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Limited information, money, and competitive equilibrium

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Bruce D. Smith

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Abstract

In an overlapping generations model with borrowing and lending, uncertainty, and asymmetric information, fiat money may be essential to the existence of a competitive equilibrium. It may also serve to enhance the information of economic agents in a well-defined sense. In addition, the model presented provides suggestions about why the presence of valued fiat currency is essential to existence of equilibrium, even though in equilibrium perfect substitutes for money may exist.

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File URL: http://www.minneapolisfed.org/research/WP/WP204.pdf
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Paper provided by Federal Reserve Bank of Minneapolis in its series Working Papers with number 204.

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Date of creation: 1985
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Handle: RePEc:fip:fedmwp:204

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References listed on IDEAS
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.:
  1. Wilson, Charles, 1977. "A model of insurance markets with incomplete information," Journal of Economic Theory, Elsevier, vol. 16(2), pages 167-207, December. [Downloadable!] (restricted)
  2. Fama, Eugene F., 1983. "Financial intermediation and price level control," Journal of Monetary Economics, Elsevier, vol. 12(1), pages 7-28. [Downloadable!] (restricted)
  3. Brunner, Karl & Meltzer, Allan H, 1971. "The Uses of Money: Money in the Theory of an Exchange Economy," American Economic Review, American Economic Association, vol. 61(5), pages 784-805, December. [Downloadable!] (restricted)
  4. Greenfield, Robert L & Yeager, Leland B, 1983. "A Laissez-Faire Approach to Monetary Stability," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 15(3), pages 302-15, August. [Downloadable!] (restricted)
  5. Jaffee, Dwight M & Russell, Thomas, 1976. "Imperfect Information, Uncertainty, and Credit Rationing," The Quarterly Journal of Economics, MIT Press, vol. 90(4), pages 651-66, November. [Downloadable!] (restricted)
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(explanations, 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.)

  1. Bruce D. Smith, 1982. "Money as a medium of transaction in the overlapping generations model," Working Papers 216, Federal Reserve Bank of Minneapolis. [Downloadable!]
  2. Steve Williamson & Randall Wright, 1991. "Barter and monetary exchange under private information," Staff Report 141, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  3. Bruce D. Smith, 1983. "Money, nonconvex preferences, and the existence of equilibrium: a note," Working Papers 218, Federal Reserve Bank of Minneapolis. [Downloadable!]
    Other versions:
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