We compare allocations sustained by credit with allocations sustained by bank notes (inside money) in a search model with decentralized trade and limited monitoring. We demonstrate that there exists a credit arrangement ...

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 ...

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 establish necessary and sufficient conditions for the individual optimality of a consumption-portfolio plan in an infinite horizon economy where agents are uniformly impatient and fiat money is the only asset available ...

This paper analyzes the stability of monetary regimes in an economy where fiat money is endogenously created by the government, information about its value is imperfect, and learning is decentralized. We show that monetary ...

This paper presents Léon Walras and Augustin Cournot views on monetary regulation. Important differences can be found in their views about the convenience of the issuing of paper money and fiat money in general. Whereas ...

This paper investigates an economy where all consumption goods are indivisible at the individual level, but perfectly divisible at the overall level of the economy. In order to facilitate trading of goods, we introduce ...

We study a production economy where all consumption goods are indivisible at the individual level but perfectly divisible at the overall economy level. In order to facilitate the exchange in this setting, we introduce a ...

We develop a continuous-time Lagos-Wright model to study private and decentralised money production with a time-consuming mining technology and with a diffusion process for this technology. There exists a unique equilibrium ...

A model is presented in which banks accept deposits of fiat money and intermediate capital. Alt though theories about the coexistence of money and credit are inherently difficult, the model offers a simple explanation for ...