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

The objective of this note is to analyze some implications of the model of commodity money described in Banerjee and …

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 …

We consider a two-period model with missing assets and missing market links, in which money plays a central role and is … inside money, then monetary equilibrium (ME) exists and money has positive value. The nonexistence of GEI (of the underlying …

The introduction of banks that issue money and supply balances and pay outtheir profits as dividends is the natural … supply of balances and rates of interest adjust for money marketsto clear. …

The introduction of banks that issue money and supply balances and pay out their profis as dividends is the natural … supply of balances and rates of interest adjust for money markets to clear. Competitive equilibria exist. Under uncertainty …

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

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