منابع مشابه
Endogenous 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 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 کاملFiat 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 کاملThe Endogenous or Exogenous Nature of Money Supply: Case of Iran
This paper investigates the endogenous money supply hypothesis in Iran. To this end, we attempt to find causality directions between bank credits and money aggregates. Utilizing Diks and Panchenko’s (2006) nonparametric Granger causality test for the time series data over the period 2006:04-2018:12 confirms the existence of a significant causality running from bank credits to money aggregates. ...
متن کاملThe Technological Role of Fiat Money
This article argues that fiat money’s only technological role in an economy is to act as societal memory: money allows people to credibly record some aspects of their transactions and make that record accessible to other people. This recordkeeping role is demonstrated in the three standard paradigms of fiat money: the overlapping generations, turnpike, and search models. In these models, if a n...
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: 2008
ISSN: 0022-0531
DOI: 10.1016/j.jet.2006.08.006