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Viewpoint: A microfoundation of monetary economics

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Abstract:

Abstract. 

In this lecture, I explain what the microfoundations of money are about and why they are necessary for monetary economics. Then, I review recent developments of a particular microfoundation of money, commonly known as the search theory of money. Finally, I outline some unresolved issues.

Keywords: E40; E50

Document Type: Research Article

DOI: http://dx.doi.org/10.1111/j.1540-5982.2006.00364.x

Affiliations: Department of Economics, University of Toronto

Publication date: August 1, 2006

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