In most banking models, money is merely modeled as a medium of transactions, but in reality, money is also the most liquid asset for banks. Central banks do not only passively supply money to meet demand for transactions, as often assumed in these models, instead they also actively inject...

The paper models the links between financial fragility, asset markets and monetary policy. It is shown that central bank's concern about the cost of financial disruption generates an asymmetric response, thus contributing to the creation of an asset price bubble. In an economy with a highly...

Industrial organization and the digital economy / Gerhard Illing and Martin Peitz -- Software patents / Chaim Fershtman and Neil Gandal -- Software platforms / David S. Evans, Andrew Hagiu, and Richard Schmalensee -- Digital music / Martin Petiz and Patrick Waelbroeck -- Economists examine file...

This instructor's manual complements the textbook "Money: Theory and Practice," which provides an introduction to modern monetary economics for advanced undergraduates, highlighting the lessons learned from the recent financial crisis. The manual provides teachers with exercises and examples...

This textbook provides an introduction to modern monetary economics for advanced undergraduates, highlighting the lessons learned from the recent financial crisis. The book presents both the core New Keynesian model and recent advances, taking into account financial frictions, and discusses...

This paper provides a framework for modeling the risk-taking channel of monetary policy, the mechanism how financial intermediaries' incentives for liquidity transformation are affected by the central bank's reaction to financial crisis. Anticipating central bank's reaction to liquidity stress...

Einführung -- Grundkonzepte -- Lösungskonzepte für nicht-kooperative Spiele in strategischer Form -- Dynamische Spiele -- Individualistisch-kooperative Spiele und Verhandlungsspiele -- Koalitionsspiele -- Implementierung und Mechanismusdesign -- Evolutorische Spiele -- Zur Geschichte der...