Fiat money requires no backing to be accepted at a uniquely determined positive value. I show this using an equilibrium … adding a no-arbitrage condition by which the value of money cannot fall to zero if agents know that it can be positive. The … running a non-Ricardian policy or providing implicit backing. Models that remain silent on the nature of money can be misused …

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 …

responses of output, inflation, and money market mutual funds (MMMF) to a positive monetary shock. The idea of incorporating …