This essay surveys the new monetarist approach to liquidity. Work in this literature strives for
empirical and policy relevance, plus rigorous foundations. Questions include: What is …

I review the recent literature that applies search-and-matching theory to the study of over-the-
counter financial markets. I formulate and solve a simple model to illustrate the typical …

Bank-created money, shadow-bank money, and Treasury bonds all satisfy investors'
demand for liquidity. We measure the quantity of these forms of liquidity and their …

A new edition of a book presenting a unified framework for studying the role of money and
liquid assets in the economy, revised and updated. In Money, Payments, and Liquidity …

We provide empirical evidence of a novel liquidity-based transmission mechanism through
which monetary policy influences asset markets, develop a model of this mechanism, and …

The studies on monetary policy highlight that a contractionary policy reduces a firm's access
to external funds. However, it is unknown whether it affects men and women equally. In this …

We develop a model of a two‐sided asset market in which trades are intermediated by
dealers and are bilateral. Dealers compete to attract order flow by posting the terms at which …

This paper studies, analytically and numerically, economies with multiple liquid assets: fiat
currency; fixed-supply real assets; and reproducible capital. Cases are considered where …

How do central bank purchases of illiquid assets affect asset prices and the real economy?
To answer this question, I construct a model with heterogeneous households–some …

Should regulators encourage the migration of trade from over-the-counter (OTC) to
centralized markets? To address this question, we study a model in which banks make …