The mechanism-design approach to monetary theory is the search for fruitful settings in which money is necessary for …

Using an existing random matching model of money, I show that a once-for-all change in the quantity of money has short …) the quantity of money is random and (ii) people learn about what happened to it only with a lag. The change in the … quantity of money comes about through a random process of discovery that does not permit anyone to deduce the aggregate amount …

This article reviews recent work that generalizes a random matching model of money to permit there to be a mix of … sense in which more common knowledge is beneficial. The other permits a comparison between using outside money and using … inside money as a medium of exchange. …

A random matching model with money is used to study the nominal yield on small denomination, bearer, safe, discount …