Gold, Liquidity and Secured Loans in a Multistage Economy. Part I: Gold as Money

Martin Shubik and Shuntian Yao

No 871, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: A multiperiod exchange economy with gold used both as money and as jewelry is examined in this paper. The existence of Nash equilibria is proved for the market games with finitely many traders as well as the games with a continuum of traders. For market games with a continuum of traders at infinite horizon, the existence of stationary Nash equilibria has been proved under the assumption that gold is properly distributed at the beginning or a secured loan between traders is available.

Keywords: Gold; exchange economy; Nash equilibrium; trading (search for similar items in EconPapers)
Pages: 45 pages
Date: 1988-03
Note: CFP 731.
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Citations: View citations in EconPapers (1)

Published in Journal of Economics (1989), 49(3): 245-277

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Persistent link: https://EconPapers.repec.org/RePEc:cwl:cwldpp:871

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