aftermath of the 2008 financial crisis. One of our most important innovations is to utilize the Divisia M4 index of money as the …

This paper establishes the existence of equilibria for environments in which outside money is issued competitively …. Such equilibria are typically believed not to exist because of a classic overissue problem: if money is valued in … equilibrium, an issuer produces money until its value is driven to zero. By backward induction, money cannot have value in the …

inflation have changed several times. Each of the changes in the measures of money was sparked by a breakdown in the fit of … empirical money demand functions. The Federal Reserve's strategy following these breakdowns has been to redefine money by simply … empirically stable money demand function. Unfortunately, while a stable demand for money is a worthwhile ultimate goal, history …