implications of our model for monetary economics. When a central bank increases the money supply, it must inject the money … somewhere in the economy. We demonstrate that the agent closest to the location where money is injected is better off, and the …. Symmetrically, any decrease in the money supply redistributes purchasing power in the other direction. We also outline the testable …

interest-rate rule, and the money market and financial institutions are typically not even modeled. Critics contend that these …

Money provides liquidity services through a cash-in-advance constraint. The exchange of commodities and assets extends …-arbitrage and in addition to rates of interest, the prices of state-contingent revenues be set. – Money ; equilibrium …

This paper presents a dynamic general equilibrium model with sticky prices, in which "inside" money, made out of … commercial banks’ liabilities, plays an active, structural role role. It is shown that, in such a model, an inside money shock … inside money shocks on output and inflation. I also simulate the effect of a banking crisis in the model. Moreover, I find …

policy. First, I consider whether ignoring money means returning to the conceptual framework that allowed the high inflation … of the 1970s. Second, I consider whether models of inflation determination with no role for money are incomplete, or … evidence for a long-run relationship between money growth and inflation. (Here I give particular attention to the implications …

As the recent financial crisis has revealed, the state is central to the stability of the money system, while the … chaotic privately-owned banks reap the benefits without shouldering the risks. This book argues that money is a public … resource that has been hijacked by capitalism. Mary Mellor explores the history of money and modern banking, showing how …

whether money growth Granger-causes output growth in the United States. We find surprisingly strong evidence for a money … Great moderation, the Granger-causal role of money appears to have vanished completely. …

While the long run relation between money and inflation is well established, empirical evidence on the adjustment to … substantially expands the traditional vector error correction approach, to analyze the short run impact of money on prices. We … contribute to the literature in three ways: First, we distinguish changes in velocity of money that are due to institutional …