On the coexistence of money and higher-return assets and its social role

Guillaume Rocheteau

This paper adopts mechanism design to tackle the central issue in monetary theory, namely, the coexistence of money and higher-return assets. I describe an economy with pairwise meetings, where fiat money and risk-free capital compete as means of payment. Whenever fiat money has an essential role, any constrained-efficient allocation is such that capital commands a higher rate of return than fiat money.

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Year of publication:	2011
Authors:	Rocheteau, Guillaume
Publisher:	Cleveland, Ohio : Federal Reserve Bank of Cleveland

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Extent:	Online-Ressource (PDF-Datei: 43 S., 343,17 KB) graph. Darst.
Series:	Federal Reserve Bank of Cleveland working paper series. - Cleveland, Ohio : [Verlag nicht ermittelbar], ISSN 2573-7953, ZDB-ID 2185007-0. - Vol. 1104
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	Systemvoraussetzungen: Acrobat Reader
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10008903403