Time and Money
AbstractGeneral equilibrium is timeless, and without outside money, the price system is homogeneous of order zero. Some finite horizon strategic market game models are considered with an initial issue of flat money held as an asset. For any arbitrary finite horizon, the solution is time-dependent. In the infinite horizon, time disappears with the initial issue of flat money present as circulating capital in the fully stationary state and the price level is determined.
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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 1112.
Length: 20 pages
Date of creation: Jan 1996
Date of revision:
Publication status: Published in W. Brian Arthur, Steven Durlauf and David Lane (eds.), The Economy as a Complex Evolving System II, Addison-Wesley, 1997
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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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Cowles Foundation Discussion Papers
1253, Cowles Foundation for Research in Economics, Yale University.
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- repec:att:wimass:9625 is not listed on IDEAS
- Fontana Magda, 2009. "The Santa Fe Perspective on Economics: emerging patterns in the science of complexity," CESMEP Working Papers 200908, University of Turin.
- W. Brian Arthur & John H. Holland & Blake LeBaron & Richard Palmer & Paul Taylor, 1996.
"Asset Pricing Under Endogenous Expectation in an Artificial Stock Market,"
96-12-093, Santa Fe Institute.
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