implications of our model for monetary economics. When a central bank increases the money supply, it must inject the money … somewhere in the economy. We demonstrate that the agent closest to the location where money is injected is better off, and the …. Symmetrically, any decrease in the money supply redistributes purchasing power in the other direction. We also outline the testable …

ability of money-based forecasts relative to a simple random walk benchmark model was high at medium-term forecasting horizons …

Prior to the financial crisis mainstream monetary policy practice had become disconnected from money. We outline the … basic rationale for this development using a simple model of money and credit in which we explore the conditions under which … money matters directly for the conduct of policy. Then, drawing on Goodfriend and McCallum's (2007) DSGE model, we examine …

monetaryaggregates to a one-off monetary policy shock. We find that – as theory suggests –money growth is dampened by a restrictive …

This paper contributes to the micro-foundation of money in centralizedmarkets with idiosyncratic uncertainty. It shows …

This paper contributes to the micro-foundation of money in centralized markets with idiosyncratic uncertainty. It shows … existence of stationary monetary equilibria and ensures that there is an optimum quantity of money. The rational solution of our …

monetary aggregates to a one-off monetary policy shock. We find that - as theory suggests - money growth is dampened by a … caused by the rise in the short-term interest rate. This has consequences for the interpretation of money growth as an input …