Absence-of-double-coincidence models of money: a progress report

Neil Wallace (neilw@psu.edu)

Quarterly Review, 1997, vol. 21, issue Win, 2-20

Abstract: This study describes a model built on the long-held view that the use of money as a medium of exchange is the result of an absence of double coincidence of wants. The model can account for two of the most challenging observations facing monetary theory: The disparate short-run and long-run effects of changes in the quantity of money and the coexistence of money and assets with higher rates of return. For both observations, the model's ability to provide a rich analysis depends on little more than the ingredients implicit in the absence-of-double-coincidence view.

Keywords: Money; theory (search for similar items in EconPapers)
Date: 1997
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Citations: View citations in EconPapers (13)

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