the rehypothecation of assets. We find that in high inflation-high interest rate economies, rehypothecation improves …

We construct a model in which all consolidated government debt is used in transactions, with money being more widely … acceptable. When asset market constraints bind, the model can deliver low real interest rates and positive rates of inflation at …

A model of money, credit, and banking is constructed in which the differential pledgeability of collateral and the …

This paper investigates the relationship between money growth, inflation, and productive activity in a general … equilibrium model where search frictions motivate the transactions role of money. The use of a multiple matching technique, where … frictions play in determining the extent to which inflation distorts relative prices, and the effect of money growth on firm …

inside and outside money does and does not allow the economy to achieve a first-best allocation of resources. We also study …