We define a non-tâtonnement dynamics in continuous-time for pure-exchange economies with outside and inside fiat money … can use them to pay their own debts only in the next period. Provided there is enough inside money, monetary trade curves … converge towards Pareto optimal allocations; money has a positive value along each trade curve, except on the optimal rest …

to the marginal costs of intermediation. Two popular demand functions for money are assumed: the double log and the semi … employment real interest rate. Only an unusual increase in the interest elasticity of the demand for money sufficient to offset …

: Negative Zinssätze lassen Gläubiger für das Privileg der Schuldner zahlen, dass die Kreditnehmer das Geld der Kreditgeber …