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Money and exchange: Folktales and reality

Fayazmanesh, Sasan - 2006

Whether a theoretical system is realistic or not has been a concern in economics, particularly in monetary theory, over … the past century. Following John R. Hicks' proposal that a realistic monetary theory could be constructed along an … basic theories of monetary analysis. Concentrating primarily on certain fundamental building blocks it covers: the theory …

Persistent link: https://www.econbiz.de/10012648074

On the micro-foundations of money: The Capitol Hill Baby-Sitting Co-op

Hens, Thorsten; Schenk-Hoppe, Klaus Reiner; Vogt, Bodo - 2003

This paper contributes to the micro-foundation of money in centralized markets with idiosyncratic uncertainty. It shows existence of stationary monetary equilibria and ensures that there is an optimum quantity of money. The rational solution of our model is compared with actual behavior in a...

Persistent link: https://www.econbiz.de/10010295388

On money: A brief intellectual interpretation

Fornasari, Massimo - In: The Journal of European Economic History (JEEH) 52 (2023) 1, pp. 183-207

The nature of money continues to perplex us. Over time anthropologists, economists, historians and sociologists have provided various answers to the question "what is money?" Ultimately these answers reflect different and often contradictory approaches to the dynamics of economic systems and...

Persistent link: https://www.econbiz.de/10015206892

A century of macroeconomic and monetary thought at the National Bank of Belgium

Maes, Ivo - 2010

"A century of macroeconomic and monetary thought at the National Bank of Belgium" traces the history of economic research at the National Bank of Belgium, from the early decades of the 20th century to its present functioning in the Eurosystem. The study also goes into the major economic policy...

Persistent link: https://www.econbiz.de/10011506708

Existence of an exact Walrasian equilibrium in nonconvex economies

D'Agata, Antonio - In: Economics: The Open-Access, Open-Assessment E-Journal 6 (2012) 2012-12, pp. 1-16

The existence of an exact Walrasian equilibrium in nonconvex economies is still a largely unexplored issue. This paper shows that such an equilibrium exists in nonconvex economies by following the nearby economyapproach introduced by Postlewaite and Schmeidler (Approximate Walrasian Equilibrium...

Persistent link: https://www.econbiz.de/10010308740

Stabilizing the economy: Market design and general equilibrium

Goeree, Jacob K.; Lindsay, Luke - 2012

Review, 1960). Tatonnement theory predicts that prices are globally unstable for this economy, i.e. unless prices start at … the competitive equilibrium they oscillate without converging. Anderson et al. (Journal of Economic Theory, 2004) report … convergence. We replicate their experiments and confirm that tatonnement theory predicts the direction of price changes remarkably …

Persistent link: https://www.econbiz.de/10010316891

The redistributive effects of monetary policy

Ledoit, Olivier - 2011

We introduce a model of the economy as a social network. Two agents are linked to the extent that they transact with each other. This generates well-defined topological notions of location, neighborhood and closeness. We investigate the implications of our model for monetary economics. When a...

Persistent link: https://www.econbiz.de/10010316933

Non-existence of recursive equilibria on compact state spaces when markets are incomplete

Krebs, Tom - 2002

This paper analyzes one-good exchange economies with two infinitely-lived agents and incomplete markets. It is shown that there are no recursive (Markov) equilibria for which borrowing (debt) constraints never bind if the state space of exogenous and endogenous variables is a compact subset of...

Persistent link: https://www.econbiz.de/10010318900

Decentralized trade, Random utility and the evolution of social welfare

Kandori, Michihiro; Serrano, Robert; Volij, Oscar - 2004

We study decentralized trade processes in general exchange economies and house allocation problems with and without money. Such processes are subject to persistent random shocks stemming from agents’ maximization of random utility. By imposing structure on the utility noise term —logit...

Persistent link: https://www.econbiz.de/10010318996

Faulty nash implementation in exchange economies with single-peaked preferences

Doghmi, Ahmed; Ziad, Abderrahmane - 2009

results to exchange economies with single -peaked preferences, to finite allocation problems, and to equilibrium theory …

Persistent link: https://www.econbiz.de/10010267105