either the loan to value ratio declines or house prices fall, we observe a decrease in the money multiplier. We argue that … the central bank should respond to the fall in the money multiplier and therefore to the reduction in house prices or the … money multiplier in response to the drop in the loan to collateral value ratio. …

We construct a search-theoretic model where fiat money coexists with real assets, and all assets can be used as a media … facts: (i) fiat money can be valued despite being dominated in its rate of return; (ii) real assets with identical dividend …

in productivity: hours fall, nominal wages hardly react, and real wages go up with some delay. Regarding money supply …

only the money growth rate if commitment to interbank contracts is not limited. Otherwise, a proper combination of central …

We formulate a generalization of the traditional medium-of-exchange function of money in contexts where there is … that the option to settle transactions directly with money strengthens the stance of sellers of goods and services vis … "latent money demand" considerations imply monetary policy remains effective through medium-of-exchange channels even if the …