A model of fiat money and barter
成果类型：
Article
署名作者：
Hayashi, F; Matsui, A
署名单位：
University of Pennsylvania
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1996.0006
发表日期：
1996
页码：
111-132
关键词：
摘要：
We present an infinite horizon model with capital in which fiat money and barter are two competing means of payment. Fiat money has value because barter is limited by the extent of a double coincidence of wants. The pattern of exchange rally involves both money and barter. We find that the Chicago rule is sufficient for Pareto efficiency, while nominal interest smoothing is necessary. For a specific utility function we provide a complete characterization of the patterns of exchange and calculate the range of inflation rates over which a stationary monetary equilibrium exists. (C) 1996 Academic Press, Inc.