expect the monetary authority to significantly decrease the supply of bank money available for short term loans in the future …

fractional reserves, redemption in gold and endogenous interest rate formation. We specify the conditions of enough money and its …

experience independent demands for money but when it is desirable for each to maintain an independently determined sequence of … two goods are independent, and in which one production process experiences a shock in the demand for money arising from an … for-profit commercial banks inherently propagate shocks in money demand in one sector into price shocks with a tail of …

storable; here in Part 2 we consider economies using durable money, fiat money, or credit. Under this framework we are able to … successfully contrast the role of private money lenders, banks, bilateral credit systems, and credit clearinghouses. We are also … distinctions between the different types of money and financial institutions. The models emphasize the physical properties of the …

A model that includes the cost of producing money is presented and the nature of the inefficient equilibria in the …

Part 2 use durable money, fiat money, or credit. Under this framework we are able to successfully contrast the role of … private money lenders, banks, bilateral credit systems, and credit clearinghouses. We are also able to model the importance of … distinctions among the different types of money and financial institutions. The models emphasize the physical properties of the …

of money, it causes inflation, in the absence of monetary intervention. If the monetary authority attempts to restore pre-credit …The introduction and widespread use of credit cards increases trading efficiency but, by also increasing the velocity … card price levels by reducing the money supply, it might have to sacrifice the efficiency gains. When there is default on …