investment of money market funds (MMFs) at the Federal Reserve's overnight reverse repo (ON RRP) facility has continued to …

The rate-of-return-dominance puzzle asks why low-return assets, like fiat money, are used in actual economies given … monetary models which arbitrarily restrict the marketability properties of alternative assets to make money valuable are … difficult to assess. In this paper, I provide a framework in which fiat money has value in equilibrium, even though a higher …

DSGE model. Considering SVAR models in which either the interest rate is predetermined for money or these two monetary … estimated monetary policy rule is strongly sensitive to the identification scheme. This suggests that the way money is …

interbank money market. This paper shows in particular that a central bank not only has the capacity but indeed must strive to … event of temporary money demand shocks. During the first part of the crisis, the ECB acted in accordance with the separation …

the retail deposit supply owing to, for example, a decrease in bank reserves or in money demand, banks try to substitute …