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 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 …

investment of money market funds (MMFs) at the Federal Reserve's overnight reverse repo (ON RRP) facility has continued to …

inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution … effects on real money holdings. Empirically, we show that cross-country differences in real balances are determined not only … by income differences, a standard determinant of money demand, but also by house price developments. Higher house prices …

inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution … effects on real money holdings. Empirically, we show that cross-country differences in real balances are determined not only … by income differences, a standard determinant of money demand, but also by house price developments. Higher house prices …

-run potential output. Despite well documented theoretical and empirical consensus on money neutrality in the literature, the role of … money as an informational variable for monetary policy decision has remained opened to debate with empirical works providing …