This article concerns an in nite horizon economy where trade must occur pairwise, using
a double auction mechanism, and where at money overcomes lack of double coincidence of
wants. Traders are anonymous and lack market power. Goods are divisible and perishable,
and are consumed at every date. Preferences are de ned by utility-stream overtaking. Money
is divisible and not subject to inventory constraints. The evolution of individual and economy-
wide money holdings distributions is characterized. There is a welfare-ordered continuum of
single price equilibria, reecting indeterminacy of the price level rather than of relative prices.