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 …

We study the impact of widespread adoption of work-from-home (WFH) technology using an
equilibrium model where people choose where to live, how to allocate their time between …

In this chapter, we review and discuss the large body of research that has developed over
the past 10-plus years that explores the interconnection of macroeconomics, finance, and …

Mortgages are long-term loans with nominal payments. Consequently, in incomplete asset
markets, monetary policy can affect housing investment and the economy through the cost of …

Abstract Gross Domestic Product (GDP) is the indicator commonly used to measure
economic growth and sustainable development. However, this indicator can be very …

Coinciding with the start of the housing boom were large increases in home-equity lending
and loan-to-equity ratios. We study this in models where housing bears a liquidity premium …

We draw on household survey data from countries of all income levels and document that
average unemployment rates increase with gross domestic product per capita. This is …

We develop a theory of the role of assets in the exchange process and use it to study several
issues in macro, monetary, and financial economics, both analytically and quantitatively. Our …

This paper documents novel facts about the household sector to guide macroeconomic
modeling, including the first estimates of aggregate US home productivity. I derive the …

We analyse dynamic general equilibrium models with more-or-less directed search by
informed buyers and random search by uninformed buyers. This nests existing …