It is clear by now that pure exchange models are useless. For two reasons. First, because exchange is the other side of specialization in production, and, second, because a direct exchange of goods does not take place in the monetary economy. The decisive drawback of conventional exchange...

The success of alternative payment systems has led to discussion of various proposals to replace money with a new technology-based system, though many lack a clear idea of what exactly is the "money" they seek to replace. We begin by presenting the explanation of money's role in the economy...

We construct a continuous-time, New-Monetarist economy that displays an endogenous, non-degenerate distribution of money holdings. Properties of equilibria are obtained analytically and equilibria are solved in closed form in a variety of cases. Lump-sum transfers financed with money creation...

Part I: Exchange Contracts and the Walrasian Paradigm -- 1. The Paradigm in the Philosophy of Science -- 2. The Walrasian Paradigm in Contemporary Economics -- 3. Basic Elements of an Exchange-Systematized Walrasian Paradigm -- 4. First Potential Applications of an Exchange-Systematized...