individuals use money to make transactions, and hence microfoundations for the cash in advance constraint. We analyze the … redistributed among individuals. We show that, as the population increases beyond a certain point, the barter exchange system … becomes too expensive. To reduce the exchange system cost, and as a result of individuals’ rational behavior, a new …

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 …

Extensive theoretical analysis of electronic money and electronic money systems based on quantum theoretical approach …. Fundamental critique to traditional approach to electronic money. …

innovations, therefore, should lead to the same qualitative effects in the financial and goods markets as money supply innovations … Autoregression (VAR) methods, the responses of interest rates, equity prices, consumer prices and output to velocity and money supply …, money supply and velocity innovations seem to affect financial markets in opposite directions. While it is observed that …

where exchange is costly. Since exchange becomes more complicated as the scope of the economy increases, we prove that … in Peru and ancient Egypt, did not evolve to a monetary system, and kept barter as their main exchange system. …

In this paper, the evidence collected in the large literature on testing for Granger-causality from money to output is … Granger-causality effects of money on output compared to using differences. Neither does the significance of money lags … respect to the money-output relation. …