Search for a Theory of Money Público 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) Palabra Clave Related information Alternative title
  • A search-theoretic approach to monetary economics / Nobuhiro Kiyotaki, Randall Wright.
Date Modified
  • 07/15/2019
Corporate Author
  • Federal Reserve Bank of Minneapolis. Research Department
  • Federal Reserve Bank of Minneapolis
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