We formulate a generalization of the traditional medium-of-exchange function of money in contexts where there is … that the option to settle transactions directly with money strengthens the stance of sellers of goods and services vis … "latent money demand" considerations imply monetary policy remains effective through medium-of-exchange channels even if the …

We study the transmission of monetary policy in credit economies where money serves as a medium of exchange. We find … that—in contrast to current conventional wisdom in policy-oriented research in monetary economics—the role of money in … cashless limit. Hence, as tools to assess the effects of monetary policy, monetary models without money are generically poor …