We develop a new theory of money and banking based on the old story about goldsmith bankers \u85rst accepting deposits for safe keeping, after which their liabilities began circulating as means of payment, and they began making loans. We \u85rst discuss the story. We then present a model where money is a medium of exchange, but subject to theft, and for safety agents may open bank accounts and pay by check. The equilibrium means of payment can consist of cash, demand deposits, or both; we show how this varies with parameters like the cost of banking and money supply. For some parameters, banks may be necessary for money to be valued. When we allow fractional reserves and a competitive loan market, we derive a money multipler with microfound...
AbstractThis paper presents a multi-agent model describing the main mechanisms of money creation and...
We explore the connection between money, banks, and aggregate credit. We start with a simple “real ”...
This paper presents an integrated theory of money and banking. I address the following question: whe...
We develop a new theory of money and banking based on the old story about goldsmith bankers \u85rst ...
The history of money has always been intertwined with the history of banking. Nevertheless, very few...
This thesis contains three essays studying the emergence of money as a medium of exchange. The searc...
abstract (conclusions): the implications of the use of money are many. there are highly different pr...
We study today’s two-tier money creation and destruction system: Commercial banks create bank deposi...
The fact that money, banking, and financial markets interact in important ways seems self-evident. T...
We explore the connection between money, banks, and aggregate credit. We start with a simple “real ”...
We explore the connection between money, banks, and aggregate credit. We start with a simple “real ”...
We construct a simple environment that combines a limited communication friction and a limited infor...
In most banking models, money is merely modeled as a medium of transactions, but in reality, money i...
We compare three market structures for monetary economies: bargaining (search equilibrium); price ta...
Consumers make transactions of different sizes over time. This paper shows that this fact can highli...
AbstractThis paper presents a multi-agent model describing the main mechanisms of money creation and...
We explore the connection between money, banks, and aggregate credit. We start with a simple “real ”...
This paper presents an integrated theory of money and banking. I address the following question: whe...
We develop a new theory of money and banking based on the old story about goldsmith bankers \u85rst ...
The history of money has always been intertwined with the history of banking. Nevertheless, very few...
This thesis contains three essays studying the emergence of money as a medium of exchange. The searc...
abstract (conclusions): the implications of the use of money are many. there are highly different pr...
We study today’s two-tier money creation and destruction system: Commercial banks create bank deposi...
The fact that money, banking, and financial markets interact in important ways seems self-evident. T...
We explore the connection between money, banks, and aggregate credit. We start with a simple “real ”...
We explore the connection between money, banks, and aggregate credit. We start with a simple “real ”...
We construct a simple environment that combines a limited communication friction and a limited infor...
In most banking models, money is merely modeled as a medium of transactions, but in reality, money i...
We compare three market structures for monetary economies: bargaining (search equilibrium); price ta...
Consumers make transactions of different sizes over time. This paper shows that this fact can highli...
AbstractThis paper presents a multi-agent model describing the main mechanisms of money creation and...
We explore the connection between money, banks, and aggregate credit. We start with a simple “real ”...
This paper presents an integrated theory of money and banking. I address the following question: whe...