Showing papers by "Neil Wallace published in 2002"

General Features of Monetary Models and their Significance

Abstract: The recent literature on models of money with nice micro foundations is reviewed from the point of view of three general features: (i) the extent and kind of idiosyncratic uncertainty (ii) the extent to which the past actions of people are common knowledge, the degree of monitoring; (iii) the size of the trading group (one extreme is trade in pairs and another is centralized trade). The goal is to point out the connections between these features and the implications of the models, including their implications for policy issues.