A NOTE ON SUNSPOT EQUILIBRIA IN SEARCH MODELS OF FIAT MONEY
成果类型：
Note
署名作者：
WRIGHT, R
署名单位：
Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1994.1064
发表日期：
1994
页码：
234-241
关键词：
摘要：
Search models can generate an endogenous role for fiat money, in the sense that there exist equilibria where intrisically useless, unbacked, paper currency is valed due to its function as a medium of exchange. In this note, I ask if there exist sunspot equilibria in these models, where the value or acceptability of money fluctuates along with extrinsic random events even though the fundamentals of the economy are deterministic and time invariant. The answer is yes.