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Commodity Money in the Presence of Goods of Heterogeneous Quality

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Author Info
Cuadras-Morato, Xavier

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Abstract

The aim of this paper is to demonstrate that uncertainty about the quality of a particular commodity does not necessarily exclude it from emerging as commodity money. This is shown in the context of the model of a simple economy with specialized agents and decentralized trade described in Kiyotaki and Wright (1989). In order to derive this result, considerations about marketability of the different goods are taken into account.

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Article provided by Springer in its journal Economic Theory.

Volume (Year): 4 (1994)
Issue (Month): 4 (May)
Pages: 579-91
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Handle: RePEc:spr:joecth:v:4:y:1994:i:4:p:579-91

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References listed on IDEAS
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  1. Walter Garcia-Fontes & Hugo Hopenhayn, 2000. "Entry restrictions and the determination of quality," Spanish Economic Review, Springer, vol. 2(2), pages 105-127. [Downloadable!] (restricted)
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  2. Marimon, R. & Spear, S. & Sunder, S., 1991. "Expectationally-Driven Market Volatility: An Experimental Study," GSIA Working Papers 1991-3, Carnegie Mellon University, Tepper School of Business.
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  3. Massimo Motta & George Norman, 1993. "Does Economic Integration Cause Foreign Direct Investment?," Economics Working Papers 28, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  4. Juan P. Nicolini, 1992. "Ruling out Speculative Hyperinflations: A Game Theoretic Approach," Economics Working Papers 14, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
  5. Ramon Marimon, 1993. "Adaptive Learning, Evolutionary Dynamics and Equilibrium Selection in Games," Economics Working Papers 23, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  6. Giorgia Giovannetti & Albert Marcet & Ramon Marimon, 1993. "Growth, Capital Flows and Enforcement Constaints: The Case of Africa," Economics Working Papers 22, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  7. Walter Garcia Fontes, 1993. "Price Competition in Segmented Industries," Economics Working Papers 34, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  8. Albert Marcet & Ramon Marimon, 1992. "Communication, commitment, and growth," Discussion Paper / Institute for Empirical Macroeconomics 74, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  9. José M. Labeaga & Ángel López Nicolás, 1993. "Tax Simulations for Spain with a Flexible Demand System," Economics Working Papers 38, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
  10. Xavier Calsamiglia & Alan Kirman, 1991. "A Unique Informationally Efficient and Decentralized Mechanism with Fair Outcomes," Economics Working Papers 7, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  11. M. Antònia Monés & Rafael Salas & Eva Ventura, 1992. "Consumption, Real after Tax Interest Rates and Income Innovations. A Panel Data Analysis," Economics Working Papers 18, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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This page was last updated on 2009-11-25.

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