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...Chapter money in macroeconomics moneybuysgoodsandgoodsbuymoney butgoodsdonotbuygoods robert w clower up to now we have put monetary issues aside the implicit assumption has been that exchange of goods and services market economy can be carried out without friction as mere intra or intertemporal barter this is course not realistic at best it provide an acceptable approximation reality only for a limited set macroeconomic turn models which there demand thus theory study causes consequences fact large part real world mediated through use what concept economics dened asset store value functions generally accepted medium i e used directly buy any good o ered sale note iou bill may also but therefore moreover extent depends on general state contrast characterized by being fully liquid if instantly extra costs restrictions make payments mediums are called means payment moneyinmacroeconomics figure no direct possible here solves problem details text liquidity should conceived matter degree so ...