nevertheless a currency board has a credibility advantage compared to a standard fixed exchange rate regime when the time …In der vorliegenden Arbeit beschäftige ich mich mit der theoretischen Analyse von Geld- und Fiskalpolitik in Currency …-Board-Systemen und der Währungsunion. Beide Währungssysteme haben seit den neunziger Jahren zunehmend an Bedeutung gewonnen, Currency …

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 …

non trivial investment decisions Allowing for two goods Introducing money Introducing price setting Introducing staggering …

for non trivial investment decisions; Allowing for two goods; Introducing money; Introducing price setting; Introducing …

currency union for the Western Hemisphere. …

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 …

. Inflation and interest rate expectations data and forward interest rate data are used to demonstrate the increased credibility …

controversies over the contradictory ?laws of motion? of capitalism and the very nature of capitalist money in the wake of the …