mechanism has a distinguished commodity -- the money -- that serves as the sole medium of exchange. As m approaches infinity it …

mechanism has a distinguished commodity -- the money -- that serves as the sole medium of exchange and mediates trade between …

theories of money both have their validity and reasons for coexistence. The drive for increasing efficiency in the payment …

valuation of money, and a golden rule equilibrium in which the rate of interest is equal to population growth (independent of …

A game theoretic approach to the theory of money and financial institution is given utilizing both the strategic and … used to calculate several cooperative forms that differ from each other in their utilization of money and credit and their … the extreme structures the concept of "enough money" can be defined usefully, and for large economies the games obtained …

Fiat money(1) is a creation of both the state and society. Its value is supported by expectations which are conditioned … weather. However, money and the financial institutions and instruments of a modern economy provide the means to influence … expectations and bound behavior.(2) Paper money emerges as a virtual commodity. The dynamics of the economy permits it to serve as …

We consider a two-period model with missing assets and missing market links, in which money plays a central role and is … inside money, then monetary equilibrium (ME) exists and money has positive value. The nonexistence of GEI (of the underlying …

market clearing (i.e., perfect competition with flexible prices) throughout. But because of the important role money plays …

If an exchange economy is modeled as a strategic market game with one commodity serving as a money, then if there is no … is enough money to facilitate trade. The meaning of "enough money" is that the NEs are interior. In other words the …. The condition on enough money is characterized both by the total amount of money in the system and its distribution. It is …

In a previous essay we modeled the enforcement of contract, and through it the provision of money and markets, as a … production of goods. Government and a central bank provided fiat money and enforced repayment of loans, giving fiat a predictable … comparison, we consider the same trade problem without government or fiat money, using instead a durable good (gold) as a …