A multiperiod exchange economy with gold used both as money and as jewelry is examined in this paper. The existence of … proved under the assumption that gold is properly distributed at the beginning or a secured loan between traders is available. …

infinitely durable gold used as money. We considered an economy without credit and one with one hundred percent secured loans. In …. Historically the two durables which have been prominent in economic activity have been gold and land, although one might wish to …

capital and other physical capital does not match. We consider the economies with either gold or fiat as the outside money and …

of money, it causes inflation, in the absence of monetary intervention. If the monetary authority attempts to restore pre … credit cards, there is even more inflation, and less efficiency gains. The monetary authority might then have to accept less … than pre-credit card efficiency in order to restore pre-credit card price levels, or else it will have to accept inflation …

constraints generate inflation. We study stochastic economies with fiat money, a central bank, one nondurable commodity, countably … and a fixed price for the commodity. Consequently, we investigate stationary equilibria with inflation, in which aggregate … equation for the rate of inflation continues to hold and the real rate of interest is equal to the common discount rate of the …