A model of commodity money
AbstractCommodity money is modeled as one or two of the capital goods in a one-consumption good and one or two capital-good, overlapping generations model. Among the topics addressed using versions of the model are (i) the nature of the inefficiency of commodity money; (ii) the validity of quantity-theory predictions for commodity money systems; (iii) the circumstances under which one commodity emerges naturally as the commodity money; (iv) the role of inside money (money backed by private debt) in commodity money systems; and (v) the circumstances under which a government can choose the commodity to serve as the commodity money.
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Bibliographic InfoPaper provided by Federal Reserve Bank of Minneapolis in its series Staff Report with number 85.
Date of creation: 1983
Date of revision:
Other versions of this item:
- NEP-ALL-2002-03-14 (All new papers)
- NEP-CBA-2002-03-14 (Central Banking)
- NEP-MON-2002-03-14 (Monetary Economics)
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- Robert P. Flood & Peter M. Garber, 1981.
"Gold monetization and gold discipline,"
International Finance Discussion Papers
190, Board of Governors of the Federal Reserve System (U.S.).
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- Wallace, Neil, 1981. "A Modigliani-Miller Theorem for Open-Market Operations," American Economic Review, American Economic Association, vol. 71(3), pages 267-74, June.
- Thomas J. Sargent & Neil Wallace, 1981. "The real bills doctrine vs. the quantity theory: a reconsideration," Staff Report 64, Federal Reserve Bank of Minneapolis.
- Barro, Robert J, 1979. "Money and the Price Level under the Gold Standard," Economic Journal, Royal Economic Society, vol. 89(353), pages 13-33, March.
- Whitaker, John K, 1979. "An Essay on the Pure Theory of Commodity Money," Oxford Economic Papers, Oxford University Press, vol. 31(3), pages 339-57, November.
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