money growth might be an important determinant of cyclical developments in real GDP beyond effects already captured by short … properties are also maintained when looking at a broader set of non-monetary indicator variables. Narrow money therefore seems …. As a result, once the information from narrow money is taken into account, what matters more for the forecast performance …

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 …

individuals use money to make transactions, and hence microfoundations for the cash in advance constraint. We analyze the … emergence of a monetary economy out of a redistribution barter system where goods are sent to a central market and then … specialized merchant, the carrier, appears and causes frictions among traders leading to the appearance of money. There are …

Extensive theoretical analysis of electronic money and electronic money systems based on quantum theoretical approach …. Fundamental critique to traditional approach to electronic money. …