A game theoretic approach to the theory of money and financial institution is given utilizing both the strategic and … used to calculate several cooperative forms that differ from each other in their utilization of money and credit and their … the extreme structures the concept of "enough money" can be defined usefully, and for large economies the games obtained …

Fiat money(1) is a creation of both the state and society. Its value is supported by expectations which are conditioned … weather. However, money and the financial institutions and instruments of a modern economy provide the means to influence … expectations and bound behavior.(2) Paper money emerges as a virtual commodity. The dynamics of the economy permits it to serve as …

We consider a two-period model with missing assets and missing market links, in which money plays a central role and is … inside money, then monetary equilibrium (ME) exists and money has positive value. The nonexistence of GEI (of the underlying …

We build a one-period general equilibrium model with money. Equilibrium exists, and fiat money has positive value, as … long as the ratio of outside money to inside money is less than the gains to trade available at autarky. We show that the …

of money, it causes inflation, in the absence of monetary intervention. If the monetary authority attempts to restore pre …-credit card price levels by reducing the money supply, it might have to sacrifice the efficiency gains. When there is default on …

We build a one-period general equilibrium model with money. Equilibrium exists, and fiat money has positive value, as … long as the ratio of outside money to inside money is less than the gains to trade available at autarky. We show that the …

We build a finite horizon model with inside and outside money, in which interest rates, price levels and commodity …

We build a finite horizon model with inside and outside money, in which interest rates, price levels and commodity …

Among the conventions of almost every human society of historical record has been the use of money, i.e., particular … commodities or tokens as measures of value and media of exchange in economic transactions. Somehow the members of a society agree … convention, not the particular media agreed upon, is the source of money's immense value to the society. In this respect money is …

I estimate a single factor model of Swiss exchange rates during World War I for five of the primary belligerents … single factor extracted from the five exchange rates appears to contain information on contemporaries' expectations about the …