Is Gold an Efficient Store of Value?
AbstractGold and tobacco have both been used as commodity money. One difference between the two is that gold yields utility, on account of its beauty, without diminishing its quantity. Tobacco yields utility when it is consumed. If this were the only difference, which would be the better money?
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Bibliographic InfoPaper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 1031R.
Length: 15 pages
Date of creation: Feb 2002
Date of revision:
Publication status: Published in Economic Theory (2003), 21(4): 767-782
Note: CFP 1084.
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA
Other versions of this item:
- C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models &bull Diffusion Processes
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- Thomas Quint & Martin Shubik, 2004. "A Consumable Money. An Elementary Discussion of Commodity Money, Fiat Money and Credit: Part I," Cowles Foundation Discussion Papers 1455, Cowles Foundation for Research in Economics, Yale University.
- Martin Angerer & Juergen Huber & Martin Shubik & Shyam Sunder, 2007. "An Economy with Personal Currency: Theory and Evidence," Yale School of Management Working Papers amz2448, Yale School of Management, revised 01 Jan 2009.
- Martin Shubik & Shuntian Yao, 1992. "Transactions Loans, Intertemporal Loans, Variable Velocity, the Rates of Interest and Commodity Money: Part 1. Transactions Loans," Cowles Foundation Discussion Papers 1014, Cowles Foundation for Research in Economics, Yale University.
- Martin Angerer & Juergen Huber & Martin Shubik & Shyam Sunder, 2007.
"An Economy with Personal Currency: Theory and Experimental Evidence,"
Cowles Foundation Discussion Papers
1622, Cowles Foundation for Research in Economics, Yale University, revised Mar 2010.
- Martin Angerer & Juergen Huber & Martin Shubik & Shyam Sunder, 2010. "An economy with personal currency: theory and experimental evidence," Annals of Finance, Springer, vol. 6(4), pages 475-509, October.
- Martin Shubik, 1993. "The Theory of Money and Financial Institutions," Cowles Foundation Discussion Papers 1056, Cowles Foundation for Research in Economics, Yale University.
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