I highlight the importance of the distributional aspects of money's divisibility by comparing a search-theoretic model … with random transfers of indivisible money balances, to one with deterministic transfers of partially divisible balances …. Randomization allows price flexibility, as if money were fully divisible. Partial divisibility does not, but allows money …

that a higher initial money stock raises the average price level and increases price dispersion in certain regions of the …

matching process with a unit of money of their choice. A certain number of sellers also come into the same process to maintain …This paper considers whether the stability of Bitcoin in the market as a method of payment using a dual currency money …-search model. In the model, there is traditional money and Bitcoin. The two currencies are classified by the storage cost and the …