Money is an experience good: Competition and trust in the private provision of money
成果类型：
Article
署名作者：
Marimon, Ramon; Pablo Nicolini, Juan; Teles, Pedro
署名单位：
European University Institute; Pompeu Fabra University; National Bureau of Economic Research; Universidad Torcuato Di Tella; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Banco de Portugal; Universidade Catolica Portuguesa
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2012.10.006
发表日期：
2012
页码：
815-825
关键词：
摘要：
The interplay between competition and trust as efficiency-enhancing mechanisms in the private provision of money is studied. With commitment, trust is automatically achieved and competition ensures efficiency. Without commitment, competition plays no role. Trust does play a role but requires a bound on efficiency. Stationary inflation must be non-negative and, therefore, the Friedman rule cannot be achieved. The quality of money can be observed only after its purchasing capacity is realized. In this sense, money is an experience good. (C) 2012 Elsevier B.V. All rights reserved.
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