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A NOTE ON “MONEY IS MEMORY“: A COUNTEREXAMPLE

Yu Awaya () and Hiroki Fukai

Macroeconomic Dynamics, 2017, vol. 21, issue 2, 545-553

Abstract: A counterexample to the notion that money is memory is provided—one that relies on incomplete information. There exists an implementable allocation for it with money that is not implementable with memory. The result arises because money conveys only a limited amount of information about past actions, which can be beneficial in settings with incomplete information.

Date: 2017
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