given money circulates internationally. We show the value of a given currency rises if it circulates abroad, and falls if … foreign money circulates locally. Also, we show that international monies have more value at home than abroad. These results …

describing the frictions necessary to construct a model where money has an essential role, they conclude by reviewing many …

We study the effects of money (anticipated inflation) on capital formation. Previous papers on this topic adopt reduced …-form approaches, putting money in the utility function or imposing cash in advance, but use otherwise frictionless models. We follow a … literature that is more explicit about the frictions making money essential. This introduces several new elements, including a …

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

Conventional wisdom is that inflation makes people spend money faster, trying to get rid of it like a “hot potato,” and ….e., we focus on the extensive rather than intensive margin - and prove buyers always spend their money faster when inflation …

This essay articulates the principles and practices of New Monetarism, our label for a recent body of work on money …