This paper studies the existence of single-price price equilibrium from a given initial distribution of money holdings in a search-theoretic model of money where agents have no time preference. The model is similar to the authors' recent models of search economies with no constraints on money...

This paper investigates the existence and properties of stationary single-price equilibrium in a monetary random matching model where agents can hold an arbitrary amount of divisible money, and where production is costly. For some parameter values of the model, there exists a continuum of...

We consider a version of Kiyotaki and Wright's monetary search model in which agents can hold arbitrary amounts of divisible money. A continuum of stationary equilibria, indexed by the aggregate real-money stock, exist with all trading occurring at a single price. There is always a maximum level...

According to previous studies, the demand-liability feature of national bank notes did not present a problem for note-issuing banks because the nonbank public treated notes and other currency as perfect substitutes. However, that view, when combined with nonbindingness of the collateral...