money on long run reallocations of consumption expenditures among durables, nondurables, and services. The time series …This paper tests for long run effects of money on real expenditures in the U.S. over the 1959-2002 period. Real … consumption and investment expenditures, as well as their broadly defined components, are examined. We also test for effects of …

. 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 …

friction for a receipt system (fiat money) to lead to improved allocations in an otherwise frictionless Walrasian model. The … experiments. Some issues regarding the divisibility of money are also discussed. …

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 …

This paper studies the gain from using money as an indicator when monetary policy in made under data uncertainty. We … state of the economy. Money reveals some of the private sector’s information to the policymaker, especially if there is a … forward looking element in money demand. We show that observing money can considerably reduce the loss that is due to …

money has nothing to do with traded output, but everything to do with storing value. But now a new trade theory takes over … monetary theory, by reducing money into a mere tool of trade, as just a means of payment. It takes over theory of exchange … arbitrage, and payments through seigniorage (by creating and issuing money). Suddenly economics studies economy rather than …

'Reality of money' is curiously similar to uncertainty theory of (Hisenburg)quantum physics. To some (natural societies … is thus decided by producers in commodity exchanges. Others (Republicans of Greek civilization) think, money can be only … and time) of money used as unit for measurement of the prices. Under these circumstanes, exchange control is monopoly of …

distinguish its Balance Sheet from its Statement of Conditions. (2) Fiat money should not appear as a liability in a Balance Sheet …