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Money in Consumption Economies

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    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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    Web page: http://www.univie.ac.at/vwl

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    1. Michael Woodford, 1996. "Loan Commitments and Optimal Monetary Policy," NBER Working Papers 5660, National Bureau of Economic Research, Inc.
    2. 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.
    3. 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.
    4. 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.
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