This paper studies the joint business cycle dynamics of inflation, money growth, nominal and real interest rates and the … velocity of money. I extend and estimate a standard cash and credit monetary model by adding idiosyncratic preference shocks to …

This article purports to trace the origin of money on the basis of factors in interpersonal relationships, affecting a … approach and the one based on traditional economic theory have been found inadequate mainly because they did not take into … process toward the creation of money started, without any intrinsic value and the presence of any superior authority. In the …

A wide range of heterodox theories claim that banks are special because they create money in the act of lending. Put … need from other parties. Mainstream economic theory largely agrees with this assessment, but questions its theoretical and …

We consider a multi-period rational expectations model in which risk-averse investors differ in their information on … expected utility than outsiders. Yet, information acquisition by one investor exerts a negative externality on other investors …. Thus, investors' average welfare is maximal when access to price information is rationed. We show that a market for price …