Absence-of-double-coincidence models of money: a progress report
This study describes a model built on the long-held view that the use of money as a medium of exchange is the result of an absence of double coincidence of wants. The model can account for two of the most challenging observations facing monetary theory: The disparate short-run and long-run effects of changes in the quantity of money and the coexistence of money and assets with higher rates of return. For both observations, the model's ability to provide a rich analysis depends on little more than the ingredients implicit in the absence-of-double-coincidence view.
Volume (Year): (1997)
Issue (Month): Win ()
|Contact details of provider:|| Postal: |
Phone: (612) 204-5000
Web page: http://minneapolisfed.org/
More information through EDIRC
|Order Information:|| Web: http://www.minneapolisfed.org/pubs/ Email: |
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Robert E. Lucas, Jr. & Michael Woodford, 1993. "Real Effects of Monetary Shocks in an Economy with Sequential Purchases," NBER Working Papers 4250, National Bureau of Economic Research, Inc.
- S. Rao Aiyagari & Neil Wallace & Randall Wright, 1996.
"Coexistence of money and interest-bearing securities,"
550, Federal Reserve Bank of Minneapolis.
- Rao Aiyagari, S. & Wallace, Neil & Wright, Randall, 1996. "Coexistence of money and interest-bearing securities," Journal of Monetary Economics, Elsevier, vol. 37(3), pages 397-419, June.
- Paul A. Samuelson, 1968. "What Classical and Neoclassical Monetary Theory Really was," Canadian Journal of Economics, Canadian Economics Association, vol. 1(1), pages 1-15, February.
- 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.
- Shi, Shouyong, 1996.
"Credit and Money in a Search Model with Divisible Commodities,"
Review of Economic Studies,
Wiley Blackwell, vol. 63(4), pages 627-52, October.
- Shouyong Shi, 1995. "Credit and Money in a Search Model with Divisible Commodities," Working Papers 917, Queen's University, Department of Economics.
- Narayana R. Kocherlakota, 1996.
"Money is memory,"
218, Federal Reserve Bank of Minneapolis.
- Sargent, Thomas J. & Wallace, Meil, 1983.
"A model of commodity money,"
Journal of Monetary Economics,
Elsevier, vol. 12(1), pages 163-187.
- S. Rao Aiyagari & Neil Wallace, 1991.
"Existence of steady states with positive consumption in the Kiyotaki-Wright model,"
428, Federal Reserve Bank of Minneapolis.
- Aiyagari, S Rao & Wallace, Neil, 1991. "Existence of Steady States with Positive Consumption in the Kiyotaki-Wright Model," Review of Economic Studies, Wiley Blackwell, vol. 58(5), pages 901-16, October.
- Hellwig, Martin F., 1993. "The challenge of monetary theory," European Economic Review, Elsevier, vol. 37(2-3), pages 215-242, April.
- Robert J. Barro & Robert G. King, 1982.
"Time-Separable Preference and Intertemporal-Substitution Models of Business Cycles,"
NBER Working Papers
0888, National Bureau of Economic Research, Inc.
- Barro, Robert J & King, Robert G, 1984. "Time-separable Preferences and Intertemporal-Substitution Models of Business Cycles," The Quarterly Journal of Economics, MIT Press, vol. 99(4), pages 817-39, November.
- Huggett, Mark & Krasa, Stefan, 1996.
"Money and Storage in a Differential Information Economy,"
Springer, vol. 8(2), pages 191-210, August.
- Mark Huggett & Stefan Krasa, 1996. "Money and storage in a differential information economy (*)," Economic Theory, Springer, vol. 8(2), pages 191-209.
- Diamond, Peter A, 1984.
"Money in Search Equilibrium,"
Econometric Society, vol. 52(1), pages 1-20, January.
- David K. Levine, 1991.
"Asset Trading Mechanisms and Expansionary Policy,"
Levine's Working Paper Archive
43, David K. Levine.
- Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
- Eden, Benjamin, 1994. "The Adjustment of Prices to Monetary Shocks When Trade Is Uncertain and Sequential," Journal of Political Economy, University of Chicago Press, vol. 102(3), pages 493-509, June.
When requesting a correction, please mention this item's handle: RePEc:fip:fedmqr:y:1997:i:win:p:2-20:n:v.21no.1. 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: (Janelle Ruswick)
If references are entirely missing, you can add them using this form.