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A Model of Small Change Shortages

Author

Listed:
  • Warren E. Weber

    (Federal Reserve Bank of Minneapolis)

  • Angela Redish

    (University of British Columbia)

Abstract

the smaller coin is used to make change in some transactions, and shortages of small coins hurts the poor. The predictions of the model are evaluated against England's experience with silver and gold coins.

Suggested Citation

  • Warren E. Weber & Angela Redish, 2008. "A Model of Small Change Shortages," 2008 Meeting Papers 677, Society for Economic Dynamics.
  • Handle: RePEc:red:sed008:677
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    File URL: https://economicdynamics.org/meetpapers/2008/paper_677.pdf
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    References listed on IDEAS

    as
    1. Zhu, Tao, 2005. "Existence of a monetary steady state in a matching model: divisible money," Journal of Economic Theory, Elsevier, vol. 123(2), pages 135-160, August.
    2. Wallace, Neil & Zhou, Ruilin, 1997. "A model of a currency shortage," Journal of Monetary Economics, Elsevier, vol. 40(3), pages 555-572, December.
    3. Wallace, Neil & Zhu, Tao, 2007. "Float on a note," Journal of Monetary Economics, Elsevier, vol. 54(2), pages 229-246, March.
    4. Arthur J. Rolnick & Francois R. Velde & Warren E. Weber, 1997. "The debasement puzzle: an essay on medieval monetary history," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall, pages 8-20.
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