(C).
    153. 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.

  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. 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.
    2. Athreya, Kartik B., 2014. "Big Ideas in Macroeconomics: A Nontechnical View," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262019736, December.

  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. 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.
    2. Akhand Akhtar Hossain, 2015. "The Evolution of Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 14611.
    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. 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.

  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. Renzo Rossini & Marco Vega, 2008. "The monetary policy transmission mechanism under financial dollarisation: the case of Peru 1996-2006," BIS Papers chapters, in: Bank for International Settlements (ed.), Transmission mechanisms for monetary policy in emerging market economies, volume 35, pages 395-412, Bank for International Settlements.
    3. 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.
    4. 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.
    5. 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.
    6. Lahura, Erick, 2012. "Measuring the Effects of Monetary Policy Using Market Expectations," Working Papers 2012-005, Banco Central de Reserva del Perú.
    7. 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.
    8. 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.
    9. 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.
    10. 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.

  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. Peng, Yulei & Zervou, Anastasia, 2022. "Monetary policy rules and the equity premium in a segmented markets model," Journal of Macroeconomics, Elsevier, vol. 73(C).
    2. 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.
    3. Choi, Hyung Sun, 2015. "Monetary policy, endogenous transactions, and financial market segmentation," Journal of Macroeconomics, Elsevier, vol. 44(C), pages 234-251.
    4. 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.
    5. 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.
    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. Yulei Peng & Anastasia Zervou, 2014. "Monetary Policy Rules and the Equity Premium," Working Papers 20141115_001, Texas A&M University, Department of Economics.
    8. 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.
    9. 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.
    10. 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.
    11. Zeno Enders, 2006. "Slow Money Dissemination," Economics Working Papers ECO2006/25, European University Institute.
    12. 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.

  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. 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.
    2. Carolyn Sissoko, 2007. "Why Inside Money Matters," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(8), pages 2097-2105, December.
    3. Dong, Mei & Huangfu, Stella & Sun, Hongfei & Zhou, Chenggang, 2021. "A macroeconomic theory of banking oligopoly," European Economic Review, Elsevier, vol. 138(C).
    4. Stephen D. Williamson, 2005. "Limited participation and the neutrality of money," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 91(Spr), pages 1-20.
    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. Antoine Martin, 2005. "Reconciling Bagehot with the Fed's response to September 11," Staff Reports 217, Federal Reserve Bank of New York.
    7. 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.
    8. Li, Yan & Carroll, Wayne, 2011. "The payment mechanisms and liquidity effects," Journal of Macroeconomics, Elsevier, vol. 33(4), pages 656-667.
    9. Mariana Rojas Breu, 2013. "The Welfare Effect Of Access To Credit," Economic Inquiry, Western Economic Association International, vol. 51(1), pages 235-247, January.
    10. 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.
    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. 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.
    13. Chung, Kyuil, 2009. "Does the liquidity effect guarantee a positive term premium?," Economic Modelling, Elsevier, vol. 26(5), pages 893-903, September.
    14. Sun, Hongfei, 2007. "Aggregate uncertainty, money and banking," Journal of Monetary Economics, Elsevier, vol. 54(7), pages 1929-1948, October.
    15. Sun, Hongfei, 2007. "Banking, Inside Money and Outside Money," Queen's Economics Department Working Papers 273622, Queen's University - Department of Economics.
    16. Boel, Paola & Camera, Gabriele, 2004. "Efficient Monetary Allocations and the Illiquidity of Bonds," Purdue University Economics Working Papers 1171, Purdue University, Department of Economics.
    17. 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.
    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. Hyung Sun Choi, 2021. "Payments Systems, Liquidity, Collateral, and Central Banking," Korean Economic Review, Korean Economic Association, vol. 37, pages 65-84.
    2. 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.
    3. Hyung Sun Choi, 2018. "Inflation Risk, Settlement Cycles, and Monetary Policy," Korean Economic Review, Korean Economic Association, vol. 34, pages 267-282.
    4. Choi, Hyung Sun, 2023. "Money, payments systems, limited participation, and central banking," The North American Journal of Economics and Finance, Elsevier, vol. 64(C).
    5. 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.
    6. 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.
    7. 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.
    8. 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.
    9. Hyung Sun Choi, 2025. "Banking, Costly Credit, and Interest Rates with Limited Commitment," Korean Economic Review, Korean Economic Association, vol. 41, pages 111-140.
    10. 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.
    11. 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).
    12. 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.
    13. 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.
    14. Shouyong Shi, 2006. "A Microfoundation of Monetary Economics," Working Papers tecipa-211, University of Toronto, Department of Economics.
    15. 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.

