We formulate a generalization of the traditional medium-of-exchange function of money in contexts where there is … imperfect competition in the intermediation of credit, settlement, or payment services used to conduct transactions. We find … that the option to settle transactions directly with money strengthens the stance of sellers of goods and services vis …

functions of money. So-called stable coins are intended to bridge this gap, but whether they can be successfully scaled up and …

Treasury bills and other near-money assets provide owners with liquidity service benefits that are reflected in prices … of money: The liquidity service benefits of near-money assets are more valuable when short-term interest rates are high … and hence the opportunity cost of holding money is high. Consistent with this prediction, the liquidity premium of T …

magnitude of the unperceived money growth. The testing of this hypothesis requires two preliminary steps. First, a price … unperceived money growth. This estimation implies the postulation of an available information set and also a function relating the … variables in this set to money creation. The function used was based on considerations related to government demand for revenue …

annual wholesale price indexes for the period 1948-76. The data on money shocks are the unanticipated money growth series … results are negative. They reject the hypothesis that unexpected money shocks, as measured by Barro, affect price dispersion …

The quality of the money stock declined during the banking crises of the early 1930s. Bank deposits did not serve as a … medium of exchange. This paper presents some evidence to show that the decline in the quality of the money stock contributed …

We present an infinite horizon model with capital in which fiat money and barter are two competing means of payment …. Fiat money has value because barter is limited by the extent of a double coincidence of wants. The pattern of exchange … generally involves both money and barter. We find that the Chicago rule is sufficient for Pareto efficiency, while nominal …