"fairness" and "convenience" then it admits unique prices, in the sense of consistent exchange-rates across commodity pairs ij … directed graphs G in a precise sense. The edges of G can be regarded as markets for commodity pairs, and prices play a stronger … role in that the return to a trader depends only on his own offer and the prices. Finally we consider "strongly" minimal …

mechanism has a distinguished commodity -- the money -- that serves as the sole medium of exchange and mediates trade between …

In the canonical monetary policy model, money is endogenous to the optimal path for interest rates and output. But when … liquidity provision by banks dominates the demand for transactions money from the real economy, money is likely to contain … information for future output and inflation because of its impact on financial spreads. And so we decompose broad money into …