reopen the security market at the end of the day. With this modification, overnight money demand is precisely zero. I show …

We explore the connection between money, banks, and aggregate credit. We start with a simple real' model without money … then introduce money in this model. We show that if demand deposits are repayable in money rather than in goods, banks can …, reducing the real value of the deposits banks have to pay out. But demand deposits payable in money can expose the banks to new …

annual wholesale price indexes for the period 1948-76. The data on money shocks are the unanticipated money growth series … results are negative. They reject the hypothesis that unexpected money shocks, as measured by Barro, affect price dispersion …

magnitude of the unperceived money growth. The testing of this hypothesis requires two preliminary steps. First, a price … unperceived money growth. This estimation implies the postulation of an available information set and also a function relating the … variables in this set to money creation. The function used was based on considerations related to government demand for revenue …

We formulate a generalization of the traditional medium-of-exchange function of money in contexts where there is … that the option to settle transactions directly with money strengthens the stance of sellers of goods and services vis … "latent money demand" considerations imply monetary policy remains effective through medium-of-exchange channels even if the …

We show that decentralized privately created money with unstable values can hinder the traded, more transaction … new federally-regulated, fully-backed currency as an alternative to the pre-existing money supply, which consisted of … this new type of stable, federally-backed money as a natural experiment, we show that places gaining access to the new …