Gold, Liquidity and Secured Loans in a Multi-Stage Economy. Part II. Many Durables, Land and Gold
AbstractIn a previous paper (Shubik and Yao, 1988) we examined a multistage exchange economy with m perishable goods and one infinitely durable gold used as money. We considered an economy without credit and one with one hundred percent secured loans. In this paper we consider an economy with m(1) goods which have finite lives and m(2) goods which are of infinite durability. Historically the two durables which have been prominent in economic activity have been gold and land, although one might wish to include platinum and some other items.
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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 904.
Length: 29 pages
Date of creation: Apr 1989
Date of revision:
Publication status: Published in Journal of Economics (1990), 52(1): 1-23
Note: CFP 770.
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA
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.:
- Dubey, P. & Shubik, M., 1988.
"A note on an optimal garnishing rule,"
Elsevier, vol. 27(1), pages 5-6.
- I. Karatzas & M. Shubik & W. Sudderth, 1997.
"A Stochastic Infinite-Horizon Economy with Secured Lending or Unsecured Lending and Bankruptcy,"
97-12-093, Santa Fe Institute.
- Ioannis Karatzas & Martin Shubik & William D. Sudderth, 1997. "A Stochastic Infinite-Horizon Economy with Secured Lending, or Unsecured Lending and Bankruptcy," Cowles Foundation Discussion Papers 1156, Cowles Foundation for Research in Economics, Yale University.
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