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Gold, Liquidity and Secured Loans in a Multi-Stage Economy. Part II. Many Durables, Land and Gold

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Abstract

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.

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  • Martin Shubik & Shuntian Yao, 1989. "Gold, Liquidity and Secured Loans in a Multi-Stage Economy. Part II. Many Durables, Land and Gold," Cowles Foundation Discussion Papers 904, Cowles Foundation for Research in Economics, Yale University.
  • Handle: RePEc:cwl:cwldpp:904
    Note: CFP 770.
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    File URL: http://cowles.yale.edu/sites/default/files/files/pub/d09/d0904.pdf
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    1. Dubey, P. & Shubik, M., 1988. "A note on an optimal garnishing rule," Economics Letters, Elsevier, vol. 27(1), pages 5-6.
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    Cited by:

    1. Ioannis Karatzas & Martin Shubik & William D. Sudderth, 1997. "A Stochastic Infinite-Horizon Economy with Secured Lending, or Unsecured Lending and Bankruptcy," Cowles Foundation Discussion Papers 1156, Cowles Foundation for Research in Economics, Yale University.

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    Keywords

    Exchange economy; gold; strategic games; durables;

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