Search for a Theory of Money

Nobuhiro Kiyotaki and Randall Wright

No 3482, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: The classical and early neoclassical economists knew that the essential function of money was its role as a medium of exchange; Recently, this idea has been formalized using search-theoretic noncooperative equilibrium models of the exchange process. The goal of this paper is to use a simple model of this class to analyze four substantive issues in monetary economics: the interaction between specialization and exchange, dual fiat currency regimes, the welfare improving role of money, and the susceptibility of monetary economies to extrinsic uncertainty.

Date: 1990-10
Note: ME
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Published as "A Search-Theoretic Approach to Monetary Economics" American Economic Review, March 1993, pp. 63-77.

Downloads: (external link)
http://www.nber.org/papers/w3482.pdf (application/pdf)

Related works:
Working Paper: SEARCH FOR A THEORY OF MONEY (1990)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:3482

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w3482

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().