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On Money as a Substitute for Perfect Recall

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Author Info
Ted Temzelides (The University of Iowa)
Jialin Yu (Princeton University)

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Abstract

In environments with no commitment and with a need for intertemporal trade, bounded recall is shown to be a sufficient friction for a receipt system (fiat money) to lead to improved allocations in an otherwise frictionless Walrasian model. The absence of other frictions makes price determination tractable, thus the model may be used for quantitative monetary policy experiments. Some issues regarding the divisibility of money are also discussed.

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Paper provided by EconWPA in its series Macroeconomics with number 0012020.

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Date of creation: 27 Feb 2001
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Handle: RePEc:wpa:wuwpma:0012020

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Related research
Keywords: money memory competitive equilibrium

Find related papers by JEL classification:
E - Macroeconomics and Monetary Economics
C6 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming

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References listed on IDEAS
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  1. Cole, Harold L. & Kocherlakota, Narayana R., 2005. "Finite memory and imperfect monitoring," Games and Economic Behavior, Elsevier, vol. 53(1), pages 59-72, October. [Downloadable!] (restricted)
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  2. Kocherlakota, Narayana & Wallace, Neil, 1998. "Incomplete Record-Keeping and Optimal Payment Arrangements," Journal of Economic Theory, Elsevier, vol. 81(2), pages 272-289, August. [Downloadable!] (restricted)
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