A Model of Small Change Shortages
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.
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- Wallace, Neil & Zhu, Tao, 2007. "Float on a note," Journal of Monetary Economics, Elsevier, vol. 54(2), pages 229-246, March.
- Burdett, Kenneth & Trejos, Alberto & Wright, Randall, 2001. "Cigarette Money," Journal of Economic Theory, Elsevier, vol. 99(1-2), pages 117-142, July.
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