Creator

• Smith, Bruce D. (Bruce David), 1954-2002

Series

• Working paper (Federal Reserve Bank of Minneapolis. Research Department)

Issue number

• 204

Date created

• 1985-11

Abstract

• In an overlapping generations model with borrowing and lending, uncertainty, and asymmetric information, fiat money may be essential to the existence of a competitive equilibrium. It may also serve to enhance the information of economic agents in a well-defined sense. In addition, the model presented provides suggestions about why the presence of valued fiat currency is essential to existence of equilibrium, even though in equilibrium perfect substitutes for money may exist.

Related information

• Published in: The Canadian Journal of Economics (Vol. 19, No. 4, November 1986, pp. 780-797), https://doi.org/10.2307/135326.

Corporate Author

• Federal Reserve Bank of Minneapolis. Research Department

Publisher

• Federal Reserve Bank of Minneapolis

Resource type

• Research Paper

DOI

•  https://doi.org/10.21034/wp.204

License

• Creative Commons BY-NC Attribution-NonCommercial 4.0 International

In Collection:

• Working Papers

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