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Gold, Liquidity and Secured Loans in a Multi-Stage Economy. Part II. Many Durables, Land and Gold

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Abstract

In 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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File URL: http://cowles.econ.yale.edu/P/cd/d09a/d0904.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 904.

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Length: 29 pages
Date of creation: Apr 1989
Date of revision:
Publication status: Published in Journal of Economics (1990), 52(1): 1-23
Handle: RePEc:cwl:cwldpp:904

Note: CFP 770.
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Related research

Keywords: Exchange economy; gold; strategic games; durables;

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  1. Martin Shubik & Pradeep Dubey, 1987. "A Note on an Optimal Garnishing Rule," Cowles Foundation Discussion Papers 854, Cowles Foundation for Research in Economics, Yale University.
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Cited by:
  1. I. Karatzas & M. Shubik & W. Sudderth, 1997. "A Stochastic Infinite-Horizon Economy with Secured Lending or Unsecured Lending and Bankruptcy," Working Papers 97-12-093, Santa Fe Institute.

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