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 …

A distinction is drawn between outside money - money that is either of a fiat nature or backed by some asset that is … not in zero net supply within the private sector - and inside money, which is an asset backed by any form of private …

-theoretic framework. We allow money-holders to choose the intensities with which they search for trading partners, so the frequency of …

Search-theoretic models of monetary exchange are based on explicit descriptions of the frictions that make money …

We formulate a generalization of the traditional medium-of-exchange function of money in contexts where there is … that the option to settle transactions directly with money strengthens the stance of sellers of goods and services vis … "latent money demand" considerations imply monetary policy remains effective through medium-of-exchange channels even if the …

We formulate a generalization of the traditional medium-of-exchange function of money in contexts where there is … that the option to settle transactions directly with money strengthens the stance of sellers of goods and services vis … "latent money demand" considerations imply monetary policy remains effective through medium-of-exchange channels even if the …