. We show that the same frictions that give fiat money a positive value generate an inefficient quantity of goods in each …

was its enthusiastic endorsement by John Maynard Keynes, in his Treatise of Money, published the following year, in 1930 …

induces optimal money growth to be above the Friedman rule. …

This paper advances a model which can account for these five prominent facts of monetary economics. (i) Money is held …). The model is designed to capture three features of reality, which form the basis for modeling money as a dominated asset …: Income and expenditures by households and firms are not synchronized. Money is used to transfer income from the time it is …

Postan, this paper seeks to prove that 'money mattered', and in particular that the oscillations in price levels (as measured … monetary changes, both in money stocks and flows. The evidence, in both tables and graphs, will demonstrate that the prices for … coinage debasements. Money does indeed matter. …

Dispersion of money balances among individuals is the basis for a range of policies but it has been abstracted from in … monetary theory for tractability reasons. In this paper, we fill in this gap by constructing a tractable search model of money … with a non-degenerate distribution of money holdings. We assume search to be directed in the sense that buyers know the …

We construct and analyze a tractable search model of money with a non-degenerate distribution of money holdings … and provide conditions under which the steady-state distribution of buyers over money balances is non-degenerate. Moreover …

differences in relative prices can be explained as well by real factors. Thus the core theme of the paper: 'money matters', though …

developed financial sectors. In this paper, we integrate a microfounded model of money and finance into a model of endogenous …