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Money in Consumption Economies

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Author Info
José Manuel Gutiérrez ()
Abstract

Three sequential models of consumption economies are considered, where consumers´only endowment is money. The existence and unicity of temporary equilibria, the neutrality of money and the validity of quantity theory are investigated. In the first two models "money" is persihable; in the second one lending between consumers is possible. In the third model money is an asset and can be created through bank loans.

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File URL: http://homepage.univie.ac.at/Papers.Econ/RePEc/vie/viennp/vie0105.pdf
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Paper provided by University of Vienna, Department of Economics in its series Vienna Economics Papers with number 0105.

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Date of creation: Apr 2001
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Handle: RePEc:vie:viennp:0105

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Find related papers by JEL classification:
E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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  1. Woodford, Michael, 1996. "Loan commitments and optimal monetary policy," Journal of Monetary Economics, Elsevier, vol. 37(3), pages 573-605, June. [Downloadable!] (restricted)
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  2. Kiyotaki, Nobuhiro & Wright, Randall, 1989. "On Money as a Medium of Exchange," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 927-54, August. [Downloadable!] (restricted)
  3. Robert E. Lucas Jr. & Nancy L. Stokey, 1982. "Optimal Fiscal and Monetary Policy in an Economy Without Capital," Discussion Papers 532, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
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  4. Jones, Robert A, 1976. "The Origin and Development of Media of Exchange," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages 757-75, August. [Downloadable!] (restricted)
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This page was last updated on 2009-12-2.

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