of money, it causes inflation, in the absence of monetary intervention. If the monetary authority attempts to restore pre …-credit card price levels by reducing the money supply, it might have to sacrifice the efficiency gains. When there is default on …

distinctions among the different types of money and financial institutions. The models emphasize the physical properties of the … economic goods, moneys, and trading systems. Part 1 covers models in which the money is a consumable storable; the economies in … Part 2 use durable money, fiat money, or credit. Under this framework we are able to successfully contrast the role of …

expect the monetary authority to significantly decrease the supply of bank money available for short term loans in the future …

distinctions between the different types of money and financial institutions. The models emphasize the physical properties of the … economic goods, moneys, and trading systems. In Part 1 of the paper, we covered models in which the money is a consumable … storable; here in Part 2 we consider economies using durable money, fiat money, or credit. Under this framework we are able to …

A game theoretic approach to the theory of money and financial institution is given utilizing both the strategic and … used to calculate several cooperative forms that differ from each other in their utilization of money and credit and their … the extreme structures the concept of "enough money" can be defined usefully, and for large economies the games obtained …

Fiat money(1) is a creation of both the state and society. Its value is supported by expectations which are conditioned … weather. However, money and the financial institutions and instruments of a modern economy provide the means to influence … expectations and bound behavior.(2) Paper money emerges as a virtual commodity. The dynamics of the economy permits it to serve as …

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 …

theories of money both have their validity and reasons for coexistence. The drive for increasing efficiency in the payment …

Among the conventions of almost every human society of historical record has been the use of money, i.e., particular … convention, not the particular media agreed upon, is the source of money's immense value to the society. In this respect money is … history of various forms of money, the functions of money, and the role of money in economic theory. …

We build a one-period general equilibrium model with money. Equilibrium exists, and fiat money has positive value, as … long as the ratio of outside money to inside money is less than the gains to trade available at autarky. We show that the …