Time and Money
General equilibrium is timeless, and without outside money, the price system is homogeneous of order zero. Some finite horizon strategic market game models are considered with an initial issue of flat money held as an asset. For any arbitrary finite horizon, the solution is time-dependent. In the infinite horizon, time disappears with the initial issue of flat money present as circulating capital in the fully stationary state and the price level is determined.
|Date of creation:||Jan 1996|
|Date of revision:|
|Publication status:||Published in W. Brian Arthur, Steven Durlauf and David Lane (eds.), The Economy as a Complex Evolving System II, Addison-Wesley, 1997|
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- Martin Shubik, 2000.
"The Theory of Money,"
00-03-021, Santa Fe Institute.
- Muller, Walter III & Woodford, Michael, 1988. "Determinacy of equilibrium in stationary economies with both finite and infinite lived consumers," Journal of Economic Theory, Elsevier, vol. 46(2), pages 255-290, December.
- Martin Shubik & Ward Whitt, 1973. "Fiat Money in an Economy with One Nondurable Good and No Credit (A Noncooperative Sequential Game)," Cowles Foundation Discussion Papers 355, Cowles Foundation for Research in Economics, Yale University.
- W. Brian Arthur, 1994. "Inductive Reasoning, Bounded Rationality and the Bar Problem," Working Papers 94-03-014, Santa Fe Institute.
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