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 …

This paper studies the joint business cycle dynamics of inflation, money growth, nominal and real interest rates and the … velocity of money. I extend and estimate a standard cash and credit monetary model by adding idiosyncratic preference shocks to …

This paper offers a basic overview of the practical aspects of money creation. A brief presentation of the history of … money and a critical summary of the commonly accepted theories highlight the current understanding of the emergence and … operating characteristics of money in the modern economy. We follow the distinction between inside and outside money creation …