This paper investigates the relationship between money growth, inflation, and productive activity in a general equilibrium model of search. The use of a multiple-matching technique, where trade frictions are captured by limited consumption variety, allows us to study price determination in a search-theoretic environment with divisible money and goods. In our basic framework, productive activity...

We revisit the issue of multiplicity of equilibria when monetary policy is conducted with either the interest rate or the money supply as the sole instrument of policy. We show that in standard monetary models there are interest rate feedback rules, and also money supply rules, that implement a unique global equilibrium. This is a contribution to a literature that either concentrates on conditi...

One of the most influential contributions to the literature on the expectations theory of the term structure of interest rates is Mankiw and Miron (1986), who found support for the expectations theory prior to the founding of the Fed but not after. Mankiw and Miron suggested that the failure of the expectations theory after the Fed’s founding was due to the Fed’s practice of smoothing short-ter...

How does the imperfect recognizability of commodity money a¤ect its production, terms of trade, and circulation? This paper develops a model where coins of di¤erent intrinsic values are minted to be used as a medium of exchange, and are subject to a private information problem. Our model o¤ers a new perspective over existing analyses by allowing owners of coins to signal the quality of their as...

A monoclonal antibody, mAb E40, that specifically recognizes hair cells and photoreceptors was derived from a mouse immunized with a membrane fraction prepared from the sensory maculae of the chick inner ear. In the mature chick inner ear, punctate labeling is observed along each stereocilium, but staining is mostly concentrated around the basal end of the sensory hair bundles, where it is clos...

The Journal of Economic Literature codes classification system (JEL) published by the American Association (AEA) is de facto standard for research literature in economics. JEL used to classify articles, dissertations, books, book reviews, and working papers EconLit, a database maintained AEA. Over time, it has evolved extended with over 850 subclasses. This paper reviews history development sys...