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

  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. Shi, Shouyong, 2008. "Efficiency improvement from restricting the liquidity of nominal bonds," Journal of Monetary Economics, Elsevier, vol. 55(6), pages 1025-1037, September.
    2. Thorsten Koeppl & Cyril Monnet & Ted Temzelides, 2007. "A dynamic model of the payment system," Working Papers 07-22, Federal Reserve Bank of Philadelphia.
    3. Hyung Sun Choi, 2021. "Payments Systems, Liquidity, Collateral, and Central Banking," Korean Economic Review, Korean Economic Association, vol. 37, pages 65-84.
    4. Daniel, Sanches, 2011. "A dynamic model of unsecured credit," Journal of Economic Theory, Elsevier, vol. 146(5), pages 1941-1964, September.
    5. Koeppl, Thorsten & Monnet, Cyril & Temzelides, Ted, 2008. "A dynamic model of settlement," Journal of Economic Theory, Elsevier, vol. 142(1), pages 233-246, September.
    6. 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.
    7. Hyung Sun Choi, 2018. "Inflation Risk, Settlement Cycles, and Monetary Policy," Korean Economic Review, Korean Economic Association, vol. 34, pages 267-282.
    8. Choi, Hyung Sun, 2023. "Money, payments systems, limited participation, and central banking," The North American Journal of Economics and Finance, Elsevier, vol. 64(C).
    9. Koeppl, Thorsten & Monnet, Cyril & Temzelides, Ted, 2012. "Optimal clearing arrangements for financial trades," Journal of Financial Economics, Elsevier, vol. 103(1), pages 189-203.
    10. Stephen Williamson, 2000. "The Research Agenda: Payment Systems and Private Money," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 2(1), November.
    11. Stephen D. Williamson, 2002. "Private money and counterfeiting," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 37-57.
    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. Antoine Martin, 2002. "Optimal pricing of intra-day liquidity," Research Working Paper RWP 02-02, Federal Reserve Bank of Kansas City.
    14. 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.
    15. 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.
    16. 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.
    17. Thorsten Koeppl & Cyril Monnet & Ted Temzelides, 2005. "Mechanism Design and Payments," 2005 Meeting Papers 11, Society for Economic Dynamics.
    18. Jonathan Chiu & Alexandra Lai, 2007. "Modelling Payments Systems: A Review of the Literature," Staff Working Papers 07-28, Bank of Canada.
    19. 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).
    20. Ed Nosal & Guillaume Rocheteau, 2006. "The economics of payments," Policy Discussion Papers, Federal Reserve Bank of Cleveland, issue Feb.
    21. 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.
    22. Shouyong Shi, 2006. "A Microfoundation of Monetary Economics," Working Papers tecipa-211, University of Toronto, Department of Economics.
    23. Williamson, Stephen D., 2003. "Payments systems and monetary policy," Journal of Monetary Economics, Elsevier, vol. 50(2), pages 475-495, March.

  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. Kahn, Charles M. & Roberds, William, 2007. "Transferability, finality, and debt settlement," Journal of Monetary Economics, Elsevier, vol. 54(4), pages 955-978, May.
    2. Stephen Williamson, 2000. "The Research Agenda: Payment Systems and Private Money," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 2(1), November.
    3. 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.
    4. 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.
    5. 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.
    6. 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.

