We propose a model in which money performs an essential role in the process of exchange, despite the presence of a … room for a record-keeping device, such as money, that strictly improves the functioning of the clearing house. …

demand for money, we assume that Government bonds are subject to a minimum purchase requirement. Differently from this theory …

Prior to the financial crisis mainstream monetary policy practice had become disconnected from money. We outline the … basic rationale for this development using a simple model of money and credit in which we explore the conditions under which … money matters directly for the conduct of policy. Then, drawing on Goodfriend and McCallum's (2007) DSGE model, we examine …

seems to be not essential to rationalize the use of money in a search theoretic framework. This paper analyzes an endogenous … price search model of money where there is universal double coincidence of wants. The existence of a monetary equilibrium … particular, entrepreneurs are assumed to produce a fixed amount of a divisible consumption good by means of labour services …

This paper presents a model where aggregate consumption depends on both the level of wealth and the age structure of … population ageing as a determinant of aggregate saving. …

existence of a bank-lending channel affecting the investment rate, the amount of borrowing, and the probability of financial …

The literature on the relationship between exchange rate and investment mainly focuses on the devaluation argument …, which provides evidence that a devaluation may positively affect investment spending. The goal of this paper is to extend … firms and using a model of signal extraction we find that exchange rate volatility reduces investment, with a decreasing …