Foundations of Monetary Theory:  Money as a Medium of       Exchange
{'Code': '04050100', 'Directorate': {'LongName': 'Direct For Social, Behav & Economic Scie'}, 'Division': {'LongName': 'Divn Of Social and Economic Sciences'}}
{'SignBlockName': 'jerry blackmon'}
Recent work on the foundations of monetary economics has                        emphasized the conceptual weakness of traditional treatments of                 money in macroeconomic theory,  but has not done much to correct                those weaknesses.  Until they are corrected,  the important                     critical contribution of the rational expectations revolution                   will not have provided us with a satisfactory alternative with                  which to address major issues concerning monetary policy.                                                                                                       The goal of the proposed research is to develop some new theories               of monetary economics,  by taking seriously the notion that money               is an object that helps to overcome frictions in the exchange                   process;  that is,  money is a medium of exchange.  Although the                medium of exchange role of money was emphasized by the classical                economists,  formal modelling of this function has been elusive.                The dominant paradigms in monetary economics today,, including                  overlapping generations models and cash-in-advance models,  do                  not capture this function of money very well.  While they have                  clearly proven to be very useful in addressing many substantive                 issues in money and macroeconomics,  it is fair to say that these               paradigms fail to provide an endogenous explanation of how                      objects come to be used as media of exchange,  and therefore they               are not able to address many fundamental issues of monetary                     theory and policy.  This project will develop a framework related               to equilibrium search and matching models.  It will be used to                  explain the role of money endogenously and explore theoretical                  and policy implications.
{'FirstName': 'Randall', 'LastName': 'Wright', 'EmailAddress': 'rwright@bus.wisc.edu', 'StartDate': '06/01/1989', 'EndDate': None, 'RoleCode': 'Principal Investigator'}
{'Name': 'University of Pennsylvania', 'CityName': 'Philadelphia', 'ZipCode': '191046205', 'PhoneNumber': '2158987293', 'StreetAddress': 'Research Services', 'CountryName': 'United States', 'StateName': 'Pennsylvania', 'StateCode': 'PA'}
{'Code': '1320', 'Text': 'ECONOMICS'}
{'url': 'https://www.nsf.gov/awardsearch/download?DownloadFileName=1988&All=true', 'xml': '8821225.xml'}