In this paper we study the inefficiencies of the monetary equilibrium and optimal monetary policies in a search economy. We show that the same frictions that give fiat money a positive value generate an inefficient quantity of goods in each trade and an inefficient number of trades (or search decisions). The Friedman rule eliminates the first inefficiency and the Hosios rule the second. A monet...

The current paper demonstrates a dichotomy of the growth response to changes in the barter terms of trade, employing as case studies the two African countries, Botswana and Nigeria.Using distributed-lag analysis, the paper finds that the effect of terms of trade on output is positive and negative for the two countries, respectively. I interpret these results as supportive of the ‘resource curse...

The current paper demonstrates a dichotomy of the growth response to changes in the barter terms of trade (TOT), employing as case studies the following two African countries: Botswana and Nigeria. Using distributed-lag analysis, the paper finds that the effect of TOT on output is positive and negative for the two countries, respectively. I interpret these results as supportive of the 'resource...

Drawing upon the transactional-relational continuum view of exchange, this study provides one of the very first attempts to examine the exchange relationships between individual buyers and sellers in a peer-to-peer online barter market. Using detailed transaction data and weblog data from a leading online market for book exchanges, we find that there is a dichotomy in users’ exchange orientatio...

Unlike early civilizations with an entire economy built around agriculture and the practicality of barter system, today's complex economies require immediate, low-cost transactions. The digitalization transactions is helping develop through various new assets currencies. appearance DeFi, CBDC’s, many blockchain based systems has created a bit debate among researchers. Consequently, matter maint...

Food is one of the basic needs for human life. Agriculture has been seen as primary occupation in Tamil life since earliest times. A system selling manufactured goods through barter was observed. Business basis economic development country. Merchants were called by their profession. The currency evolved systematically response to time environment and demand. During Sangam period, merchants who ...

“In primitive traffic the economic man is awaking but very gradually to an understanding of the economic advantages to be gained by exploitation of existing opportunities of exchange...Consider how seldom it is the case, that a commodity owned by somebody is of less value in use than another commodity owned by someone else! And for the latter just the opposite relation is the case. But how much...

By lowering the transaction costs associated with barter, a payments system greatly facilitates the exchange of goods and services. Although vastly improved over the years, the process of transferring funds remains costly, and the evolution of the payments system has been at least partially determined by efforts to trim these costs further. Increasing the productivity of the payments system imp...

We are exploring the design and creation of information markets with a goal of bringing an electronic, distributed market to a community or an organization to enhance knowledge sharing, innovation creation, and productivity. We apply innovative market mechanisms to construct incentives while still encouraging pro-social behaviors. A key advantage of this study will be a direct appeal to informa...

We present an agent-based model of a simple endogenous-money economy. The model simulates agents representing individual persons who can work, consume, invent new products and related production technologies, apply for a loan from the bank and start up a business. Through the interaction of persons with the firms, we simulate the production of goods, consumption and labour market. In order to a...