. Money as a social representative of value, therefore, is introduced at the very beginning of Marx’s microeconomics. Marx …’s rejection of Ricardo’s interpretation of Say’s Law requires that money as a means of circulation and as a means of payment is … realisation of profits for the capitalist class as a whole requires money advances, which have to increase by means of rising …

Lagos and Wright (2005) demonstrate how the essential properties of a money-search model are preserved in an … markets under limited commitment and private information. The analysis demonstrates clearly how insurance, credit, and money … the Friedman rule. In particular, I find that the same frictions that render money essential may at the same time operate …

order to generate a role for money and intermediation. We ask whether there is any reason to expect the emergence of a … banking sector (i.e., institutions that combine the business of money creation with the business of intermediation). In our … model the unique equilibrium is characterized, in part, by the existence of an agent that: (1) creates money (a debt …

(EMU), in the first step a Post-Keynesian competitive claims model of inflation with endogenous money is developed. In this …

. Unlike physical capital, intermediated claims are assumed to be liquid-they constitute a form of asset-backed money. The … strictly positive inflation. While it is also possible to implement the first-best by introducing at money and a lump- sum tax …