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What is Old id New Again

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  • Gravelle, T.

Abstract

Formal modeling of money's origin and function as medium of exchange has until recently been elusive. However, the advent of search-based models of money has contributed to a renewed interest in modeling money's medium of exchange function. As well as exploring the origins of commodity money, the search-based models of money allow for the endogenous emergence of valued fiat currency. This paper endeavours to relate and compare the new insights derived from these models of money to some of the ideas put forward by early theorists on the origins of money. Copyright 1996 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Suggested Citation

  • Gravelle, T., 1995. "What is Old id New Again," UWO Department of Economics Working Papers 9501, University of Western Ontario, Department of Economics.
  • Handle: RePEc:uwo:uwowop:9501
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    Cited by:

    1. Giancarlo Bertocco, 2007. "The characteristics of a monetary economy: a Keynes--Schumpeter approach," Cambridge Journal of Economics, Oxford University Press, vol. 31(1), pages 101-122, January.
    2. Giancarlo Bertocco, 2005. "The Role of credit in a Keynesian monetary economy," Review of Political Economy, Taylor & Francis Journals, vol. 17(4), pages 489-511.
    3. Laidler, David, 1999. "The Quantity of Money and Monetary Policy," Staff Working Papers 99-5, Bank of Canada.

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    Keywords

    money ; economic theory;

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