Rational expectations macroeconomic models frequently possess an embarrassingly large number of equilibria. One of these equilibria is the familiar neoclassical solution in which t1 e price level grows at the rate of monetary expansion but there are others in which the price level is either explosive or implosive even in models with a constant nominal supply of money. Under certain conditions i...

We study the effects of inflation in models with various trading frictions. The framework is related to recent search-based monetary theory, in that trade takes place periodically in centralized and decentralized markets, but we consider three alternative mechanisms for price formation: bargaining, price taking, and posting. Both the value of money per transaction and market composition are end...

Recent work has reduced the gap between search-based monetary theory and mainstream macroeconomics by incorporating into the search model some centralized markets as well as some decentralized markets where money is essential. This paper takes a further step towards this integration by introducing labor, capital and neoclassical ̄rms. The resulting framework nests the search-theoretic monetary m...

In common models of project time-cost trade-off, time value of money is not considered and often time-cost trade-off is performed without considering time value of money. In real world, pass of time causes decrease in money value. Therefore, taking into account the time value of money in time-cost trade-off problem makes this problem is becoming more and more realistic. In this paper, we study ...

business of goods is one of the necessities of social life. man has produced the money to facilitate the business, which simultaneously with the development of social and economic life has taken different forms. intrinsic value of some money and relative value of the other and the role of the inflation in decrease in value of money cause the different religious commandments. that is why, for co...