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 …

information to the model of [Berentsen and Waller, 2011], a divide between an interest rate policy and a money stock policy …

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 validity of the Friedman rule in a search model with divisible money and divisible goods in … the one emphasized in the labor-market literature. Buyers cannot obtain the full return that an additional unit of money … provides to the match, which makes the purchasing power of money inefficiently low in equilibrium. Consequently, even though …

unemployment is higher. We show that these correlations arise in a standard monetary search model with two shocks - productivity …