  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. 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.
    2. 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.
    3. Hyytinen, Ari, 2003. "Information production and lending market competition," Journal of Economics and Business, Elsevier, vol. 55(3), pages 233-253.
    4. Ari Hyytinen & Otto Toivanen, 2000. "Monitoring and Market Power in Credit Markets," Econometric Society World Congress 2000 Contributed Papers 1879, Econometric Society.
    5. Bossone, Biagio, 2000. "What makes banks special ? a study of banking, finance, and economic development," Policy Research Working Paper Series 2408, The World Bank.
    6. 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.
    7. 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.
    8. 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.
    9. 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.
    10. 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.
    11. 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.
    12. Hyytinen, Ari & Toivanen, Otto, 2000. "Monitoring and market power in loan markets," Bank of Finland Research Discussion Papers 9/2000, Bank of Finland.
    13. 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.
    14. 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.
    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. Jeffrey M. Lacker, 1998. "Collateralized debt as the optimal contract," Working Paper 98-04, Federal Reserve Bank of Richmond.
    17. 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.
    18. Jang, Inkee & Kang, Kee-Youn, 2021. "Adverse selection and costly information acquisition in asset markets," Journal of Mathematical Economics, Elsevier, vol. 97(C).
    19. Bose, Arup & Pal, Debashis & Sappington, David E.M., 2012. "Extreme screening policies," European Economic Review, Elsevier, vol. 56(8), pages 1607-1620.
    20. 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.
    21. 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.
    22. 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.
    23. Ho, Wai-Hong & Wang, Yong, 2008. "Asymmetric Information, Auditing Commitment and Economic Growth," MPRA Paper 17469, University Library of Munich, Germany.
    24. 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.

  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. 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.
    2. 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.
    3. 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.
    4. 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.
    5. 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.
    6. 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.
    7. 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.
    8. 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.
    9. 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.
    10. Bental, Benjamin & Eden, Benjamin, 2002. "Reserve requirements and output fluctuations," Journal of Monetary Economics, Elsevier, vol. 49(8), pages 1597-1620, November.
    11. Boel, Paola & Camera, Gabriele, 2004. "Efficient Monetary Allocations and the Illiquidity of Bonds," Purdue University Economics Working Papers 1171, Purdue University, Department of Economics.
    12. 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.

  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. 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.
    2. 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.
    3. 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.
    4. Hendry, Scott & Zhang, Guang-Jia, 2001. "Liquidity Effects and Market Frictions," Journal of Macroeconomics, Elsevier, vol. 23(2), pages 153-176, April.
    5. 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.
    6. 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.

  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. Stephen D. Williamson, 1994. "Do informational frictions justify federal credit programs?," Proceedings, Federal Reserve Bank of Cleveland, pages 523-551.

    Cited by:

    1. 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.
    2. Stefan Arping & Gyöngyi Lóránth & Alan Morrison, 2009. "Public Initiatives to Support Entrepreneurs: Credit Guarantees versus Co-Funding," Tinbergen Institute Discussion Papers 09-019/2, Tinbergen Institute.
    3. 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.
    4. Kartik B. Athreya & Xuan S. Tam & Eric Young, 2011. "Loan guarantees for consumer credit markets," Working Paper 11-06, Federal Reserve Bank of Richmond.
    5. 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.
    6. 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.
    7. Kahn, Charles M. & Wagner, Wolf, 2021. "Liquidity provision during a pandemic," Journal of Banking & Finance, Elsevier, vol. 133(C).
    8. 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).
    9. 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.
    10. 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.
    11. 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.
    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. 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.
    14. 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.
    15. 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).
    16. 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.
    17. 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.
    18. 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.
    19. 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.
    20. 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.
    21. 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.
    22. Fotak, Veljko & Lee, Haekwon, 2020. "Public-private co-lending: Evidence from syndicated corporate loans," Journal of Banking & Finance, Elsevier, vol. 119(C).

  55. 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.
  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. 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.
    2. Jafarey, Saqib & Rupert, Peter, 2001. "Limited Commitment, Money, and Credit," Journal of Economic Theory, Elsevier, vol. 99(1-2), pages 22-58, July.
    3. 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.
    4. Kahn, Charles M. & Roberds, William, 2007. "Transferability, finality, and debt settlement," Journal of Monetary Economics, Elsevier, vol. 54(4), pages 955-978, May.
    5. James J. McAndrews & William Roberds, 1999. "Payment intermediation and the origins of banking," FRB Atlanta Working Paper 99-11, Federal Reserve Bank of Atlanta.
    6. Charles M. Kahn & William Roberds, 1995. "On the efficiency of cash settlement," FRB Atlanta Working Paper 95-11, Federal Reserve Bank of Atlanta.
    7. 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.
    8. Lacker, Jeffrey M., 1997. "Clearing, settlement and monetary policy," Journal of Monetary Economics, Elsevier, vol. 40(2), pages 347-381, October.
    9. Stephen D. Williamson & Randall Wright, 1991. "Barter and monetary exchange under private information," Staff Report 141, Federal Reserve Bank of Minneapolis.
    10. Stephen D. Williamson, 2002. "Private money and counterfeiting," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 37-57.
    11. 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.
    12. Jeffrey M. Lacker, 1996. "Stored value cards: costly private substitutes for currency," Working Paper 96-03, Federal Reserve Bank of Richmond.
    13. 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.
    14. 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.
    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. Francois R. Velde & Warren E. Weber & Randall Wright, 1997. "A model of commodity money, with applications to Gresham's law and the debasement puzzle," Staff Report 215, Federal Reserve Bank of Minneapolis.
    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. 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.
    19. Phillip M Johnson, 2002. "Essays on Capital Markets: Frictions and Social Forces," Levine's Working Paper Archive 618897000000000052, David K. Levine.
    20. Bengt Holmstrom & Jean Tirole, 1996. "Private and Public Supply of Liquidity," NBER Working Papers 5817, National Bureau of Economic Research, Inc.
    21. 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.

