some agents are holding idle balances while others are cash constrained. This inefficiency creates a role for financial … intermediaries, such as banks, who accept nominal deposits and make nominal loans. We show that in general financial intermediation …

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 …

This paper shows that price rigidity evolves in an economy populated by imperfectly rational agents who experiment with … the level of aggregate demand, as well as on their own price and their "neighbor"'s price. The latter assumption captures … rule that firms can easily adopt, the economy does not converge to the REE for highly autocorrelated aggregate demand …

by bilateral trade determinants (which underpin the patterns of “international value-added linkages”) and the global …We generalise the traditional development-accounting framework to an open-economy setting. In addition to factor … distribution of factor endowments and final expenditures. We use information on endowments, trade balances and value-added trade to …