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Gresham's Law in a Lemons Market for Assets

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  • S. Rao Aiyagari

Abstract

The authors describe a simple environment in which assets of varying qualities may be used for transactions and consumption. The quality of an asset is known to the seller, but not to the buyer. This feature generates a negative relationship between the transactions velocities of assets and their rates of return. They also discuss several versions of Gresham's Law that hold in this environment.

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Bibliographic Info

Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 22 (1989)
Issue (Month): 3 (August)
Pages: 686-97

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Handle: RePEc:cje:issued:v:22:y:1989:i:3:p:686-97

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Cited by:
  1. Rocheteau, Guillaume, 2011. "Payments and liquidity under adverse selection," Journal of Monetary Economics, Elsevier, vol. 58(3), pages 191-205.
  2. Williamson, Steve & Wright, Randall, 1994. "Barter and Monetary Exchange under Private Information," American Economic Review, American Economic Association, vol. 84(1), pages 104-23, March.
  3. Francois R. Velde & Warren E. Weber & Randall Wright, . "A Model of Commodity Money, With Application to Gresham's Law and the Debasement Puzzle," CARESS Working Papres 97-7, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
  4. Tai-Wei Hu, 2013. "Imperfect recognizability and coexistence of money and higher-return assets," Economic Theory, Springer, vol. 53(1), pages 111-138, May.
  5. Charles M. Kahn & William Roberds, 1995. "On the efficiency of cash settlement," Working Paper 95-11, Federal Reserve Bank of Atlanta.

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