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Time and Money

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Abstract

General 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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File URL: http://cowles.econ.yale.edu/P/cd/d11a/d1112.pdf
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Bibliographic Info

Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 1112.

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Length: 20 pages
Date of creation: Jan 1996
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Publication status: Published in W. Brian Arthur, Steven Durlauf and David Lane (eds.), The Economy as a Complex Evolving System II, Addison-Wesley, 1997
Handle: RePEc:cwl:cwldpp:1112

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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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  1. Martin Shubik & Ward Whitt, 1973. "Fiat Money in an Economy with One Nondurable Good and No Credit (A Noncooperative Sequential Game)," Cowles Foundation Discussion Papers 355, Cowles Foundation for Research in Economics, Yale University.
  2. Muller, Walter III & Woodford, Michael, 1988. "Determinacy of equilibrium in stationary economies with both finite and infinite lived consumers," Journal of Economic Theory, Elsevier, vol. 46(2), pages 255-290, December.
  3. Martin Shubik, 2000. "The Theory of Money," Working Papers, Santa Fe Institute 00-03-021, Santa Fe Institute.
  4. W. Brian Arthur, 1994. "Inductive Reasoning, Bounded Rationality and the Bar Problem," Working Papers, Santa Fe Institute 94-03-014, Santa Fe Institute.
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Cited by:
  1. W. Brian Arthur & John H. Holland & Blake LeBaron & Richard Palmer & Paul Taylor, 1996. "Asset Pricing Under Endogenous Expectation in an Artificial Stock Market," Working Papers, Santa Fe Institute 96-12-093, Santa Fe Institute.
  2. Fontana Magda, 2009. "The Santa Fe Perspective on Economics: emerging patterns in the science of complexity," CESMEP Working Papers 200908, University of Turin.

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