Enter search term Search
About Us
We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American public — to serve you. And our mission is to foster economic stability and strength.

Learn more about our bank >
Banking & Supervision
We work to support a safe and sound financial system and foster an efficient and accessible payments system.
- Consumer Resources
- Contacts
Economic Research
We conduct research to support policymaking and thought leadership on issues important to the Federal Reserve and the Fifth District. We also inform the public through our data and economic analysis, publications, presentations and educational resources.

Learn more about Economic Research >
Region & Communities
We share research, data and resources and regularly engage regional leaders and policymakers to understand and address community‑specific economic issues.
- Our Region
Education
We work with teachers, students and the public to enhance understanding of economics, personal finance and the Federal Reserve.

Learn more about our resources and educational programs. >
- Resources & Programs
- Economic Education Outreach
- Our Team

Limited Participation and the Neutrality of Money

By Stephen D. Williamson

Economic Quarterly

Spring 2005

An exploration of limited participation models reviews the literature and plots some new directions of research in this area. I constructed and modified a baseline cash-in-advance model to illustrate the main ideas. The model shows how limited participation can explain the liquidity effect and nonneutralities of money arising from the distribution effects of monetary policy actions.

Download article

Lisa Davis