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 …

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

recipient loses from a transfer. This can occur in a wide range of circumstances, including perfect competition and the absence … of distortions. The literature, however, largely ignores the fact that most transfers are given in the form of money and … not in real (consumption) terms. Money holdings reflect postponed consumption and requires that a time dimension enters …

goods trade model which also captures trade through time in the form of inside money as used in macro literature on one good … way. -- Inside money ; general equilibrium ; Nash equilibrium ; numerical analysis ; tariff rate …

competition environments affect product prices. Using big data, we find that price variations are caused mainly by differential … competitive environments. More specifically, we find that Brand Competition Within Stores exerts the largest downward pressure on … prices. A 10 percent increase in the number of brands reduces prices by about 10 percent. Product Competition Within Stores …

products’ attractiveness and endogenous competition. The model is motivated by two novel stylized facts using Danish … feature the toughest competition. Depending on the strength of competition, two sorting patterns are possible: one in which … quantifying our model, we find that product-specific differences in attractiveness and competition explain a quarter of the …