Comment on Cavalcanti and Nosal's \"Counterfeiting as private money in mechanism design\"

Cyril Monnet

No 10-29, Working Papers from Federal Reserve Bank of Philadelphia

Abstract: In this comment, the author extends Cavalcanti and Nosal's (2010) framework to include the case of perfectly divisible money and unrestricted money holdings. He shows that when trade takes place in Walrasian markets, counterfeits circulate and the Friedman rule is still optimal.

Keywords: Counterfeits and counterfeiting; Money (search for similar items in EconPapers)
Date: 2010
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