gains from trades due to differences in technologies and endowments, and the terms of trade are determined through a simple … subject to a private information problem. The asset plays the role of a medium of exchange, but this role can be affected by … information, a set of experiments with adverse selection where the terminal value of notes are determined exogenously, and a set …

gains from trades due to differences in technologies and endowments, and the terms of trade are determined through a simple … subject to a private information problem. The asset plays the role of a medium of exchange, but this role can be affected by … information, a set of experiments with adverse selection where the terminal value of notes are determined exogenously, and a set …

gains from trades due to differences in technologies and endowments, and the terms of trade are determined through a simple … subject to a private information problem. The asset plays the role of a medium of exchange, but this role can be affected by … information, a set of experiments with adverse selection where the terminal value of notes are determined exogenously, and a set …

: double-coincidence frictions and information frictions. For both types of frictions, money enlarges the sets of incentive …-feasible if the real stock of money is sufficiently high. In contrast, in environements with information frictions, the first … information. …

not too large. It is shown that the gains from trade in the monetary economy are strictly greater than those in the …

that the indivisibility of money introduces in efficiencies into the formation of the terms of trade that are not present … preference asymmetry is not too large, they exchange efficient quantities. Moreover, we demonstrate that the terms of trade are …

determine prices, and our model, which utilizes the concept of competitive search in which dealers post terms of trade. Finally …