Government: Transaction policy, the medium of exchange, and welfare
成果类型：
Article
署名作者：
Aiyagari, SR; Wallace, N
署名单位：
Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Miami
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1996.2250
发表日期：
1997
页码：
1-18
关键词：
摘要：
Policy regarding what the government accepts in transactions is embedded in a version of the Kiyotaki-Wright model of media of exchange. In an example with two goods and one fiat money, the policies that are consistent with fiat money as the unique medium of exchange are identified. These policies have the government favoring fiat money in its transactions. A benefit and a cost accompany any such policy. The benefit is that a worse nonmonetary steady state is eliminated; the cost is that a better monetary steady state is eliminated. Journal of Economic Literature Classification Number: E40. (C) 1997 Academic Press.