CORDIS Project
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This project aims to develop a unified theory of money and liquidity within macroeconomic theory. It addresses critical questions regarding the impact of monetary policy on the economy and the nature of financial crises, seeking to understand the underlying mechanisms.
In the last few years, Professor Nobuhiro Kiyotaki (Princeton) and I have attempted to provide the bare bones of a simple, unified theory of money and liquidity that can be integrated into the rest of macroeconomic theory, staying as close as possible to the standard competitive macroeconomic framework.
But there is a lot of work ahead.
The bones have little or no flesh.
Here are some of the major puzzles that are outstanding.
Why is it that small adjustments to nominal interest rates by a centr…
THE UNIVERSITY OF EDINBURGH
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