foreign money circulates locally. Also, we show that international monies have more value at home than abroad. These results …Abstract We develop a two-country, two-currency, search-theoretic model of monetary exchange, extending previous such … given money circulates internationally. We show the value of a given currency rises if it circulates abroad, and falls if …

This paper examines the competition between money and credit in a search model with divisible commodities. It is shown … of money from below by that of credit. In so doing it eliminates the weak monetary equilibrium found in previous search … that flat money can be valuable even though it yields a lower rate of return than the coexisting credit. The competition …

This paper studies the launching of a new fiat currency within a search-theoretic framework. We show that legal tender …