; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Acceptability, Means of Payment, and Media of Exchange"; ; "jannelle.ruswick@mpls.frb.org"; "Kiyotaki, Nobuhiro", "Wright, Randall D."; "Federal Reserve Bank of Minneapolis"; "This essay explains the use of fiat money, or why intrinsically useless objects are accepted as payment in transactions. People accept a particular object as a means of payment because others do: social conventions matter more than the intrinsic characteristics of the object itself. Not everything can become a fiat money, though. If an object is especially costly to hold, for example, it will not be accepted as a means of payment. This explanation of fiat money is illustrated in a simple theoretical economic model."^^; "1992 Summer"; "2019-12-11T15:01:00.375652758+00:00"^^; "https://doi.org/10.21034/qr.1632"; ; "Mon Dec 16 17:28:10 2019"; "Article"; "402", "859"; "Quarterly review (Federal Reserve Bank of Minneapolis. Research Department)"; "Vol. 16, No. 3"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "This essay is reprinted, with the publishers' permission, from _The New Palgrave Dictionary of Money and Finance_, ed. Peter Newman, Murray Milgate, and John Eatwell; London: Macmillan Press, New York: Stockton Press. © Macmillan Press 1992."^^; ; "Publication" . ; .