We build a dynamic monetary model with two types of electronic money: reserves for transactions between bankers and zero-maturity deposits for transactions in the non-bank private sector. Using this model, we discuss about unconventional monetary policy during the Great Recession. Committing to...

We build a dynamic model with currency, demand deposits and bank reserves. The monetary base is controlled by the central bank, while the money supply is determined by the interactions between the central bank, banks and public. In banking crises when banks cut loans, a Taylor rule is not...

We develop a dynamic model with two types of electronic money: reserves for transactions between bankers and zero-maturity deposits for transactions in the non-bank private sector. Using this model, we assess the efficacy of unconventional monetary policy since the Great Recession. After...

We build a model for emerging economies where households could search goods through two retail platforms: the legal organized (supermarket) and the informal unorganized (mom-and-pop store). We highlight the role of the retail sector as a special two-sided platform in goods market. A positive...

Since 1980, the U.S. economy has witnessed simultaneously two macroeconomic themes: (i) the substantial growth of the financial sector, and (ii) the significant rise in income inequality. At the same time, there was a crucial change in the financial market where a wide range of new financial...

Using the sparse grid, we solve a DSGE model where there are two types of electronic money: reserves (e-money that is issued by the central bank for banks) and zero maturity deposits (e-money that is issued by banks). Transactions between bankers are settled by reserves, while transactions in...