demonstrated that money is a measure of generalized power in exchange and a certification of generalized power in subsequent …

of goods in that environment to be conducted on spot markets where those goods trade for money. We prove a conjecture … trade using outside, fiat money, of a recent characterization by Levine and Zame [2002] of environments in which spot trade … using inside money, in the form of one-period debt payable in a commodity, is nearly Pareto efficient. We also study a …