Los modelos del dinero endógeno: La evolución de los modelos monetarios de búsqueda

Relevance of Money as an institution for society turns as paramount to have a monetary theory available which allows for rigorous explanation of the reasons why fiat money has a positive equilibrium value and for accurate analysis of the relationships between itself and the economic system as a whole. To reconcile these two objectives inside exogenous money models is clearly impossible. Endogenous money models have emerged as an answer to this limitation, and they suppose exchange frictions that can only be avoided through money. Among them the most useful are search models, given their flexibility to introduce microfoundations and analyze monetary issues such as inflation, money supply, in-equilibrium optimal distribution of monetary assets, among others