recognition to the intertemporal nature of households' saving decisions. Like traditional IS-LM, however, the optimizing version … tends to understate the value of money as an indicator for monetary policy. …

Contracts -- 8. Multiple Exchange Equilibrium and the Balance Sheet -- 9. Degeneration of Money -- 10. Appendix to Part II … Calculus -- 12. The Desired Amount of Money Holding as a Reflex of Benefits and Costs -- 13. Analysis of an Expansionary …-economic issues of our time by use of a terminology that still stems from the times of the Cold War? Money is the other topic. “Toward …

. Specifically, they characterize the optimal return on money in the presence of credit arrangements. There is a dual role for credit …: It allows buyers to trade without fiat money and also permits them to borrow against future income. However, not all … traders have access to credit. As a result, there is a social role for fiat money because it allows agents to self …

rate. Money’s role in monetary policy has been tertiary, at best. Indeed, several influential economists have suggested … that money is irrelevant for monetary policy. They suggest that central banks can control inflation by (i) controlling a … rate in order to exert greater control over longer-term rates. I offer an alternative perspective: namely, that money is …

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