Search for a theory of money Public Deposited

Creator Series Issue number
  • 464
Date Created
  • 1990-09
  • The classical and early neoclassical economists knew that the essential function of money was its role as a medium of exchange. Recently, this idea has been formalized using search-theoretic noncooperative equilibrium models of the exchange process. The goal of this paper is to use a simple model of this class to analyze four substantive issues in monetary economics: the interaction between specialization and exchange, dual fiat currency regimes, the welfare improving role of money, and the susceptibility of monetary economies to extrinsic uncertainty.

Subject (JEL) Keyword Alternative title
  • A search-theoretic approach to monetary economics / Nobuhiro Kiyotaki, Randall Wright.
Contributor Date Modified
  • 03/20/2018
  • Federal Reserve Bank of Minneapolis. Research Division.
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