A theory of money needs a proper place for financial intermediaries. Intermediaries diversify risks and create inside … money. In downturns, micro-prudent intermediaries shrink their lending activity, fire-sell assets and supply less inside … money, exactly when money demand rises. The resulting Fisher disinflation hurts intermediaries and other borrowers. Shocks …

effecting the demand for money during the German hyperinflation. One of the difficulties in studying empirically the role of … estimating the demand for money. The emphasis on measures of expectations that are based on data from the foreign exchange … holding domestic money is foreign exchange …

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 …

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

We study models incorporating money, household production, and investment in housing. Inflation, as a tax on market …

The classical and early neoclassical economists knew that the essential function of money was its role as a medium of … economics: the interaction between specialization and exchange, dual fiat currency regimes, the welfare improving role of money …

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 …