Treasury bills and other near-money assets provide owners with liquidity service benefits that are reflected in prices … of money: The liquidity service benefits of near-money assets are more valuable when short-term interest rates are high … and hence the opportunity cost of holding money is high. Consistent with this prediction, the liquidity premium of T …

We study models incorporating money, household production, and investment in housing. Inflation, as a tax on market …

, when there was a search for alternative frameworks for understanding economic crises …

An indexed unit of account is a money analogue, used to express prices; the unit's" purchasing power is defined by an … index. Indexed units of account are not true money in that" they are not used as a medium of exchange. The first successful … units to be used for" all transactions, so that the role of conventional money might be reduced to clearing-house" functions …

We present an infinite horizon model with capital in which fiat money and barter are two competing means of payment …. Fiat money has value because barter is limited by the extent of a double coincidence of wants. The pattern of exchange … generally involves both money and barter. We find that the Chicago rule is sufficient for Pareto efficiency, while nominal …

The classical and early neoclassical economists knew that the essential function of money was its role as a medium of … exchange; Recently, this idea has been formalized using search-theoretic noncooperative equilibrium models of the exchange … economics: the interaction between specialization and exchange, dual fiat currency regimes, the welfare improving role of money …

magnitude of the unperceived money growth. The testing of this hypothesis requires two preliminary steps. First, a price … unperceived money growth. This estimation implies the postulation of an available information set and also a function relating the … variables in this set to money creation. The function used was based on considerations related to government demand for revenue …