Advanced Search
MyIDEAS: Login to save this paper or follow this series

The Dynamics of Money

Contents:

Author Info

  • Per Bak
  • Simon F. Norrelykke
  • Martin Shubik

Abstract

General equilibrium theory in economics defines the relative prices for goods and services, but does not fix the absolute values of prices. We present a theory of money in which the value of money is a time dependent "strategic variable," to be chosen by the individual agents. The idea is illustrated by a simple network model of monopolistic vendors and buyers. The indeterminacy of the value of money in equilibrium theory implies a soft "Goldstone mode," leading to large fluctuations in prices in the presence of noise. Submitted to Physical Review Letters.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.santafe.edu/sfi/publications/Working-Papers/98-11-102.ps
Our checks indicate that this address may not be valid because: 404 NOT FOUND (http://www.santafe.edu/sfi/publications/Working-Papers/98-11-102.ps [301 MOVED PERMANENTLY]--> http://www.santafe.edu/sfi/publications/Working-Papers/98-11-102.ps/). If this is indeed the case, please notify (Thomas Krichel)
Download Restriction: no

File URL: http://www.santafe.edu/sfi/publications/Working-Papers/98-11-102.pdf
Our checks indicate that this address may not be valid because: 404 NOT FOUND (http://www.santafe.edu/sfi/publications/Working-Papers/98-11-102.pdf [301 MOVED PERMANENTLY]--> http://www.santafe.edu/sfi/publications/Working-Papers/98-11-102.pdf/). If this is indeed the case, please notify (Thomas Krichel)
Download Restriction: no

Bibliographic Info

Paper provided by Santa Fe Institute in its series Research in Economics with number 98-11-102e.

as in new window
Length:
Date of creation: Nov 1998
Date of revision:
Handle: RePEc:wop:safire:98-11-102e

Contact details of provider:
Postal: 1399 Hyde Park Road, Santa Fe, New Mexico 87501
Web page: http://www.santafe.edu/sfi/publications/working-papers.html
More information through EDIRC

Related research

Keywords: General equilibrium; money; Goldstone modes;

Other versions of this item:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. McCauley, Joseph l., 2004. "Thermodynamic analogies in economics and finance: instability of markets," MPRA Paper 2159, University Library of Munich, Germany.
  2. Newby, Michael & Behr, Adam & Feizabadi, Mitra Shojania, 2011. "Investigating the distribution of personal income obtained from the recent U.S. data," Economic Modelling, Elsevier, vol. 28(3), pages 1170-1173, May.
  3. Juergen Huber & Martin Shubik & Shyam Sunder, 2009. "Default Penalty as a Disciplinary and Selection Mechanism in Presence of Multiple Equilibria," Cowles Foundation Discussion Papers 1730, Cowles Foundation for Research in Economics, Yale University.
  4. McCauley, Joseph L., 2004. "Making dynamic modelling effective in economics," MPRA Paper 2130, University Library of Munich, Germany.
  5. Chen-Zhong Qin & Lloyd S. Shapley & Martin Shubik, 2009. "Marshallian Money, Welfare, and Side-Payments," Cowles Foundation Discussion Papers 1729, Cowles Foundation for Research in Economics, Yale University.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:wop:safire:98-11-102e. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Thomas Krichel).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.