friction for a receipt system (fiat money) to lead to improved allocations in an otherwise frictionless Walrasian model. The … experiments. Some issues regarding the divisibility of money are also discussed. …

money growth might be an important determinant of cyclical developments in real GDP beyond effects already captured by short … properties are also maintained when looking at a broader set of non-monetary indicator variables. Narrow money therefore seems …. As a result, once the information from narrow money is taken into account, what matters more for the forecast performance …

This paper studies the gain from using money as an indicator when monetary policy in made under data uncertainty. We … state of the economy. Money reveals some of the private sector’s information to the policymaker, especially if there is a … forward looking element in money demand. We show that observing money can considerably reduce the loss that is due to …

Using a macroeconometric framework, this paper analyses relationships among money, barter and inflation in Russia … findings suggest that barter has resulted partly from output losses and partly from a reduction in real money balances, but to … a lesser extent. There is some evidence that the effect of barter on prices is less than that of money. We also find …

customers. These relations deal with value (quantities and prices), payment (subsistence, barter, money, and bond) and …

order to generate a role for money and intermediation. We ask whether there is any reason to expect the emergence of a … banking sector (i.e., institutions that combine the business of money creation with the business of intermediation). In our … model the unique equilibrium is characterized, in part, by the existence of an agent that: (1) creates money (a debt …

This paper tests for long run effects of money on real expenditures in the U.S. over the 1959-2002 period. Real … money on long run reallocations of consumption expenditures among durables, nondurables, and services. The time series …

individuals use money to make transactions, and hence microfoundations for the cash in advance constraint. We analyze the … specialized merchant, the carrier, appears and causes frictions among traders leading to the appearance of money. There are … chosen to act as money, and the level of economic development. …

This paper studies the existence of single-price price equilibrium from a given initial distribution of money holdings … in a search-theoretic model of money where agents have no time preference. The model is similar to the authors' recent … models of search economies with no constraints on money inventories, except that here money is modeled as indivisible and …