. We report that the different approach to modeling money - reduced-form vs. explicit role - neither induces theoretical …. To illustrate, when cash prices are equally distorted in both models equally large welfare costs of inflation are … mechanism that governs cash transactions, not the explicit microfoundation of money. …

inflation, the relationship between money and capital accumulation, and the Phillips curve. We also extend the benchmark model … body of recent work on money, banking, payments systems, asset markets, and related topics. A key principle in New … Monetarism is that solid microfoundations are critical for understanding monetary issues. We survey recent papers on monetary …

driven by neutral and investment specific technical change, multiple price indices identify inflation and there is a …

wage inflation, the data are measured in a model consistent way, and market-expected interest rates are used to measure the …

This paper advances three fundamental propositions regarding money: (1) As R. W. Clower (1965) famously put it, money … buys goods and goods buy money, but goods do not buy goods. (2) Money is always debt; it cannot be a commodity from the … possible. These three propositions are used to build a theory of money that is linked to common themes in the heterodox …