of intraday liquidity only affects the distribution of resources between money holders and non–money holders. The low … deviate from the Friedman rule. The cost differential simultaneously reduces the incentive to overuse money and encourages …

relocation create an endogenous transactions role for fiat money. We assume a production function with a knowledge externality …

monetary economy with two types of agents that differ in the marginal utility they derive from real money balances — a … framework that produces a nondegenerate stationary distribution of money holdings. Without type-specific fiscal policy, we show …