In this paper, a variant of Kiyotaki and Wright model of emergence of money is investigated. In the model, each good … but one is not durable. With certain condition, non durable good can be money as a medium of exchange. But equilibrium … non durable good as money by reinforcement learning which does use no information of the distribution of goods. It is …

known to exist in part of the indeterminacy region. The new type of equilibria, which we call ergodic k-SSEs, are driven by …

money. This concept is important to Macroeconomics and Money and Banking courses, yet students frequently struggle with it … Borrower in a gold-based system students gain a deeper understanding of reserves and money creation and of the intricate link … between lending and the creation of new money. Highlighting the importance of gold reserves to Goldsmiths' ability to make new …

We develop a dynamic learning model to study money adoption. Agents own an asset that can potentially serve as money … distribution of dividends and based on the learning outcomes they coordinate to adopt the asset as money or to abandon it. We …-contingent asset prices. We study information disclosure, efficiency of equilibrium money adoption and heterogeneity in beliefs. We …

ascertaining equilibrium in monetary models is confronted with this broad class appended to include money. With monetary policy … monetary policy. A credible commitment on behalf of the monetary authority to keep the money growth rate finite suffices to …

managed exchange rate rules can help to alleviate problems of both indeterminacy and expectational instability, yet these …