Does commodity money eliminate the indeterminacy of equilibrium?

• 成果类型: Article
• 署名作者: Zhou, RL
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Chicago
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/S0022-0531(03)00007-3
• 发表日期: 2003
• 页码: 176-190
• 关键词: commodity money; random-matching; indeterminacy of equilibrium

摘要

Previous studies have shown that a random-matching model with divisible fiat money and without constraint on agents' money inventories possesses a continuum of stationary single-price equilibria. Wallace (J. Econom. Theory 81 (1998) 223) conjectures that the indeterminacy can be eliminated by the use of commodity money. Instead, I find that in a similar random-matching model with dividend-yielding commodity money, a continuum of stationary singleprice equilibria exists when the utility of dividend is not too high. This result casts doubt on the conventional belief that the indeterminacy of monetary equilibrium is be caused only by the nominal nature of money. (C) 2003 Elsevier Science (USA). All rights reserved.