Refereed Publications

"Credit, Banking, Liquidity Shortfall, and Monetary Policy" with Manjong Lee, 2016, International  Review of Economics and Finance, 46, 87-99. (Working Paper version)

"Multiple Means of Payment, Excess Reserves, and Monetary Policy" with Manjong Lee, 2016, Korean Economic Review, 32, 5-21. [Lead Article]

"Inflation, Credit, and Indexed Unit of Accountwith Ohik Kwon and Manjong Lee, 2016, International Review of Economics and Finance, 41, 144-154. (Working Paper version)

"Monetary Policy, Endogenous Transactions, and Financial Market Segmentation", 2015, Journal of Macroeconomics, 44, 234-251. (Working Paper version)

"Money, Credit, Risk of Loss, and Limited Participation", 2014, International Review of  Economics and Finance, 34, 9-23. (Working Paper version)

"Money and Risk of Loss in an Asset Market Segmentation Model", 2013, International Review of Economics and Finance, 25, 146-155. (Working Paper version)

"Money, Credit, and Limited Participation", 2011, Macroeconomic Dynamics, 15, 615-655. (Working Paper version)

"Money and Crime In a Cash-In-Advance Model", 2011, Southern Economic Journal, 77, 652-673. (Working Paper version

"Monetary Policy and Endowment Risk in a Limited Participation Model", 2011, Economic Inquiry49, 89-93. (Working Paper version)

"Money, Credit, and Opportunity Costs", 2009, Bohum Geumyung Yeon-Gu (Journal of  Insurance Studies), 20, 229-257. 

Working Papers

"Payments Systems, Liquidity, Collateral, and Central Banking",  2017. 
(Previously, circulated under the title “Payments Systems, Interest, Distribution, and Monetary Policy.”)
"Inflation Risk, Settlement Cycles, and Monetary Policy",  2017.

"Money, Payments Systems, Limited Participation, and Monetary Policy",  2017.

"Money, Debit Card, Gross-Settlement Risk, and Central Banking",  2018.