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Commodity Money in a Convex Trading Post Sequence Economy

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Author Info
Ross Starr (University of California, San Diego)
Abstract

General equilibrium is investigated with N commodities deliverable at T dates traded spot and futures at ½ N 2T 3 dated commodity-pairwise trading posts. Trade is a resource-using activity recovering transaction costs through the spread between (bid) wholesale) and ask (retail) prices (pairwise rates of exchange). Budget constraints are enforced at each trading post separately implying demand for a carrier of value between trading posts and over time, commodity money (spot or futures). Trade in media of exchange and stores of value is the difference between gross and net inter-post trades. "Demand for 'money'" is stocks held for retrade.

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Paper provided by Department of Economics, UC San Diego in its series University of California at San Diego, Economics Working Paper Series with number 2008-09.

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Date of creation: 19 Aug 2008
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Handle: RePEc:cdl:ucsdec:2008-09

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Related research
Keywords: Equilibrium; Money and Interest Rates;

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Hahn, F H, 1971. "Equilibrium with Transaction Costs," Econometrica, Econometric Society, vol. 39(3), pages 417-39, May. [Downloadable!] (restricted)
  2. Shapley, Lloyd S & Shubik, Martin, 1977. "Trade Using One Commodity as a Means of Payment," Journal of Political Economy, University of Chicago Press, vol. 85(5), pages 937-68, October. [Downloadable!] (restricted)
  3. Foley, Duncan K., 1970. "Economic equilibrium with costly marketing," Journal of Economic Theory, Elsevier, vol. 2(3), pages 276-291, September. [Downloadable!] (restricted)
  4. Starr, Ross M., 2008. "Mengerian saleableness and commodity money in a Walrasian trading post example," Economics Letters, Elsevier, vol. 100(1), pages 35-38, July. [Downloadable!] (restricted)
  5. Ross Starr, 2008. "Mengerian Saleableness and Commodity Money in a Walrasian Trading Post Example," University of California at San Diego, Economics Working Paper Series 2008-02, Department of Economics, UC San Diego. [Downloadable!]
  6. Starr, Ross M., 2008. "Commodity money equilibrium in a convex trading post economy with transaction costs," Journal of Mathematical Economics, Elsevier, vol. 44(12), pages 1413-1427, December. [Downloadable!] (restricted)
  7. Hahn, Frank H, 1973. "On Transaction Costs, Inessential Sequence Economies and Money," Review of Economic Studies, Blackwell Publishing, vol. 40(4), pages 449-61, October. [Downloadable!] (restricted)
  8. Ross M. Starr, 2003. "Why is there money? Endogenous derivation of `money' as the most liquid asset: a class of examples," Economic Theory, Springer, vol. 21(2), pages 455-474, 03. [Downloadable!] (restricted)
  9. Kiyotaki, Nobuhiro & Wright, Randall, 1989. "On Money as a Medium of Exchange," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 927-54, August. [Downloadable!] (restricted)
  10. Menger, Carl, 1892. "On the Origins of Money," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 2, pages 239-255. [Downloadable!]
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