money but it is the organising feature of modern economies, giving rise to both episodes of stability and crises. In … constructing this argument I consider both orthodox and heterodox points of view. We analyse equilibrium models of money, and find … that while money can exist in sequence economies with frictions, models of this type give no justification for its creation …

The history of money has always been intertwined with the history of banking. Nevertheless, very few papers have … literatures. I present three theories of money and banking, each generating results that are drastically different from those of … the traditional banking models without microfoundations for money. Chapter 1 addresses the problem of monitoring the …