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 …

of the Hamilton thesis was its enthusiastic endorsement by John Maynard Keynes, in his Treatise of Money, published the …

nominal bonds as a means of payments for goods. To do so, I integrate a microfounded model of money with the framework of … households' ability to trade unmatured bonds for money after observing the taste (or endowment) shocks. …

-specie-flow theory with basic macroeconomic aggregates for the the 1820-60 period. To the extent that money supply shocks account for the … cycle, their influence is limited to their impact made via changes in the world money stock. Because individual country … depend on both the world money stock and real market forces that distinguish one country from another. Money supply shocks …

In this lecture, I explain what the microfoundations of money are about and why they are necessary for monetary … economics. Then, I review recent developments of a particular microfoundation of money, commonly known as the search theory of … money. Finally, I outline some unresolved issues. …

countries. Nominal and real exchange rates can move together in the steady state in response to money growth shocks. …

. 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 …