not created due to a hold-up problem. Monetary expansion increases buyers' money holdings, and then, dealers are willing …

The present work offers a review on two divergent schools of thought regarding the subject of money and highlights why … understanding it is important to grasp the workings and nature of the concept of money. We adopt a spontaneous order perspective on … social institutions, considering money as one. Such framework allows for the construction of axioms from which we formulate …

information on consumption, income and wealth, to structurally estimate a buffer-stock saving model. We exploit the information … contained in the joint dynamics of income, consumption and wealth to quantify the degree of insurance against income risk. The …

dissave the lump-sum progressively to smooth consumption after layoff. Using de-identified high-frequency expenditure data and … matched employee-employer data from Brazil, we find that displaced workers eligible for both UI and SP increase consumption at … layoff by 35% despite experiencing a 17% consumption loss after they stop receiving any benefits. Moreover, this sensitivity …

We examine the effects of monetary policy on household self-assessed financial stress and durable consumption using … savers. We find symmetric effects on durable consumption, mainly driven by mortgagors with high debt burden or limited access …