Search For A Theory Of Money
AbstractThe classical and early neoclassical economists knew that the essential function of money was its role as a medium of exchange; Recently, this idea has been formalized using search-theoretic noncooperative equilibrium models of the exchange process. The goal of this paper is to use a simple model of this class to analyze four substantive issues in monetary economics: the interaction between specialization and exchange, dual fiat currency regimes, the welfare improving role of money, and the susceptibility of monetary economies to extrinsic uncertainty.
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Bibliographic InfoPaper provided by Wisconsin Madison - Social Systems in its series Working papers with number 90-15.
Length: 36 pages
Date of creation: 1990
Date of revision:
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Postal: UNIVERSITY OF WISCONSIN MADISON, SOCIAL SYSTEMS RESEARCH INSTITUTE(S.S.R.I.), MADISON WISCONSIN 53706 U.S.A.
economic equilibrium ; models ; currencies ; expectations;
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- Marimon, Ramon & McGrattan, Ellen & Sargent, Thomas J., 1990.
"Money as a medium of exchange in an economy with artificially intelligent agents,"
Journal of Economic Dynamics and Control,
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Springer, vol. 3(2), pages 297-314, April.
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"Aggregate Demand Management in Search Equilibrium,"
Journal of Political Economy,
University of Chicago Press, vol. 90(5), pages 881-94, October.
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"More on money as a medium of exchange,"
140, Federal Reserve Bank of Minneapolis.
- 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.
- Steve Williamson & Randall Wright, 1991. "Barter and monetary exchange under private information," Staff Report 141, Federal Reserve Bank of Minneapolis.
- Williamson, S. & Wright, R., 1991. "Barter and Monetary Exchange Under Private Information," University of Western Ontario, The Centre for the Study of International Economic Relations Working Papers 9107, University of Western Ontario, The Centre for the Study of International Economic Relations.
- Matsuyama, K. & Kiyotaki, N. & Matsui, A., 1992.
"Toward a Theory of International Currency,"
e-92-6, Hoover Institution, Stanford University.
- Kultti, Klaus, 1995. "A finite horizon monetary economy," Journal of Economic Dynamics and Control, Elsevier, vol. 19(1-2), pages 237-251.
- Eduardo Siandra, 1990. "Money and Specialization in Production," UCLA Economics Working Papers 610, UCLA Department of Economics.
- Siandra, E., 1992. "Money and specialization in production," Discussion Paper 1992-5, Tilburg University, Center for Economic Research.
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