On Money as a Medium of Exchange
| العنوان: | On Money as a Medium of Exchange |
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| المؤلفون: | Randall Wright, Nobuhiro Kiyotaki |
| المصدر: | Journal of Political Economy. 97:927-954 |
| بيانات النشر: | University of Chicago Press, 1989. |
| سنة النشر: | 1989 |
| مصطلحات موضوعية: | Outside money, Microeconomics, Economics and Econometrics, Endogenous money, Inside money, Currency, Fiat money, Economics, Monetary economics, Commodity money, Medium of exchange, Friedman rule |
| الوصف: | The authors analyze economies in which individuals specialize in consumption and production and meet randomly over time in a way that implies that trade must be bilateral and quid pro quo. Nash equilibria in trading strategies are characterized. Certain goods emerge endogenously as media of exchange, or commodity money, depending both on their intrinsic properties and on extrinsic beliefs. There are also equilibria with genuine fiat currency circulating as the general medium of exchange. The authors find that equilibria are not generally Pareto optimal and that introducing fiat currency into a commodity money economy may unambiguously improve welfare. Velocity, acceptability, and liquidity are discussed. Copyright 1989 by University of Chicago Press. |
| تدمد: | 1537-534X 0022-3808 |
| الوصول الحر: | https://explore.openaire.eu/search/publication?articleId=doi_dedup___::68068cff3357034b85a905e56b3b8027Test https://doi.org/10.1086/261634Test |
| حقوق: | OPEN |
| رقم الانضمام: | edsair.doi.dedup.....68068cff3357034b85a905e56b3b8027 |
| قاعدة البيانات: | OpenAIRE |
| تدمد: | 1537534X 00223808 |
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