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What Is Old Is New Again

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  • Gravelle, Toni

Abstract

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

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  • 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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    Cited by:

    1. Giancarlo Bertocco, 2007. "The characteristics of a monetary economy: a Keynes--Schumpeter approach," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 31(1), pages 101-122, January.
    2. 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.
    3. Andrés Álvarez & Vincent Bignon, 2013. "L. Walras and C. Menger: two ways on the path of modern monetary theory," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 20(1), pages 89-124, February.
    4. David Laidler, 1999. "The Quantity of Money and Monetary Policy," Staff Working Papers 99-5, Bank of Canada.

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