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Search For A Theory Of Money

Author

Listed:
  • KIYOTAKI, N.
  • WRIGHT, R.

Abstract

The classical and early neoclassical economists knew that the essential function of money was its role as a medium of exchange; Recently, this idea has been formalized using search-theoretic noncooperative equilibrium models of the exchange process. The goal of this paper is to use a simple model of this class to analyze four substantive issues in monetary economics: the interaction between specialization and exchange, dual fiat currency regimes, the welfare improving role of money, and the susceptibility of monetary economies to extrinsic uncertainty.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Kiyotaki, N. & Wright, R., 1990. "Search For A Theory Of Money," Working papers 90-15, Wisconsin Madison - Social Systems.
    • Handle: RePEc:att:wimass:90-15
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    Cited by:

    1. Kiminori Matsuyama & Nobuhiro Kiyotaki & Akihiko Matsui, 1993. "Toward a Theory of International Currency," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 60(2), pages 283-307.
    2. Williamson, Steve & Wright, Randall, 1994. "Barter and Monetary Exchange under Private Information," American Economic Review, American Economic Association, vol. 84(1), pages 104-123, March.
    3. Kultti, Klaus, 1995. "A finite horizon monetary economy," Journal of Economic Dynamics and Control, Elsevier, vol. 19(1-2), pages 237-251.
    4. Kehoe, Timothy J & Kiyotaki, Nobuhiro & Wright, Randall, 1993. "More on Money as a Medium of Exchange," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 3(2), pages 297-314, April.
    5. Eduardo Siandra, 1990. "Money and Specialization in Production," UCLA Economics Working Papers 610, UCLA Department of Economics.

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