A model of a currency shortage

• 成果类型: Article
• 署名作者: Wallace, N; Zhou, RL
• 署名单位: Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Pennsylvania
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(97)00053-6
• 发表日期: 1997
• 页码: 555-572
• 关键词: indivisible money; currency shortage; export of coins

摘要

Until the mid-19th century, shortages of currency were common. Moreover, a frequent policy response was a prohibition on the export of coins. We use a random matching model with indivisible money to explain a shortage and to judge the desirability of a prohibition on the export of coins. The model, although extreme in many regards, represents better than earlier models a demand for outside money and the problems that arise when that money is indivisible. It can also rationalize a prohibition on the export of money. (C) 1997 Elsevier Science B.V. All rights reserved.