  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. 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.
    2. 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.
    3. 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.

  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. David Andolfatto & Ed Nosal, 2017. "Bank Panics and Scale Economies," Working Papers 2017-9, Federal Reserve Bank of St. Louis.
    2. 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.
    3. 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.
    4. Chu, Kam Hon, 2015. "Bank consolidation and stability: The Canadian experience, 1867–1935," Journal of Financial Stability, Elsevier, vol. 21(C), pages 46-60.
    5. 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.
    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. 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.
    2. 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.
    3. Huang, Min & Jiang, Hai & Zhang, Shaohua, 2025. "Nonlinear effects of shadow banking on banks' systemic risk," Pacific-Basin Finance Journal, Elsevier, vol. 93(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. Bougheas, Spiros, 1999. "Contagious bank runs," International Review of Economics & Finance, Elsevier, vol. 8(2), pages 131-146, June.
    6. 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.
    7. 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).
    8. Fungacova, Zuzana & Turk, Rima & Weill, Laurent, 2021. "High liquidity creation and bank failures," Journal of Financial Stability, Elsevier, vol. 57(C).
    9. 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.
    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. 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. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Methods," MPRA Paper 21486, University Library of Munich, Germany.
    2. 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.
    3. 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.
    4. 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.
    5. 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.
    6. Auer, Raphael & Monnet, Cyril & Shin, Hyun Song, 2025. "Distributed ledgers and the governance of money," Journal of Financial Economics, Elsevier, vol. 167(C).
    7. 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.
    8. 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.
    9. 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.
    10. Williamson, Stephen D., 2016. "Scarce collateral, the term premium, and quantitative easing," Journal of Economic Theory, Elsevier, vol. 164(C), pages 136-165.
    11. 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.

  64. 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. Hyytinen, Ari, 2003. "Information production and lending market competition," Journal of Economics and Business, Elsevier, vol. 55(3), pages 233-253.
    2. 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.
    3. Bruno Amable & Jean-Bernard Chatelain & Olivier de Bandt, 2001. "Optimal Capacity in the Banking Sector and Economic Growth," Working papers 85, Banque de France.
    4. 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.
    5. Hyytinen, Ari & Takalo, Tuomas, 2002. "Enchancing Bank Transparency : A Re-assessment," Discussion Papers 828, The Research Institute of the Finnish Economy.
    6. 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.
    7. 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.
    8. 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).
    9. 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.
    10. 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.

  65. 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.
  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. 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.
    3. 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.
    4. 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.
    5. 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.
    6. 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.
    7. 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.
    8. Moore, Winston, 2010. "Managing the Process of Removing Capital Controls: What Does the Literature Suggest?," MPRA Paper 21584, University Library of Munich, Germany.
    9. 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.
    10. 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.
    11. Gong, Binglin & Zhou, Haiwen, 2017. "Financial Development, the Choice of Technology, and Comparative Advantage," MPRA Paper 83207, University Library of Munich, Germany.
    12. 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.
    13. 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.
    14. Hyytinen, Ari & Takalo, Tuomas, 2003. "Preventing systemic crises through bank transparency," Bank of Finland Research Discussion Papers 25/2003, Bank of Finland.
    15. 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.
    16. 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.
    17. Dressler, Scott, 2008. "Economies of scale in banking, indeterminacy, and monetary policy," MPRA Paper 8370, University Library of Munich, Germany.
    18. Wen, Lei & Zhou, Haiwen, 2018. "Financial and Product Market Integration under Increasing Returns to Scale," MPRA Paper 84502, University Library of Munich, Germany.
    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.
IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.