author uses a search model of money to evaluate some of the benefits and costs of monetary systems with private money …. Private money promotes productive financial intermediation, but it also may encourage counterfeiting. Counterfeiting, if …The liabilities of private financial institutions (private money) have circulated historically. Current interest in …

Counterfeit money is the topic of television, movies, and lore but hardly seen by most of us - for only about one in …-billion-dollar potential crime. Here, we distill a recent model of counterfeit money as a massive multi-player game of deception. Bad guys …. The model sheds light on how the counterfeiting rates, the counterfeit quality, and the cost of attention vary in response …