Is Money Essential? An Experimental Approach

被引：2

作者：

Jiang, Janet Hua ^{[1
]}

Norman, Peter ^{[2
]}

Puzzello, Daniela ^{[3
]}

Sultanum, Bruno ^{[4
]}

Wright, Randall ^{[5
]}

机构：

[1] Bank Canada, Montreal, PQ, Canada

[2] Univ N Carolina, Chapel Hill, NC USA

[3] Indiana Univ, Bloomington, IN 47405 USA

[4] Fed Reserve Bank Richmond, Richmond, VA USA

[5] Zhejiang Univ, Wisconsin Sch Business, Haining, Peoples R China

来源：

JOURNAL OF POLITICAL ECONOMY | 2024年 / 132卷 / 09期

关键词：

CORRELATED EQUILIBRIA; EXCHANGE; CURRENCY; BUBBLES; CREDIT; POLICY; GAMES; MODEL;

D O I：

10.1086/730199

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Monetary exchange is called essential when better outcomes become incentive compatible when money is introduced. We study essentiality theoretically and experimentally using finite-horizon monetary models that are naturally suited to the lab. Following mechanism design, we also study the effects of strategy recommendations both when they are incentive compatible and when they are not. Results show that output and welfare are significantly enhanced by fiat currency if monetary equilibrium exists but not otherwise. Also, recommendations help if incentive compatible but not otherwise. Sometimes money gets used when it should not, and we investigate why, using surveys and measures of social preferences.

引用

页码：2972 / 2998

页数：27

共 62 条

[41] FIAT MONEY AS A STORE OF VALUE IN AN EXPERIMENTAL MARKET [J].