The observed money demand in the US had a stable negative relation with the interest rate
up until the 1990s. After this period, this relation fell apart and has never been restored. We …

Using micro-level data for the US, we provide new evidence-at national and state levels-of a
positive (negative) relationship between the standard deviation (coefficient of variation) and …

I construct a monetary model with agents that face idiosyncratic shocks to how they discount
future utility. Once shocks are revealed, agents trade money for bonds in a financial market …

We investigate the welfare-increasing role of credit and banking at zero interest rates in a
microfounded general equilibrium monetary model. Agents differ in their opportunity costs of …

We study optimal policy design in a monetary model with heterogeneous preferences. In the
model, financial markets are incomplete and households are heterogeneous with respect to …

We develop a monetary economy in which banking market power and its associated
dispersion in depositand loan rates are equilibrium phenomena. The theory accounts for the …

I incorporate the time-inconsistent preference for hyperbolic discounting into a monetary
search model following Lagos and Wright (2005) and use it to analyze two economies. One …