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

to the path of short-term rates; 3) deposit insurance has been extended, helping to insulate the money stock from credit …

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 …

trillion. The effect of reserve balances in simple macroeconomic models often comes through the money multiplier, affecting the … money supply and the amount of bank lending in the economy. Most models currently used for macroeconomic policy analysis …, however, either exclude money or model money demand as entirely endogenous, thus precluding any causal role for reserves and …

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 …