demonstrated that money is a measure of generalized power in exchange and a certification of generalized power in subsequent …Modern exchange theories model a large market, but do not explain single exchanges. This paper considers the phenomenon … of single exchange and formulates the general exchange problem in the form of a system of two equations, subjective and …

implications of our model for monetary economics. When a central bank increases the money supply, it must inject the money … somewhere in the economy. We demonstrate that the agent closest to the location where money is injected is better off, and the …. Symmetrically, any decrease in the money supply redistributes purchasing power in the other direction. We also outline the testable …

Today all countries have fiat money issued by a central bank. There is no obligation by a central bank to exchange its … money for gold or any other good. Central banks have the monopoly to issue central bank money and have the power to create … their money out of nothing. Creating such a monetary system is functional for a capitalist economy and must be regarded as a …

The general equilibrium model with incomplete financial markets (GEI) is extended by adding fiat money, fiscal and … monetary policy and a cash-in-advance constraint. The central bank either pegs the interest rate or money supply while the …

consumption function and the demand for money, not to mention monetary history, which helped to undermine the post World War 2 … case for a money growth rule, and the expectations augmented Phillips curve are then taken up, followed by a discussion of …

view, money is a neuronally anchored metaphor for emotions relating with social exchange and reciprocity. Money as a meme … population-level interactions. I apply this framework on the case of money, analyzing the emotions that go along with the use of … money, and presenting a stylized account of the emergence of money in terms of the naturalized Searle-Aoki model. In this …

Prior to the financial crisis mainstream monetary policy practice had become disconnected from money. We outline the … basic rationale for this development using a simple model of money and credit in which we explore the conditions under which … money matters directly for the conduct of policy. Then, drawing on Goodfriend and McCallum's (2007) DSGE model, we examine …