We study the macroeconomic consequences of issuing central bank digital currency (CBDC)-
a universally-accessible and interest-bearing central bank liability that competes with bank …

We study the macroeconomic consequences of issuing central bank digital currency (CBDC)—
a universally accessible and interest-bearing central bank liability, implemented via …

In the intermediation of loanable funds model of banking, banks accept deposits of pre-
existing real resources from savers and then lend them to borrowers. In the real world, banks …

At the height of the Great Depression a number of leading US economists advanced a
proposal for monetary reform that became known as the Chicago Plan. It envisaged the …

In the loanable funds model, banks are modelled as resource-trading intermediaries that
receive deposits of physical resources from savers before lending them to borrowers. In the …

We study the properties of a monetary economy with an essential role for risky bank lending.
Banks issue deposits and lend to entrepreneurs. Because banks׳ lending rate cannot be …

At the height of the Great Depression a number of leading US economists advanced a
proposal for monetary reform that became known as the Chicago Plan. It envisaged the …

Financial liberalization increases growth, but leads to more crises and costly bailouts. We
present a two-sector model in which liberalization, by allowing debt-denomination mismatch …

This paper studies the implications of heterogeneous capital gain expectations on output
and asset prices. We consider a disequilibrium macroeconomic model where agents' …

Understanding gross capital flows is increasingly viewed as crucial for both macroeconomic
and financial stability policies, but theory is lagging behind many key policy debates. We fill …