Real taxation and production in a monetary economy with spatially differentiated agents
Petia Manolova (),
Charles Lai-Tong () and
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Petia Manolova: GREQAM-CNRS
Charles Lai-Tong: CEFI-CNRS
Authors registered in the RePEc Author Service: Charles Lai Tong
Modeling, Computing, and Mastering Complexity 2003 from Society for Computational Economics
The impact of money supply on the real variables and on utility is an important question in monetary economics. Most previous works study this impact in representative agent economies, often under perfect foresight. With such a framework, however, the use of fiat money as a medium of exchange cannot be endogenously explained. This paper, by contrast, considers an economy where fiat money is intrinsically necessary for exchange, due to the local structure of interaction among agents. It investigates the transitory and permanent impact of local or global injections of money on the dynamics of produced quantities and exchanged quantities, prices, and individual welfare, and the mechanisms that explain this evolution. Furthermore, it examines the impact of real taxation on the above-mentionned variables.
Keywords: economics; spatially differentiated agents; fiat money; decentralized exchange; monetary growth; distribution; taxation. (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:sce:cplx03:12
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