The interaction of capital stock with overlapping generations is investigated where the time structures of human capital and other physical capital does not match. We consider the economies with either gold or fiat as the outside money and consider the financing problems that appear in the...

We present a model in which an outside bank and a default penalty support the value of fiat money, and experimental evidence that the theoretical predictions about the behavior of such economies, based on the Fisher-condition, work reasonably well in a laboratory setting. The import of this...

"Using simple but rigorously defined mathematical models, Thomas Quint and Martin Shubik explore monetary control in a simple exchange economy. Examining how money enters, circulates, and exits an economy, they consider the nature of trading systems and the role of government authority in the...

Using simple but rigorously defined mathematical models, Thomas Quint and Martin Shubik explore monetary control in a simple exchange economy. Examining how money enters, circulates, and exits an economy, they consider the nature of trading systems and the role of government authority in the...