the origin of the aggregate volatility reduction. We show that states with relatively high concentrations in the durable-goods …

monetary policy framework. Inclusion of judgement in forecasts can lead to self-fulfilling fluctuations, but without the …

How did it become possible to exchange apparently valueless pieces of paper for goods? This paper provides an … equilibrium account of the transition between barter and fiat money regimes. The explanation relies on the intervention of a self …-interested government which must be able to promise credibly to limit the issue of money. To achieve credibility, the government must offset …