Reading Group

On a weekly basis, the economic theory division meets in a reading group to discuss ongoing research projects. 
Please find the detailed schedule here.

Publications

A Model of Endogenous Financial Inclusion: Implications for Inequality and Monetary Policy, 2019.
Journal of Money, Credit and Banking, accepted.
Mohammed Aït Lahcen with Pedro Gomis-Porqueras, Deakin University, Australia.

Money, Banking and Financial Markets, 2019.
Review of Economic Studies, forthcoming.
Aleksander Berentsen with David Andolfatto, Federal Reserve Bank of St. Louis and Fernando Martin, Federal Reserve Bank of St. Louis.

Savings, Asset Scarcity, and Monetary Policy, 2019.
Journal of Economic Theory, 182, 329-359.
Lukas Altermatt

Frictional Asset Reallocation under Adverse Selection, 2019.
Journal of Economic Dynamics and Control, 100, 115-130.
Florian Madison

Stablecoins: The quest for a low-volatility cryptocurrency, 2019. 
In A. Fatas (ed.), The Economics of Fintech and Digital Currencies, CEPR Press.
Aleksander Berentsen with Fabian Schär, University of Basel.

Exit Strategies for Monetary Policy, 2018.
Journal of Monetary Economics, 99, 20-40.
Aleksander Berentsen with Sébastien Kraenzlin, Swiss National Bank and Benjamin Müller, Swiss National Bank.

The Case for Central Bank Electronic Money and the Non-case for Central Bank Cryptocurrencies, 2018. 
Federal Reserve Bank of St. Louis Review, Second Quarter 2018, 97-106.
Aleksander Berentsen with Fabian Schär, University of Basel.

A Short Introduction to the World of Cryptocurrencies, 2018.
Federal Reserve Bank of St. Louis Review, First Quarter 2018, 1-16.
Aleksander Berentsen with Fabian Schär, University of Basel.

Limited Commitment and the Demand for Money, 2018.
The Economic Journal, 128, 1128-1156.
Aleksander Berentsen with Samuel Huber, University of Basel, Switzerland and Alessandro Marchesiani, University of Liverpool, United Kingdom. 

Liquidity Premiums on Government Debt and the Fiscal Theory of the Price Level, 2018. 
Journal of Economic Dynamics and Control, Volume 89, April 2018, Pages 173-182.
Aleksander Berentsen with Christopher Waller, Federal Reserve Bank of St.Louis, USA.

Comments on “Frictional capital reallocation I: Ex ante heterogeneity” by R. Wright, S.X. Xiao, and Y. Zhu, 2018.
Journal of Economic Dynamics and Control, Volume 89, April 2018, Pages 117-119. 
Aleksander Berentsen with Florian Madison, University of Basel.

Limelight on Dark Markets: Theory and Experimental Study of Liquidity and Information, 2017.
Journal of Economic Dynamics and Control, Volume 75, February 2017, Pages 70–90.
Aleksander Berentsen with Michael McBride, University of California at Irvine, USA and Guillaume Rocheteau, University of California at Irvine, USA.

The Societal Benefits of a Financial Transaction Tax, 2016.
European Economic Review, Volume 89, October 2016, Pages 303-323.
Aleksander Berentsen with Samuel Huber, University of Basel, Switzerland and Alessandro Marchesiani, University of Liverpool, United Kingdom.

Monetary Policy with Asset-Backed Money, 2016. 
Journal of Economic Theory, 164 (July), 166–186.
Aleksander Berentsen with David Andolfatto, Federal Reserve Bank of St. Louis and Simon Fraser University and Christopher Waller, Federal Reserve Bank of St. Louis, USA.

Financial Innovations, Money Demand and the Welfare Cost of Inflation, 2015.
Journal of Money, Credit and Banking, 47(2), 223-261.
Aleksander Berentsen with Samuel Huber, University of Basel, Switzerland and Alessandro Marchesiani, University of Liverpool. 

Optimal Stabilization Policy with Search Externalities, 2015.
Macroeconomic Dynamics, 19(3), 669-700.
Aleksander Berentsen with Christopher Waller, Federal Reserve Bank of St.Louis, USA.

The Effect of the Monetary Base Expansion on the Balance Sheet of Domestic Banks, 2015.
Quarterly Bulletin of the Swiss National Bank, 01/2015.
Lukas Altermatt with Romain Baeriswyl, Swiss National Bank.

