monetary policy.Chapter 1 studies the choice of endogenous means of payment when holding money is risky. In steady state … interest rate. Credit may be used when the return on money is not positive. A positive money injection reduces the crime rate … households exchange money for interest-bearing government nominal bonds in the asset market. The government injects money through …

We introduce an element of centralization in a random matching model of money that allows for private liabilities to …

A model which explains, at a primitive level, the coexistence of money and credit, even though buyers prefer credit, an … which allows the study of the interaction of money and credit is introduced. This is done in a setting with ongoing … of money results in less credit availability but helps to overcome the trading frictions so that the volume of trade …

This paper is a study of money in overlapping generations models with cash-in-advance constraints a la Champ and … propose a general formulation. We show that neutrality of money prevails when the ratios of lum-sum monetary transfers and … public expenditures to the money supply do not depend on the money growth rate. …

Seignorage is the capital gain generated by the creation of reserve money. The literature on seignorage shows that … access to large amounts of real resources when they create reserve money. Results obtained in this paper suggest there is no … anomaly. Highly indebted developing countries resorting to money creation to finance their activities do not generate large …

A stable and predictable demand for money function is a pre-requisite for the use of targets for monetary aggregates as … themselves in the estimation of such money functions, empirical interest has been renewed over the last decade driven by the … belief that a stable long-run money demand relationship continues to exist. This revival of activity in this area was aided …