Department of Economics

Areas of Interest:

• Monetary Economics

Recent Papers:

A. Deviatov and N. Wallace, "A New Model of Central-Bank Intervention: an Example"

N. Wallace and T. Zhu, "A Commodity Money Refinement in Matching Models," Journal of Economic Theory, 117 (2004), 246-58.

Lee, M., N. Wallace and T. Zhu, "Modeling Denomination Structures," Econometrica 73 (2005), 949-960.

T. Zhu and N. Wallace, "Pairwise Trade and Coexistence of Money and Higher-Return Assets," Journal of Economic Theory, 133 (2007), 524-535.

T. Zhu and N. Wallace, Appendix to 'Pairwise Trade and Coexistence of Money and Higher-Return Assets'

N. Wallace and T. Zhu, "Float on a Note," Journal of Monetary Economics, 54 (2007), 229-246.

E. Nosal and N. Wallace, "A Model of (the Threat of) Counterfeiting," Journal of Monetary Economics, 54 (2007), 994-1001.

R. Cavalcanti and N. Wallace, "New Models of Old(?) Payment Questions," forthcoming Bank of England conference volume.

M. Lee and N. Wallace, "Optimal Divisibility of Money When Money is Costly to Produce," The Review of Economic Dynamics, 9 (2006), 541-556.

Notes for undergraduate monetary theory:

• I. The Classical Dichotomy
• II. Competitive Trade Using Money
• III. Uncertainty, Expected Utility, and Competitive Equilibrium
• IV. Lucas's Signal-Extraction Model
• V.  Notes on the Diamond-Dybvig Model of Banking

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Department of Economics, Penn State University, 608 kern Graduate Building, University Park, PA 16802-3306

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