Multistage Models of Monetary Exchange: An Elementary Discussion of Commodity Money, Fiat Money and Credit, Part 4

Thomas Quint and Martin Shubik

The IUP Journal of Monetary Economics, 2009, vol. VII, issue 1, 6-67

Abstract: This paper concludes the study on the modeling of money and financial institutions, which began in Quint and Shubik (2005a and b), and Quint and Shubik (2007). This paper begins by going through some of the one-period models of trade, with and without a banking system, including a new ‘sell-all’ market. The main goal then is to extend these to multiperiod models. The analysis considers the conditions for the free financing of the float by fiat money and also derives the explicit conditions under which strategic default is optimal for the traders.

Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:icf:icfjmo:v:07:y:2009:i:1:p:6-67

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