We document sectoral differences in changes in output, hours worked, prices, and nominal wages in the United States …

, if an increase in the money growth rate signals a rise in the dispersion of shocks to demanders' wealth, then prices …) agents have complete information about the money stock and (2) shocks to the system are purely redistributive and private … information, precluding conventional insurance markets. Without contracts, money is neutral toward aggregate quantities. However …

A modification of Kenneth West's method for investigating speculative bubbles in stock prices, in which a direct test …

If valuation ratios return to their historical means any time soon, then equity prices must fall substantially, or … past century suggest that stock prices will fall to align valuation ratios with their means. Of course, the means of the …

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 … arrangements, asset prices, and welfare. …