We analyze the endogenous appearance of money substitutes, their interaction with outside money, and resulting … productive, individually optimizing agents and less productive colluding agents who issue universally acceptable money … that the agents issuing money substitutes survive by their collusion. …

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 …

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

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 …