We examine economic activity in a large virtual economy which was designed to allow decentralized barter as the sole exchange institution. We find that a small subset of goods emerges endogenously which act of media of exchange. Our analysis includes estimation of spot exchange rates between...

Harry Maier: Innovation oder Stagnation. Bedingungen der Wirtschaftsreform in sozialistischen Ländern. Herausgegeben vom Institut der Deutschen Wirtschaft. Deutscher Instituts-Verlag, Köln 1987. 248 Seiten, 28 Mark

We show that exchange rate pass-through to consumer prices varies not only across countries, but also over time. Previous literature has highlighted the role of an economy's "structure" - such as its inflation volatility, inflation rate, use of foreign currency invoicing, and openness - in...