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Search theoretic models of money emphasize monetary exchange as the outcome of economic environments characterized by … bilateral trading frictions. This paper analyzes the efficiency of monetary exchange in a search model of fiat money where …
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concepts and apply them not only for the production and usage of consumer goods and durables but also for money and other … seigniorage is flawed. Our framework also allows us to formulate the conditions for liability-issued money such as inside money …
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