the evolution of U.S. monetary policy over the past century from a gold standard to a fiat money regime. The abandonment …

We construct a model in which capital competes with fiat money as a medium of exchange, and establish conditions on … fundamentals under which fiat money can be both valued and socially beneficial. When the socially efficient stock of capital is too … rule, fiat money provides just enough liquidity so that agents choose to accumulate the same capital stock a social planner …

I study random-matching economies where at money coexists with real assets, and no restrictions are imposed on payment … the usefulness of at money. The liquidity of the real asset, as measured by its transaction velocity, is shown to depend …

constitutes progress on the classic problem of integrating money and general equilibrium theory. We also use the model to discuss …

show how these features interact to influence the price level (i.e., the value of money) and price dispersion. First, price …