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Money, Payments, and Liquidity - MIT Press Scholarship Online
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Money, Payments, and Liquidity

Ed Nosal and Guillaume Rocheteau


This book provides an investigation into the economics of money and payments by explicitly modeling trading frictions between agents. Adopting the search-theoretic approach pioneered by Nobuhiro Kiyotaki and Randall Wright, it provides a logically coherent dynamic framework to examine the frictions in the economy that make money and liquid assets play a useful role in trade. The book duscusses the implications of such frictions for the suitable properties of a medium of exchange; monetary policy; the cost of inflation; the inflation-output trade-off; the coexistence of money, credit, and highe ... More

Keywords: economics of money, payments, trading frictions, agents, search-theoretic approach, Nobuhiro Kiyotaki, Randall Wright, liquid assets, trade, monetary policy

Bibliographic Information

Print publication date: 2011 Print ISBN-13: 9780262016285
Published to MIT Press Scholarship Online: August 2013 DOI:10.7551/mitpress/9780262016285.001.0001


Affiliations are at time of print publication.

Ed Nosal, author

Guillaume Rocheteau, author