money but it is the organising feature of modern economies, giving rise to both episodes of stability and crises. In … constructing this argument I consider both orthodox and heterodox points of view. We analyse equilibrium models of money, and find … that while money can exist in sequence economies with frictions, models of this type give no justification for its creation …

Several schools of thought contribute to this heterodox view of money, including neo-Marxian, Schumpeterian …, institutional and post-Keynesian political economy. Neo-Marxian contributions centre on the circuit of money capital, fictitious … credit-money in financing innovation or variously being used for general accumulation or speculation. Institutional themes …

monetary policy.Chapter 1 studies the choice of endogenous means of payment when holding money is risky. In steady state … interest rate. Credit may be used when the return on money is not positive. A positive money injection reduces the crime rate … households exchange money for interest-bearing government nominal bonds in the asset market. The government injects money through …

The history of money has always been intertwined with the history of banking. Nevertheless, very few papers have … literatures. I present three theories of money and banking, each generating results that are drastically different from those of … the traditional banking models without microfoundations for money. Chapter 1 addresses the problem of monitoring the …