An evolutionary model of the emergence of the media of exchange

Bilge Ozturk Goktuna

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Abstract: This paper uses an evolutionary version of the commodity money model in Kiyotaki and Wright (1989). The main objective of this paper is to study the implications of endogenizing the matching process. Under the endogenous set up we find stability conditions for each kind of equilibrium (fundamental or speculative). The second objective is to analyse the disequilibrium dynamics, when the inventory distribution is not assumed to be continuously at its temporary equilibrium value. We prove that under this setting, for some values of the parameters the fundamental and speculative states are unstable.

Keywords: money; matching; disequilibrium dynamics; monnaie; Evolution; Appariement; Dynamique hors équilibre (search for similar items in EconPapers)
Date: 2003
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