Floor Systems for Implementing Monetary Policy: Some Unpleasant Fiscal Arithmetic, 2014. 
Review of Economic Dynamics, 17(3), 523-542.
Aleksander Berentsen with Alessandro Marchesiani, University of Liverpool and Christopher Waller, Federal Reserve Bank of St. Louis, USA.

Degreasing the Wheels of Finance, 2014.
International Economic Review, 55(3), 735-763.
Aleksander Berentsen with Samuel Huber, University of Basel and Alessandro Marchesiani, University of Liverpool.

Optimal Disclosure Policy and Undue Diligence, 2014.
Journal of Economic Theory, 149, 128-152.
Aleksander Berentsen with David Andolfatto, Federal Reserve Bank of St. Louis and Simon Fraser University and Christopher Waller, Federal Reserve Bank of St. Louis, USA.

Liquidity, Innovation and Growth, 2012.
Journal of Monetary Economics, 59, 721-737.
Aleksander Berentsen with Mariana Rojas Breu, Université Paris Dauphine, France and Shouyong Shi, University of Toronto, Canada.

Price Level Targeting and Stabilization Policy, 2011.
Journal of Money, Credit and Banking, 43(7), 559-580. 
Aleksander Berentsen with Christopher Waller, Federal Reserve Bank of St. Louis, USA.

Outside Versus Inside Bonds: A Modigliani-Miller Type Result for Liquidity Constrained Households, 2011.
Journal of Economic Theory, 146, 1852–1887.
Aleksander Berentsen with Christopher Waller, Federal Reserve Bank of St. Louis, USA.

Inflation and Unemployment in the Long Run, 2011. 
American Economic Review, 101(1), 371-98.
Aleksander Berentsen with Guido Menzio, University of Pennsylvania, USA and Randall Wright, University of Wisconsin-Madison.
additional material

Central Bank Design with Heterogeneous Agents, 2009. 
European Economic Review, 53(2), 139-152.
Aleksander Berentsen with Carlo Strub, University Of Basel.

Monetary Policy in a Channel System, 2008. 
Journal of Monetary Economics, 55(6), 1067-1080.
Aleksander Berentsen with Cyril Monnet, University of Bern, Switzerland.

Learning, Public Good Provision and the Information Trap, 2008.
Journal of Public Economics, 92, 998-1010.
Aleksander Berentsen with Simon Loertscher, University of Melbourne, USA and Esther Bruegger, NERA Economic Consulting, USA.

On Cheating, Doping and Whistleblowing, 2008.
European Journal of Political Economy, 24(2), 415-436.
Aleksander Berentsen with Simon Loertscher, University of Melbourne, USA and Esther Bruegger, NERA Economic Consulting, USA.

Friedman Meets Hosios: Efficiency in Search Models of Money, 2007.
The Economic Journal 117 (516), 174-195.
Aleksander Berentsen with Guillaume Rocheteau, Federal Reserve Bank of Cleveland, USA and Shouyong Shi, University of Toronto, Canada.

Money, Credit and Banking, 2007.
Journal of Economic Theory, 135(1), 171-195.
Aleksander Berentsen with Gabriele Camera, Purdue University, USA and Christopher Waller, Federal Reserve Bank of St. Louis, USA.

Implementing monetary policy using a corridor system, 2006.
Research Bulletin, European Central Bank, DG Research, No. 5, December 2006.
Aleksander Berentsen with Cyril Monnet, University of Bern, Switzerland.

On the Private Provision of Fiat Currency, 2006.
European Economic Review, 50(7), 1683-1698.
Aleksander Berentsen

The Distribution of Money Holdings and the Non-Neutrality of Money, 2005.
International Economic Review, 46(2), 465-487. 
Aleksander Berentsen with Gabriele Camera, Chapman University, USA and Christopher Waller, Federal Reserve Bank of St. Louis, USA.

Money and Information, 2004.
Review of Economic Studies, 71, 915-944. 
Aleksander Berentsen with Guillaume Rocheteau, University of California at Irvine, USA.

The Distribution of Money and Prices in an Equilibrium with Lotteries, 2004. 
Economic Theory, 24(4), 887-906. 
Aleksander Berentsen with Gabriele Camera, Chapman University, USA and Christopher Waller, Federal Reserve Bank of St. Louis, USA. 
Reprinted in “Recent developments in money and finance,” G. Camera ed., 
Springer.

