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...petitive markets as in [27]. In addition, these techniques can be used to further the modeling of environments where money is necessary to support trade in large competitive markets (see for instance =-=[9]-=-). This can bring us closer to the desirable stage of better integrating the literature on the foundations of money with the mainstream macroeconomic literature. 2 The physical environment We describe...

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...≡ ωh/ωl > 1. All households reside at a central location in the day. Output (utility) generated in the day is transferable and nonstorable; an aggregate resource constraint implies Z A∪B xt(i)di ≤ 0; =-=(2)-=- for all t ≥ 0. 3 Each household is endowed with a nonstorable output 0 < y <∞ at night. There are two spatially separated locations at night, labelled location 1 and location 2. Subsequent to househo...

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...= An = {n}. For t =1,wehaveB2 n = B1 3n−2 ⊔ B1 3n−1 ⊔ B1 3n = {3n − 2, 3n − 1, 3n}, and so on. An implementation of the recursive-block invariant mechanism Ψ∗ is shown in the table below. t 0 [1] [2] =-=[3]-=- [4] [5] [6] [7] 1 [ 1,2,3] [ 4,5,6] [ 7,8,9] [ 10,11,12] [ 13,14,15] [ 16,17,18] [ 19,20,21] 2 [ 1,4,7] [ 2,5,8] [ 3,6,9] [ 10,13,16] [ 11,14,17 ] [ 12,15,18 ] [ 19,22,25] 3 [ 1,10,19] [ 2,11,20] [ 3...

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...petitive markets as in [28]. In addition, these techniques can be used to further the modeling of environments where money is necessary to support trade in large competitive markets (see for instance =-=[9]-=-). This can bring us closer to the desirable stage of better integrating the literature on the foundations of money with the mainstream macroeconomic literature. 2 The physical environment We describe...