inflation-output trade-off, the coexistence of money, credit, and higher return assets, settlement, and liquidity. After … information structures; economies where monetary exchange coexists with credit transactions; the coexistence of money and other …In Money, Payments, and Liquidity, Ed Nosal and Guillaume Rocheteau provide a comprehensive investigation into the …

Modern payment instruments can be complex. Yet, many of these can be interpreted as a form of money or credit, which … credit arrangements? Why is fiat money valued? Why do money and credit coexist? Our simple model can address these basic and …

money holdings. Properties of equilibria are obtained analytically and equilibria are solved in closed form in a variety of … cases. Lump-sum transfers financed with money creation are welfare-enhancing when labor productivity is low whereas … preferences and the velocity of money under heterogeneous preference shocks. …

This paper studies the validity of the Friedman rule in a search model with divisible money and divisible goods in … the one emphasized in the labor-market literature. Buyers cannot obtain the full return that an additional unit of money … provides to the match, which makes the purchasing power of money inefficiently low in equilibrium. Consequently, even though …