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Commodity Money in a Convex Trading Post Sequence Economy

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  • Starr, Ross M.
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    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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    Bibliographic Info

    Paper provided by Department of Economics, UC San Diego in its series University of California at San Diego, Economics Working Paper Series with number qt2s87k9cj.

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    Date of creation: 19 Aug 2008
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    Handle: RePEc:cdl:ucsdec:qt2s87k9cj

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    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.:
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    1. Starr, Ross M., 2008. "Mengerian Saleableness and Commodity Money in a Walrasian Trading Post Example," University of California at San Diego, Economics Working Paper Series qt92k1n9mn, Department of Economics, UC San Diego.
    2. Hahn, F H, 1971. "Equilibrium with Transaction Costs," Econometrica, Econometric Society, vol. 39(3), pages 417-39, May.
    3. Dror Goldberg, 2009. "The Tax-Foundation Theory of Fiat Money," Working Papers 2009-5, Department of Economics, Bar-Ilan University.
    4. Foley, Duncan K., 1970. "Economic equilibrium with costly marketing," Journal of Economic Theory, Elsevier, vol. 2(3), pages 276-291, September.
    5. 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.
    6. 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.
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