There is wide agreement that currency was not available in conveniently small denominations prior to the 19th century. Here, estimates of the costs of providing and maintaining money (coins) in 15th century Europe and parameterized versions of a matching model of money are used to find the...

This paper examines the implications of incomplete risk-sharing for endogenous growth and welfare in a monetary economy. The market incompleteness comes from private information on idiosyncratic productivity shocks faced by individual consumers. Inflation tends to reduce the rate of growth and...

This paper investigates both analytically and quantitatively the role of intersectoral linkages in explaining sectoral employment comovement over the business cycle. We use a multisector dynamic stochastic general equilibrium model calibrated to the 2-digit SIC level intermediate input-use and...