A Model of Fiat Money and Barter
نویسندگان
چکیده
منابع مشابه
Fiat Money and Coordination: a “perverse” Coexistence of Private Notes and Fiat Money
Recently there has been renewed interest in coordination problems, and, in particular, in monetary aspects of coordination. This paper attempts to combine important insights developed in the literature on matching models of money (in particular Kiyotaki and Wright [1989], Kocherlakota [1998] and Cavalcanti and Wallace [1999]) with insights from the macroeconomic coordination game-technological ...
متن کاملBargains, Barter, and Money ¬リニ
We examine a search money model in which there is a symmetric coincidence of wants in all barter matches. However, when bargaining outcomes are asymmetric across matches, the barter economy is inefficient. Then a robust monetary equilibrium exists provided that money holders enjoy adequate bargaining terms. Fiat money may be welfare improving. In contrast to the literature, it is the asymmetry ...
متن کاملPrivate Supply of Fiat Money
The question of whether private money is viable in the absence of any external control is an old one. We address it in an economy with decentralized trade and information where a self-interested agent, the bank, has the monopoly over the provision of fiat money and is not limited on how much it can issue over time. The assumption of decentralized information is a crucial one and sets this work ...
متن کاملEndogenous supply of fiat money
We consider whether reputation concerns can discipline the behavior of a long-lived selfinterested agent who has a monopoly over the provision of fiat money. We obtain that when this agent can commit to a choice of money supply, there is a monetary equilibrium where it never overissues. We show, however, that such equilibria do not exist when there is no commitment. This happens because the inc...
متن کاملFiat Money in a Search Theoretical Model with Generalist Consumers
† I thank Randall Wright and an anonymous referee for very useful comments and suggestions. All errors are mine. Abstract There are two general ways in which the role of fiat money has been introduced in the standard monetary search-theoretical model. The first is to bring in the model a fiat object with different intrinsic properties. The second is to introduce a centralized institution that f...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 1996
ISSN: 0022-0531
DOI: 10.1006/jeth.1996.0006