departures are likely to be minor. Finally, we argue that the presence of nominal wage stickiness in labor markets does not …

We describe a stochastic economic environment in which the mix of money and trade credit used as means of payment is … monetary policy and for time series analysis using money and trade credit. …

particular institutions for commodity money. Information-intensive lending and payments services have been provided jointly by …

Many different models of money stock determination exist in the literature. An attempt is made here to understand why … that the price level adjust in order to cause the real quantity of money to equal the real quantity demanded. In contrast …, in the real bills or banking school tradition, the nominal quantity of money adjusts in order to provide the real …

The main objective of this note is to examine whether the interest elasticity of money demand has increased during the … last few years. A simple money demand regression that includes additional intercept and slope dummy variables defined over … the elasticity of money demand with respect to market interest rates has for now increased. No shifts are detected in …

wage bill. The second example is based on the Kiyotaki-Wright model of money. I explain how equilibrium prices depend in a …