Fundamental models of money always exhibit autarkic equilibria where money has no value. In this paper we propose a … behavior and the primitives of the economy, thus offering insights on the conditions under which money emerges as a medium of … exchange. Overall, our results favour money over autarky, especially if agents are patient. …

This paper adopts mechanism design to investigate the coexistence of fiat money and higher-return assets. We consider … an economy with pairwise meetings where fiat money and risk-free capital compete as means of payment, as in [28]. The … societyʼs welfare. We show that in any stationary monetary equilibrium capital commands a higher rate of return than fiat money. …

Fundamental models of money, while explicit about the frictions that render money essential, are silent on how agents … primitives of the environment and the beliefs on the acceptability of money. We show that an increase in the frequency of trade … meetings, agents always coordinate in the use of money. …

This paper reports findings from an experiment that implements a search-theoretic model of money as a medium of …

A prominent feature of the Kiyotaki–Wright model of commodity money is multiplicity of dynamic equilibria. We show that …

environment with pairwise meetings, the money demand that is consistent with an optimal, incentive feasible allocation takes the …

-following actions. Signs, in turn, are outcomes of population-level interactions. I apply this framework on the case of money, analysing … the emotions that go along with the use of money, and presenting a stylized account of the emergence of money in terms of … the naturalized Searle-Aoki model. In this view, money is a neuronally anchored sign for emotions relating with social …