We define continuous-time dynamics for exchange economies with fiat money. Traders have locally rational expectations … game involving a double-auction with limit-price orders. Money has a positive value except on optimal rest-points where it … nominal variables. Money is not neutral, either in the short-run or long-run, and a localized version of the quantity theory …

We consider a two-period model with missing assets and missing market links, in which money plays a central role and is … inside money, then monetary equilibrium (ME) exists and money has positive value. The nonexistence of GEI (of the underlying …

We build a one-period general equilibrium model with money. Equilibrium exists, and fiat money has positive value, as … long as the ratio of outside money to inside money is less than the gains to trade available at autarky. We show that the …

We build a one-period general equilibrium model with money. Equilibrium exists, and fiat money has positive value, as … long as the ratio of outside money to inside money is less than the gains to trade available at autarky. We show that the …

of money, it causes inflation, in the absence of monetary intervention. If the monetary authority attempts to restore pre …-credit card price levels by reducing the money supply, it might have to sacrifice the efficiency gains. When there is default on …

We build a finite horizon model with inside and outside money, in which interest rates, price levels and commodity …

We build a finite horizon model with inside and outside money, in which interest rates, price levels and commodity …

We build a one-period general equilibrium model with money. Equilibrium exists, and fiat money has positive value, as … long as the ratio of outside money to inside money is less than the gains to trade available at autarky. We show that the …

expect the monetary authority to significantly decrease the supply of bank money available for short term loans in the future …