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Creator: Townsend, Robert M., 1948- and Wallace, Neil Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 209 Abstract:
We use a model of pure, intertemporal exchange with spatially and information-ally separated markets to explain the existence of private securities which circulate and, hence, play a prominent role in exchange. The model, which utilizes a perfect foresight equilibrium concept, implies that a Schelling-type coordination problem can arise. It can happen that the amounts of circulating securities that are required to support an equilibrium and that are issued at the same time in informationally separated markets must satisfy restrictions not implied by individual maximization and market clearing in each market separately.
Palabra clave: Schelling pure coordination game, Trade, and Debts Tema: G14 - Information and Market Efficiency; Event Studies; Insider Trading and D51 - Exchange and Production Economies
Creator: Manuelli, Rodolfo E. and Wallace, Neil Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 252 Abstract:
We study an overlapping generations model which contains a capital good that resembles actual gold. This capital good can he stored without physically depreciating and can, by using other resources, be converted back and forth between gold jewelry which yields utility directly and raw gold which does not.Under the assumption that the three utility-yielding objects—first and second period consumption and jewelry—are gross substitutes, stationary equilibria are shown to exist and are characterized; for some parameter values, there are inefficient equilibria, while for others there are efficient equilibria. Both types can be interpreted as commodity money equilibria.
Cover note : "An earlier version of this paper was presented at a seminar at MIT."
Palabra clave: Commodity money system, Commodity money equilibrium, Overlapping generations model, Capital goods, Commodities, and Commodity prices Tema: D51 - Exchange and Production Economies and E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems