This paper analyzes financial intermediation chains in a search model with an endogenous intermediary sector. We show … that the chain length and price dispersion among interdealer trades are decreasing in search cost, search speed, and market … consistent with these predictions. Moreover, as search speed approaches infinity, the search equilibrium does not always converge …

on March 12, 1933, when he saidthat the reopened banks would be safer than the proverbial“money under the mattress …

This paper studies the joint business cycle dynamics of inflation, money growth, nominal and real interest rates and the … velocity of money. I extend and estimate a standard cash and credit monetary model by adding idiosyncratic preference shocks to …

bank through which he concealed over £3m in counterfeit money.[...] …