recognition to the intertemporal nature of households' saving decisions. Like traditional IS-LM, however, the optimizing version … tends to understate the value of money as an indicator for monetary policy. …

monetary exchange and credit. Imperfect memory makes money useful, but it also permits theft to go undetected, and therefore … theft, and the optimal money growth rate tends to rise as the cost of theft falls. …

try to assess the relative importance of money against interest rate in explaining the evolution of the price level in six …

In this paper, I provide a rationale for why money should earn interest; or, what amounts to the same thing, why risk …-free claims to non-interest-bearing money should trade at discount. I argue that interest-bearing money is essential when … individual money balances are private information. The analysis also suggests one reason for why it is sufficient (as well as …

rate. Money’s role in monetary policy has been tertiary, at best. Indeed, several influential economists have suggested … that money is irrelevant for monetary policy. They suggest that central banks can control inflation by (i) controlling a … rate in order to exert greater control over longer-term rates. I offer an alternative perspective: namely, that money is …

money and prices- like the quantity theory one. What is necessary and important is that there should be a relation between … the growth rates of absolute outputs and money. Money affects output and employment. 2. Wages are not assumed to be rigid …. Given the level of employment, all people should work, “earn” money and hence “determine” output. 3. A one line conclusion …

currency or an international central bank. This paper focuses on Hayek’s overall philosophy on international money mechanism … bank and his concerned over unstable arrangements in money mechanism,which, he believes, profoundly affects economic and …