theory suggests that transaction costs will not fall to zero. Therefore, a common medium of exchange that serves as unit of …

Money and credit are key themes of Allan H. Meltzer's ground-breaking work which is celebrated in this outstanding … collection of his essays and papers. Money, Credit and Policy covers the demand for money, the relation of money to output, the …. Focusing on the relations between money and credit, and in turn their relationship to output, prices and inflation, this volume …

This paper proposes an alternative view of Wang and Yip's (1992a) model to allow for real money balances as an input … money with respect to economic growth crucially depends on whether the circulation of money could facilitate the efficiency … in human capital accumulation or not. If money enhances the efficiency in human capital accumulation, then a negative …