the origin of the aggregate volatility reduction. We show that states with relatively high concentrations in the durable-goods …

expected inflation, which in turn, reduces the real interest rate and leads to an increase in private consumption. This paper …

-theoretic environment with divisible money and goods. We find that in such a setting, a positive feedback between work and shopping effort …This paper investigates the relationship between money growth, inflation, and productive activity in a general … equilibrium model where search frictions motivate the transactions role of money. The use of a multiple matching technique, where …