customers. These relations deal with value (quantities and prices), payment (subsistence, barter, money, and bond) and …

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 …

output fluctuations. We do this by introducing money in the heterogeneous-agent real economy of Kiyotaki and Moore (1997 …). Money enters in a cash-in-advance constraint and is injected via open-market operations. We find that a one-time exogenous … contingent. If contingent contracts cannot be written, money shocks can trigger large output fluctuations. In this case a one …

This paper examines the impact of macroeconomic policy shocks in a Real- Business-Cycle Model with money. In addition … random disturbances. Money is introduced in a shopping-time economy. In search of liquidity effect and persistent output …

addition, currency stability and expansionary money supply (M1) growth are other concerns of the BSP, though significantly so …