We study models incorporating money, household production, and investment in housing. Inflation, as a tax on market …

The classical and early neoclassical economists knew that the essential function of money was its role as a medium of … economics: the interaction between specialization and exchange, dual fiat currency regimes, the welfare improving role of money …

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 …

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 …

central bank money. The key differences between cash and central bank digital currency (CBDC) include transaction efficiency …

negative nominal interest rates and the helicopter drop of base money - two unconventional policies for stimulating consumer … and settlements technology (e-money etc.), will cause monetary policy to lose its capacity to influence even nominal …

The paper's arguments include: (1) Medium-of-exchange money will not disappear in the foreseeable future, although the … quantity of base money may continue to decline. (2) In economies with very little money (e.g., no currency but bank settlement …. (3) In economies without any money there can be no monetary policy. The relevant notion of a general price level concerns …

A theory of money needs a proper place for financial intermediaries. Intermediaries diversify risks and create inside … money. In downturns, micro-prudent intermediaries shrink their lending activity, fire-sell assets and supply less inside … money, exactly when money demand rises. The resulting Fisher disinflation hurts intermediaries and other borrowers. Shocks …