longer argue that the value of money comes exclusively from private information, one can use the simplified model to address …

This note considers an economy with ‘inside money’ that extends over an infinite horizon in the case of certainty. It … shows the existence of an equilibrium and the indeterminacy of the overall price level when the supply of balances is set …

Money provides liquidity services through a cash-in-advance constraint. The exchange of commodities and assets extends …

stability properties depend on the rate of money creation. It follows that monetary equilibria can be indeterminate, and … nonconvergence phenomena can be observed. Increases in the rate of money creation reduce the capital stock in the high …-capital-stock steady state. If the high-capital-stock steady state is not a sink for all rates of money growth, then increases in the rate …

This paper examines the relationship between specialization and the use of money in two versions of the search … general argument that money encourages specialization only when it enlarges the extent of the market. …

money arises endogenously as the most liquid (lowest transaction cost) asset. Government-issued fiat money has a positive … or commodity) money in equilibrium. Copyright Springer-Verlag Berlin Heidelberg 2003 …

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 …

Gold and tobacco have both been used as commodity money. One difference between the two is that gold yields utility, on …

the number of terminal date-events. Stickiness of prices implies that this indeterminacy is real. Copyright Springer …