Fiat Money as a Medium of Exchange
AbstractThis paper presents a completely explicit exchange environment in which agents wishing to exchange one type of good for another choose to trade for fiat money, which is then traded for the desired goods. This exchange pattern is chosen over barter because specified properties of fiat money make this pattern less expensive than the search for a double coincidence of wants. Although the transaction services of money affect agents' utility, the model's welfare implications are those of the basic overlapping generations models, not those of models with money balances in the utility function. Copyright 1989 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.
Volume (Year): 30 (1989)
Issue (Month): 1 (February)
Contact details of provider:
Postal: 160 McNeil Building, 3718 Locust Walk, Philadelphia, PA 19104-6297
Phone: (215) 898-8487
Fax: (215) 573-2057
Web page: http://www.econ.upenn.edu/ier
More information through EDIRC
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Gabriele Camera & Charles Noussair & Steven Tucker, 2003.
"Rate-of-return dominance and efficiency in an experimental economy,"
Springer, vol. 22(3), pages 629-660, October.
- Camera, G. & Noussair, C. & Tucker, S., 2000. "Rate-of-Return Dominance and Efficiency in an Experimental Economy," Purdue University Economics Working Papers 1135, Purdue University, Department of Economics.
- Noussair, C.N. & Camera , G. & Tucker, S., 2003. "Rate of return dominance and efficiency in an experimental economy," Open Access publications from Tilburg University urn:nbn:nl:ui:12-377947, Tilburg University.
- Benjamin Lester & Andrew Postlewaite & Randall Wright, 2008. "Information, Liquidity and Asset Prices," PIER Working Paper Archive 08-039, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
- Peter Ireland, 2005.
"The liquidity trap, the real balance effect, and the Friedman rule,"
05-3, Federal Reserve Bank of Boston.
- Peter N. Ireland, 2005. "The Liquidity Trap, The Real Balance Effect, And The Friedman Rule ," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 46(4), pages 1271-1301, November.
- Williamson, Stephen D. & Wright, Randall, 2010.
"New Monetarist Economics: Models,"
21030, University Library of Munich, Germany.
- George Selgin, 2003. "Adaptive Learning and the Transition to Fiat Money," Economic Journal, Royal Economic Society, vol. 113(484), pages 147-165, January.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing) or ().
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.