Cavalcanti, Ricardo de O; Wallace, Neil - In: Journal of Money, Credit and Banking 31 (1999) 3, pp. 443-57
We study a random matching model of money in which a subset of people, called bankers, have known histories and the rest, called nonbankers, have unknown histories. Earlier, we showed that if there are no outside assets, then an optimal arrangement has bankers issuing objects, banknotes, that...