The main goal of this essay is to analyze the emergence of a barter economy, and the rise of centralized merchants and … a barter redistribution system out of a primitive barter system. The environment is a spatial general equilibrium model … advanced barter system leading to the appearance of centralized merchants. This more sophisticated system is the redistribution …

barter economy in which there is not an absence of double coincidence of wants problem. For this purpose, we develop a … model is also used to address a number of issues in monetary economics like explaining the historical emergence of commodity-money …, valued fiat money, the welfare-enhancing role of money, equilibria with several mediums of exchange, and split between the …

The role of money in society has been a controversial topic in economic theory over many years. Particular attention … has been devoted to the analysis whether there should be competition in the supply of money, or whether this is best left … today we have competition between issuers of money, namely in the international context, with electronic money, and in large …

specialized merchant, the carrier, appears and causes frictions among traders leading to the appearance of money. There are … individuals use money to make transactions, and hence microfoundations for the cash in advance constraint. We analyze the … emergence of a monetary economy out of a redistribution barter system where goods are sent to a central market and then …

The article provides a general description of the world money development in both developed and developing countries … aggregates (broad and narrow money), foreign exchange reserves, inflation and interest rates. We found that after relatively … of neutrality and superneutrality of money in the light of GDP dynamics during monitored period and practical aspects of …

Fiat money requires no backing to be accepted at a uniquely determined positive value. I show this using an equilibrium … adding a no-arbitrage condition by which the value of money cannot fall to zero if agents know that it can be positive. The … running a non-Ricardian policy or providing implicit backing. Models that remain silent on the nature of money can be misused …

This paper contributes to the micro-foundation of money in centralized markets with idiosyncratic uncertainty. It shows … existence of stationary monetary equilibria and ensures that there is an optimum quantity of money. The rational solution of our …

role of money and its functions in real economies by showing the limitations and inefficiencies of the traditional barter …We describe a multiproduct barter trading experiment in which students exchange real goods in an open market based on … money needs to possess in order to function as an efficient medium of exchange, unit of account, and store of value. …

experiment is designed to simulate an environment where something that is very similar to fiat money (i.e., is homogenous …