This paper analyzes relationships among money, barter, and inflation in Russia during the transition period. Following the development of a theoretical framework that introduces barter into a standard macroeconomic model for a small, open economy, we estimate the model using structural...

The literature on media of exchange has a standard example of indirect exchange being dominated by direct exchange. This case occurs under the assumption of additive transaction costs. Hence, without additional cost assumptions, the agents would prefer direct exchange. From here it is frequently...

"What is measured by the amount of money?" this question is applicable to all kinds of money at all times. The answer can be the key to understanding money. The article offers an answer to this question. The paper considers the phenomenon of simple exchange and formulates the general exchange...