A Monetary Theory of Value

Lloyd T. Paquin

Working Paper from Economics Department, Queen's University

Abstract: This paper develops a monetary theory of value, where households can choose to utilize money or barter, and where they can store wealth in futures contracts or fiat money. We examine stationary monetary equilibrium. We present conditions for existence which are both necessary and sufficient, prove existence, and prove equilibrium will not generally be efficient, and the monetary policy is neutral.

Pages: 64
Date: 1977
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Persistent link: https://EconPapers.repec.org/RePEc:qed:wpaper:271

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