We describe a stochastic economic environment in which the mix of money and trade credit used as means of payment is … monetary policy and for time series analysis using money and trade credit. …

particular institutions for commodity money. Information-intensive lending and payments services have been provided jointly by …

Many different models of money stock determination exist in the literature. An attempt is made here to understand why … that the price level adjust in order to cause the real quantity of money to equal the real quantity demanded. In contrast …, in the real bills or banking school tradition, the nominal quantity of money adjusts in order to provide the real …

The main objective of this note is to examine whether the interest elasticity of money demand has increased during the … last few years. A simple money demand regression that includes additional intercept and slope dummy variables defined over … the elasticity of money demand with respect to market interest rates has for now increased. No shifts are detected in …

wage bill. The second example is based on the Kiyotaki-Wright model of money. I explain how equilibrium prices depend in a …

During the mid-1970s standard regressions explaining the demand for money underwent a well documented shift. This shift …

changes to explain how money-stock fluctuations produce corresponding business-cycle oscillations in output and employment. He …-balance money-supply-and-demand framework to explain how the nominal money supply relative to real money demand determines the price … money under metallic standards and fixed exchange rates, and (ii) exchange rate determination under floating rates and …

In any discussion of the demand for money it is important to be clear about the concept of money that is being utilized … payment for any commodity. Money thus conceived will also serve as a store of value, but may be of minor importance to the …