We present a simple, finite-state search model to understand how the cross-sectional distribution of money affects its … value. We first document a network effect: the value of a given unit of money is higher when its distribution is even …. This approach is designed to be especially pertinent in the context of private issuance of money, in particular …

goods trade model which also captures trade through time in the form of inside money as used in macro literature on one good …

may portend negative implications for the stability of the money demand function as well as the effectiveness of monetary …