Gold, Liquidity and Secured Loans in a Multi-Stage Economy. Part II. Many Durables, Land and Gold
In a previous paper (Shubik and Yao, 1988) we examined a multistage exchange economy with m perishable goods and one infinitely durable gold used as money. We considered an economy without credit and one with one hundred percent secured loans. In this paper we consider an economy with m(1) goods which have finite lives and m(2) goods which are of infinite durability. Historically the two durables which have been prominent in economic activity have been gold and land, although one might wish to include platinum and some other items.
|Date of creation:||Apr 1989|
|Date of revision:|
|Publication status:||Published in Journal of Economics (1990), 52(1): 1-23|
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- Martin Shubik & Pradeep Dubey, 1987.
"A Note on an Optimal Garnishing Rule,"
Cowles Foundation Discussion Papers
854, Cowles Foundation for Research in Economics, Yale University.
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