working papers
"Writing a book is an adventure. To begin with, it is a toy and an amusement; then it becomes a mistress; then it becomes a master; then it becomes a tyrant. The last phase is that just as you are about to be reconciled with your servitude, you kill the monster, and fling him out to the public."
Winston Churchill
Monetary Policy Operations: Theory, Evidence, and Tools for Quantitative Analysis
(with Gastón Navarro)
On Socializing and Social Distancing in Markets: Implications for Retail Prices, Store-level Consumer Density, and Disease Transmission
The Limits of onetary Economics: On Money as a Latent Medium of Exchange
(with Shengxing Zhang)
The Limits of onetary Economics: On Money as a Medium of Exchange in Near-Cashless Credit Economies
(with Shengxing Zhang)
Turnover Liquidity and the Transmission of Monetary Policy
(with Shengxing Zhang)
Monetary Exchange in Over-the-Counter Markets: A Theory of Speculative Bubbles, the Fed Model, and Self-fulfilling Liquidity Crises
(with Shengxing Zhang)
The Over-the-Counter Theory of the Fed Funds Market: A Primer
(with Gara Afonso)
Trade Dynamics in the Market for Federal Funds
(with Gara Afonso)
An Empirical Study of Trade Dynamics in the Fed Funds Market
(with Gara Afonso)
Liquidity in Asset Markets with Search Frictions
(with Guillaume Rocheteau)
Search in Asset Markets
(with Guillaume Rocheteau)
Inside and Outside Money
Asset Prices and Liquidity in an Exchange Economy
A Model of Job and Worker Flows
(with Nobu Kiyotaki)
A Unified Framework for Monetary Theory and Policy Analysis
(with Randy Wright)
A Model of TFP
Inflation, Output and Welfare
(with Guillaume Rocheteau)
Money and Capital as Competing Media of Exchange
(with Guillaume Rocheteau)