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The Money Rate of Interest and the Influence of Assets in a Multistage Economy with Gold or Paper Money: Part I

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Abstract

The role of long lived assets is considered in serving as hostages to extend the domain of trustless trade in an exchange economy. Assuming that individuals have life cycle preferences, we consider the most general set of utility functions consistent with these preferences and a stationary equilibrium for an OLG economy. The influence of the type of asset, durable or storable on the need for money is considered.

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  • Martin Shubik & Shuntian Yao, 1993. "The Money Rate of Interest and the Influence of Assets in a Multistage Economy with Gold or Paper Money: Part I," Cowles Foundation Discussion Papers 1046, Cowles Foundation for Research in Economics, Yale University.
    • Handle: RePEc:cwl:cwldpp:1046
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    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes

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