intermediaries, for financial disturbances, or even for money. Models incorporating defaults are, however, harder to construct, in …

I review in this paper some recent literature that deals with the coexistence of inside and outside money in a matching … model of money à la Kiyotaki and Wright. I examine first a class of models that introduce credit by assuming that some … (costly) commit to keep their promises. I also analyse a literature that introduces banks and private money in the model, to …

implications of our model for monetary economics. When a central bank increases the money supply, it must inject the money … somewhere in the economy. We demonstrate that the agent closest to the location where money is injected is better off, and the …. Symmetrically, any decrease in the money supply redistributes purchasing power in the other direction. We also outline the testable …

intermediaries, for financial disturbances, or even for money. Models incorporating defaults are, however, harder to construct, in …

the relationship between money, prices and interest, Mises brought originality and a new perspective over the monetary … rule? And most important how does the business cycle theory influence money? …

exchange and a means to pay taxes. These provide an analytical framework for the understanding of money as originating both …

We propose a model in which money performs an essential role in the process of exchange, despite the presence of a … room for a record-keeping device, such as money, that strictly improves the functioning of the clearing house. …

Money evolved gradually as a cuitural product, it was not originally invented and imposed by the state (although it did …