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What Is Old Is New Again


  • Gravelle, Toni


Formal modeling of money's origin and function as medium of exchange has until recently been elusive. However, the advent of search-based models of money has contributed to a renewed interest in modeling money's medium of exchange function. As well as exploring the origins of commodity money, the search-based models of money allow for the endogenous emergence of valued fiat currency. This paper endeavours to relate and compare the new insights derived from these models of money to some of the ideas put forward by early theorists on the origins of money. Copyright 1996 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Gravelle, Toni, 1996. "What Is Old Is New Again," The Manchester School of Economic & Social Studies, University of Manchester, vol. 64(4), pages 388-404, December.
  • Handle: RePEc:bla:manch2:v:64:y:1996:i:4:p:388-404

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    References listed on IDEAS

    1. Robertson, D & Symons, J, 1994. "Five Weeks in the Life of the Pound. Interest Rates, Expectations and Sterling's Exit from the ERM," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 56(1), pages 1-12, February.
    2. Levin, Eric J & Copeland, Laurence S, 1993. "Reading the Message from the U.K. Indexed Bond Market: Real Interest Rates, Expected Inflation and the Risk Premium," The Manchester School of Economic & Social Studies, University of Manchester, vol. 61(0), pages 13-34, Suppl..
    3. Woodward, G Thomas, 1990. "The Real Thing: A Dynamic Profile of the Term Structure of Real Interest Rates and Inflation Expectations in the United Kingdom, 1982-89," The Journal of Business, University of Chicago Press, vol. 63(3), pages 373-398, July.
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    Cited by:

    1. Giancarlo Bertocco, 2005. "The Role of credit in a Keynesian monetary economy," Review of Political Economy, Taylor & Francis Journals, vol. 17(4), pages 489-511.
    2. Giancarlo Bertocco, 2007. "The characteristics of a monetary economy: a Keynes--Schumpeter approach," Cambridge Journal of Economics, Oxford University Press, vol. 31(1), pages 101-122, January.
    3. Laidler, David, 1999. "The Quantity of Money and Monetary Policy," Staff Working Papers 99-5, Bank of Canada.

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