We show that when investors suffer from endogenous asymmetric money illusion, the usual proportionality between money supply and nominal prices commonly present in frictionless economies is eliminated. This drives changes ...

We address whether reputation concerns can discipline the behavior of a self-interested agent who has a monopoly over the provision of fiat money. We obtain that when this agent can commit to a plan of action, there is a ...

We analyze the stability of monetary regimes in a decentralized economy where fiat money is endogenously created, information about its value is imperfect, and agents only learn from their personal trading experiences. We ...

Este artigo tem como objetivo apresentar uma análise das práticas atuais da política monetária, a política de “regras monetárias”. Discute o contexto histórico em que tais práticas apareceram, e suas implicações, especialmente ...

Fundamental models of money, while explicit about the frictions that render money essential, are silent on how agents actually coordinate in its use. This paper studies this coordination problem, providing an endogenous ...