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Currency and Credit Are Equivalent Mechanisms

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Author Info
Taub, Bart
Abstract

The author studies a pure exchange economy with many agents whose marginal utility of consumption is stochastically heterogeneous and independent of wealth, with realized marginal utility of wealth private information. He shows that currency and credit are equivalent to a contract that is efficient when the privacy of information is viewed as a constraint and that the cash-in-advance constraint is an expression of an incentive constraint. Copyright 1994 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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Publisher Info
Article 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): 35 (1994)
Issue (Month): 4 (November)
Pages: 921-56
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Handle: RePEc:ier:iecrev:v:35:y:1994:i:4:p:921-56

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  1. S. Rao Aiyagari & Stephen D. Williamson, 1998. "Money and dynamic credit arrangements with private information," Working Paper 9807, Federal Reserve Bank of Cleveland. [Downloadable!]
    Other versions:
  2. Charles Kahn & James McAndrews & William Roberds, 2001. "A Theory of Transactions Privacy," Center for Financial Institutions Working Papers 01-12, Wharton School Center for Financial Institutions, University of Pennsylvania. [Downloadable!]
    Other versions:
  3. Jeffrey M. Lacker, 1997. "Clearing, settlement, and monetary policy," Working Paper 97-01, Federal Reserve Bank of Richmond. [Downloadable!]
    Other versions:
  4. Narayana R. Kocherlakota, 2007. "Money and bonds: an equivalence theorem," Staff Report 393, Federal Reserve Bank of Minneapolis. [Downloadable!]
    Other versions:
  5. Susan Athey & David Miller, 2006. "Efficiency in Repeated Trade with Hidden Valuations," Levine's Bibliography 784828000000000256, UCLA Department of Economics. [Downloadable!]
    Other versions:
  6. Charles M. Kahn & James McAndrews & William Roberds, 2004. "Money is privacy," Working Paper 2004-18, Federal Reserve Bank of Atlanta. [Downloadable!]
    Other versions:
    • Charles M. Kahn & James McAndrews & William Roberds, 2005. "Money Is Privacy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 46(2), pages 377-399, 05. [Downloadable!] (restricted)
  7. Charles M. Kahn & William Roberds, 2005. "Credit and identity theft," Conference Series ; [Proceedings], Federal Reserve Bank of Boston. [Downloadable!]
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  8. Aleksander Berentsen & Christopher Waller, 2008. "Outside Versus Inside Bonds," IEW - Working Papers iewwp372, Institute for Empirical Research in Economics - IEW. [Downloadable!]
  9. Narayana R. Kocherlakota, 1996. "Money is memory," Staff Report 218, Federal Reserve Bank of Minneapolis. [Downloadable!]
    Other versions:
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