Commodity Money in a Convex Trading Post Sequence Economy
نویسنده
چکیده
General equilibrium is investigated with N commodities deliverable at T dates traded spot and futures at 1⁄2 N 2T 3 dated commodity-pairwise trading posts. Trade is a resource-using activity recovering transaction costs through the spread between (bid) wholesale) and ask (retail) prices (pairwise rates of exchange). Budget constraints are enforced at each trading post separately implying demand for a carrier of value between trading posts and over time, commodity money (spot or futures). Trade in media of exchange and stores of value is the difference between gross and net inter-post trades. “Demand for ‘money’” is stocks held for retrade. Commodity Money in a Convex Trading Post
منابع مشابه
Commodity money equilibrium in a convex trading post economy with transaction costs
Existence and efficiency of general equilibrium with commodity money is investigated in an economy where N commodities are traded at N(N − 1)/2 commodity-pairwise trading posts. Trade is a resource-using activity recovering transaction costs through the spread between bid (wholesale) and ask (retail) prices. Budget constraints, enforced at each trading post separately, imply demand for a carrie...
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