This paper studies why the General Theory had so much impact on the economics profession through the 1960s, why that … impact began to wane in the 1970s, and why many economic policymakers cling to many of the tenets of the General Theory. We … qualitatively to patterns discussed in the General Theory, that econometric developments in the area of simultaneous equations made …

We develop a theory that rationalizes the use of a dominant unit of account in an economy. Agents enter into non …

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 …

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 …

We formulate a generalization of the traditional medium-of-exchange function of money in contexts where there is … that the option to settle transactions directly with money strengthens the stance of sellers of goods and services vis … "latent money demand" considerations imply monetary policy remains effective through medium-of-exchange channels even if the …

currencies now reverse this trend toward uniformity, given the apparent ease with which they can be created? The information … functions of money. So-called stable coins are intended to bridge this gap, but whether they can be successfully scaled up and …

unperceived money growth. This estimation implies the postulation of an available information set and also a function relating the … of Lucas' (1973) and Barro's (1976) partial information-localized market models. In this extension, different excess … magnitude of the unperceived money growth. The testing of this hypothesis requires two preliminary steps. First, a price …

equation, derived elsewhere from aversion of the partial information-localized market models, relates price dispersion to the … 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 …