Fraudulent Accounting and Other Doping Games, 2004.
Journal of Institutional and Theoretical Economics, 160(3), 402-415.
Aleksander Berentsen with Yvan Lengwiler, University of Basel.

Money and the Gains from Trade, 2003.
International Economic Review, 44(1), 263-297. 
Aleksander Berentsen with Guillaume Rocheteau, Federal University of California at Irvine, USA.

On the Friedman Rule in Search Models of Money, 2003. 
B.E. Journals in Macroeconomics (Contributions to Macroeconomics), Vol. 3, Issue 1.
Aleksander Berentsen with Guillaume Rocheteau, University of California at Irvine, USA.

The Economics of Doping, 2002.
European Journal of Political Economy, 18(1), 109-127.
Aleksander Berentsen

On the Distribution of Money Holdings in a Random-Matching Model, 2002. 
International Economic Review, 43(3), 945-954.
Aleksander Berentsen

On the Efficiency of Monetary Exchange. How Divisibility of Money Matters, 2002.  
Journal of Monetary Economics, 49(8), 1621-1649. 
Aleksander Berentsen with Guillaume Rocheteau, University of California at Irvine, USA.

Indivisibilities, Lotteries, and Monetary Exchange, 2002.
Journal of Economic Theory, 107, 70-94.
Aleksander Berentsen with Miguel Molico, Bank of Canada, Canada and Randall Wright, University of Wisconsin-Madison, USA.

Money in Bilateral Trade, 2002.
Swiss Journal of Economics and Statistics, 138(4), 489-506. 
Aleksander Berentsen with Guillaume Rocheteau, University of California at Irvine, USA.

Monnaie et Termes de l'échange dans les Modèles de Prospection, 2001
Revue d’Economie Politique 111 (3), 377-99. 
Aleksander Berentsen with Guillaume Rocheteau, University of California at Irvine, USA.

Money Inventories in Search Equilibrium, 2000.
Journal of Money, Credit, and Banking, 32(2), 168-178.
Aleksander Berentsen

Monetary Policy Implications of Digital Money: Reply to Malte Krueger, 1999. 
Kyklos (International Review of Social Science), 52(2), 263-264.
Aleksander Berentsen

Monetary Policy Implications of Digital Money, 1998.
Kyklos (International Review of Social Sciences), 51(1), 89-117.
Aleksander Berentsen

 

Job Market Papers

Inside Money, Investment, and Unconventional Monetary Policy, 2019.
Lukas Altermatt

Informality, Frictional Markets and Monetary Policy, 2019.
Mohammed Aït Lahcen

 

Books and Book Chapters

Cash on Trial

By Aleksander Berentsen, Nicole Jonker, Malte Krueger, Harry Leinonen, Katharina Linsbauer, Nikos Passas, Fabian Schär, Friederich Schneider, Paolo Tasca and Jens Ulbrich
Edited by Christian Beer, Ernest Gnan and Urs W. Birchler

 

Working Papers

Bank lending, financial frictions, and inside money creation, 2019.
Lukas Altermatt

Liquidity, the Mundell-Tobin Effect, and the Friedman Rule, 2019.
Lukas Altermatt with Christian Wipf, University of Bern.

What is the Value of Being a Superhost? Pricing and Ratings in Search Equilibrium, 2019.
Aleksander Berentsen with Mariana Rojas-Breu, University Paris Dauphine, PSL and Christopher Waller, Federal Reserve Bank of St. Louis. 

Peer-to-Peer Lending, Joint Liability and Financial Inclusion with Altruistic Investors, 2019.
Aleksander Berentsen with Marina Markheim, University of Basel.

Terms of Trade Shocks and Labor Market Dynamics in Commodity-Exporting Economies, 2018.
Mohammed Aït Lahcen

Entrepreneurial Finance, Home Equity, and Monetary Policy, 2018
Florian Madison with Paul Jackson, University of California, Irvine.  

Asymmetric Information in Frictional Markets for Liquidity - Collateralized Credit vs Asset Sale, 2017.
Florian Madison

A Tale of Fire Sales and Liquidity Hoarding, 2014.
Aleksander Berentsen with Benjamin Müller, Swiss National Bank.

Central Bank Policy in the European Sovereign Debt Crisis: An Analysis of Martingale Gambling Strategies and Self-fulfilling Prophecies, 2012.
Florian Madison

Free-Riding on Liquidity, 2012.
Aleksander Berentsen with Samuel Huber, University of Basel, Switzerland, and Alessandro Marchesiani, University of Liverpool.