this partial legal restriction can improve the society's welfare. In contrast to the literature, the efficiency role of the … shocks. Moreover, even when lump-sum taxes are available, the efficiency role continues to exist under a condition that … induces optimal money growth to be above the Friedman rule. …

nominal bonds as a means of payments for goods. To do so, I integrate a microfounded model of money with the framework of … to trade unmatured bonds for money after observing the taste (or endowment) shocks. Thus, the role cannot be mimicked or …

This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of … such as liquidity and saving are explored. We conclude with a look at some of the new innovations in finance, and at the …

agents are satiated at the zero lower bound and therefore there is scope for central bank policies of liquidity provision … temporarily relaxes the liquidity constraint of impatient agents, without harming the patient ones. Moreover, due to a pricing …

result in liquidity growth that is a stable leading indicator of nominal expenditure. …

Money provides liquidity services through a cash-in-advance constraint. The exchange of commodities and assets extends …

We define continuous-time dynamics for exchange economies with fiat money. Traders have locally rational expectations … game involving a double-auction with limit-price orders. Money has a positive value except on optimal rest-points where it … nominal variables. Money is not neutral, either in the short-run or long-run, and a localized version of the quantity theory …

result in liquidity growth that is a stable leading indicator of nominal expenditure. …

This paper integrates monetary search theory with limited participation to analyze the liquidity effect of open market … matches. In a fraction of matches, buyers can use unmatured bonds together with money to purchase goods. In other matches, a … liquidity effects. One is the immediate liquidity effect on the bond price and the nominal interest rate. The other is a …

This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of … such as liquidity and saving are explored. We conclude with a look at some of the new innovations in finance, and at the …