This paper integrates theory and experiments to explore how policy rules related to
government interventions can affect economic allocations and the international status of a …

This paper develops a model of rational bubbles where trade of an asset takes place
through a chain of middlemen. We show that there exists a unique and robust equilibrium …

We evaluate the Friedman rule for optimal monetary policy in a laboratory economy based
on Lagos–Wright (Journal of Economic Theory 145 (2010), 1508–24). We explore two …

Partial currency substitution typically occurs in small open economies amid economic crises.
Often, the foreign currency continues to circulate even after macroeconomic stability returns …

We develop an experimental framework to investigate the quantity theory of money and the
real effects of inflation in an economy where money serves as a medium of exchange. We …

We compare three implementation schemes of an infinite-horizon monetary economy with
discounting. Under the standard random termination scheme and its block variation, the …

We integrate theory and experimental evidence to study the emergence of different
international monetary arrangements based on the circulation of two intrinsically worthless …

Monetary exchange is called essential when better outcomes become incentive compatible
when money is introduced. We study essentiality theoretically and experimentally using …

Purpose: This paper aims to provide the literature review seeking an answer whether energy
can be used as a universal equivalent instead of money. Methodology: The author …

While the usual paradigm of supply and demand in a frictionless market is useful for dis-
cussing many issues, plenty of important questions are not easily addressed with this …