; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "A Hybrid Fiat-Commodity Monetary System"; ; "batchuser@example.com"; "Wallace, Neil"; "Federal Reserve Bank of Minneapolis"; "In this paper I describe a “monetary” system in which backing is provided for the government’s liabilities by way of contingent resort to taxes. The system has some of the features of a commodity money system with a large seignorage spread between bid and ask prices. It is studied within the context of a one-good, pure exchange model of two-period-lived overlapping generations in which, aside from various uniform boundedness assumptions, considerable diversity is allowed both within and across generations. Two results are established: (i) the existence of at least one perfect foresight competitive equilibrium, and (ii) the Pareto optimality of any such equilibrium."^^; "1980-08"; "2019-10-21T20:50:24.2008396+00:00"^^; "https://doi.org/10.21034/sr.61"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Thu Nov 7 22:24:07 2019"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "823"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "061"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "Published in: _Journal of Economic Theory_ (Vol. 25, No. 3, December 1981, pp. 421-430) https://doi.org/10.1016/0022-0531(81)90040-5. "^^; ; "Publication" . ; .