We define continuous-time dynamics for exchange economies with fiat money. Traders have locally rational expectations … game involving a double-auction with limit-price orders. Money has a positive value except on optimal rest-points where it … nominal variables. Money is not neutral, either in the short-run or long-run, and a localized version of the quantity theory …

We define a non-tâtonnement dynamics in continuous-time for pure-exchange economies with outside and inside fiat money … can use them to pay their own debts only in the next period. Provided there is enough inside money, monetary trade curves … converge towards Pareto optimal allocations; money has a positive value along each trade curve, except on the optimal rest …

We consider a two-period model with missing assets and missing market links, in which money plays a central role and is … inside money, then monetary equilibrium (ME) exists and money has positive value. The nonexistence of GEI (of the underlying …

We build a one-period general equilibrium model with money. Equilibrium exists, and fiat money has positive value, as … long as the ratio of outside money to inside money is less than the gains to trade available at autarky. We show that the …

to the marginal costs of intermediation. Two popular demand functions for money are assumed: the double log and the semi … employment real interest rate. Only an unusual increase in the interest elasticity of the demand for money sufficient to offset …

: Negative Zinssätze lassen Gläubiger für das Privileg der Schuldner zahlen, dass die Kreditnehmer das Geld der Kreditgeber …