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Beyond Search: Fiat Money In Organized Exchange

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Peter Howitt

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Abstract

A model of fiat money is constructed in which spatial separation and the logistics of communication are made explicit as in search theory, but exchange is organized by profit-seeking business enterprises as in all market economies. Firms mitigate search costs by opening shops that are easily located. Equilibria may exist in which fiat money is used as a universal medium of exchange. When a monetary equilibrium exists, fiat money is essential. The model provides a foundation to cash-in-advance theory, without specifying in advance that one object will be used as the universal medium of exchange. Copyright 2005 by the Economics Department Of The University Of Pennsylvania And Osaka University Institute Of Social And Economic Research Association.

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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): 46 (2005)
Issue (Month): 2 (05)
Pages: 405-429
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Handle: RePEc:ier:iecrev:v:46:y:2005:i:2:p:405-429

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  1. Ross Starr, 2005. "Commodity Money Equilibrium in a Walrasian Trading Post Model: An Elementary Example," University of California at San Diego, Economics Working Paper Series 2005-06, Department of Economics, UC San Diego. [Downloadable!]
  2. Michael B. Devereux & Shouyong Shi, 2008. "Vehicle currency," Globalization and Monetary Policy Institute Working Paper 10, Federal Reserve Bank of Dallas. [Downloadable!]
    Other versions:
    • Michael B. Devereux & Shouyong Shi, 2008. "Vehicle Currency," Working Papers tecipa-315, University of Toronto, Department of Economics. [Downloadable!]
  3. Yves Balasko, 2007. "Out-of-equilibrium price dynamics," Economic Theory, Springer, vol. 33(3), pages 413-435, December. [Downloadable!] (restricted)
  4. Christian Hellwig, 2002. "Money, Intermediaries, and Cash-in-Advance Constraints (February 2003)," UCLA Economics Online Papers 207, UCLA Department of Economics. [Downloadable!]
  5. Aleksander Berentsen & Guido Menzio & Randall Wright, 2009. "Inflation and Unemployment in the Long Run," Kiel Working Papers 1501, Kiel Institute for the World Economy. [Downloadable!]
    Other versions:
  6. Mark Pingle & Sankar Mukhopadhyay, 2008. "Private Money as a Competing Medium of Exchange," Working Papers 08-004, University of Nevada, Reno, Department of Economics & University of Nevada, Reno , Department of Resource Economics. [Downloadable!]
  7. Manolis Galenianos & Philipp Kircher, 2005. "A Model of Money with Multilateral Matching, Second Version," PIER Working Paper Archive 07-004, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 01 Nov 2006. [Downloadable!]
  8. Randall Wright, 2005. "Introduction to "Models of Monetary Economies II: The Next Generation"," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Oct, pages 2-9.
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  9. Guillaume Rocheteau & Randall Wright, 2003. "Money in Search Equilibrium, in Competitive Equilibrium, and in Competitive Search Equilibrium," PIER Working Paper Archive 03-031, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania. [Downloadable!]
    Other versions:
  10. Christian Hellwig, 2000. "Money, Intermediaries and Cash-in-Advance Constraints," Econometric Society World Congress 2000 Contributed Papers 1631, Econometric Society. [Downloadable!]
    Other versions:
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