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 …

How well can a cryptocurrency serve as a means of payment? Cryptocurrencies need to
overcome double‐spending by costly mining and by delaying settlement. We formalize this …

Two experts in monetary policy offer a unified framework for studying the role of money and
liquid assets in the economy. In Money, Payments, and Liquidity, Ed Nosal and Guillaume …

What determines which assets are used in transactions? We develop a framework where the
extent to which assets are recognizable determines the extent to which they are acceptable …

This article argues that a pressing goal for macroeconomics is to incorporate financial
considerations, but we need models with solid microfoundations. In particular, the use of …

The effective liquidity supply of the economy—the weighted-sum of all assets that serve as
media of exchange—matters for interest rates and unemployment. We formalize this idea by …