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The Two-Money Theorem

  • Narayana Kocherlakota

    (University of Minnesota and Federal Reserve Bank of Minneapolis, U.S.A.)

In this article, I consider environments in which all shocks have finite support and any transfer of resources is ex post voluntary. Consider an allocation that is achievable when potential trading partners know each others' histories. The one-money theorem says that the allocation is achievable using only one money if that money is divisible and money holdings are observable. The two-money theorem says that the allocation is achievable using two divisible monies, even if money holdings are concealable. Copyright Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association

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Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 43 (2002)
Issue (Month): 2 (May)
Pages: 333-346

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Handle: RePEc:ier:iecrev:v:43:y:2002:i:2:p:333-346
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