We propose a standard search and bargaining model with divisible money, in which only the random matching market opens … tractable equilibrium, called a pay‐all equilibrium , and prove its existence. Each buyer pays all the money holding as a corner … power parameter affects the distribution of the money holdings and possibly induces economic inefficiency. We propose a …

money and credit coexist. An increase in inflation affects unemployment through two channels: the matching channel and the …This paper studies the impact of informality on the long-run relationship between inflation and unemployment in … unemployment. On the other hand, the lower impact of inflation on formal transactions where credit is partially available shifts …

macroeconomics of endogenous money -- pt. 4. The macroeconomics of exogenous interest rates -- pt. 5. Unemployment, inflation and the … economics, and is renowned as the progenitor of the "horizontalist" analysis of endogenous money. More recently, he has embraced …