We investigate whether money constitutes a perfect substitute for the missing record-keeping technology in a quasi … the available memory technologies. The result is that when money is divisible, concealable and in variable supply, a … single money may or may not be su¢ cient to replace the record-keeping technology. We further show that two monies serve as a …

propose a very simple search model to explore acceptability of means of payment different from legal tender - fiat money … of payment over money in Russia might have been a result of the driving forces of the demonetiziation equilibrium. We …, commodity money, and trade credit. In each case, we show that monetization through the proposed means of payment is always a …

We develop a model of macroeconomic heterogeneity inspired by the Kiyotaki-Wright (1989) formulation of commodity money … case, the consumer in a meeting is chosen randomly. In the auctions case, the individual holding more money can be selected …

Dickey-Fuller unit root test and the results revealed that only growth of real output and broad money supply are stationary …