A CONTRIBUTION TO THE PURE THEORY OF MONEY

被引：147

作者：

KIYOTAKI, N

WRIGHT, R

机构：

[1] UNIV LONDON LONDON SCH ECON & POLIT SCI,LONDON WC2A 2AE,ENGLAND

[2] UNIV PENN,DEPT ECON,PHILADELPHIA,PA 19104

[3] FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN 55480

来源：

JOURNAL OF ECONOMIC THEORY | 1991年 / 53卷 / 02期

基金：

美国国家科学基金会;

关键词：

D O I：

10.1016/0022-0531(91)90154-V

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This article analyzes a general equilibrium model with search frictions and differentiated commodities. Because of the many differentiated commodities, barter is difficult in that it requires a double coincidence of wants, and this provides a medium of exchange role for fiat currency. We prove the existence of equilibrium with valued fiat money and show it is robust to certain changes in the environment. Rate of return dominance, liquidity, and the welfare implications of fiat money are discussed. © 1991.

引用

页码：215 / 235

页数：21

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