| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7438 |
| DP7438 Product-Based Cultural Change: Is the Village Global? | |
| Thierry Verdier; Jacques Olivier; Nicolas Maystre | |
| 发表日期 | 2009-08-23 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | We study the interplay between competition and trust as efficiency-enhancing mechanims in the private provision of money. With commitment, trust is automatically achieved and competition ensures efficiency. Without commitment, competition plays no role. Trust does play a role but requires a lower bound on efficiency. Stationary inflation must be positive and, therefore, the Friedman rule cannot be achieved. The quality of money can only be observed after its purchasing capacity is realized. In that sense money is an experience good. We show that the two problems, the time-inconsistency in the private provision of money and moral-hazard in the provision of experience goods, are isomorphic, and therefore the same results are attained in both settings. |
| 主题 | International Macroeconomics |
| 关键词 | Currency competition Experience goods inflation Trust |
| URL | https://cepr.org/publications/dp7438 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536272 |
| 推荐引用方式 GB/T 7714 | Thierry Verdier,Jacques Olivier,Nicolas Maystre. DP7438 Product-Based Cultural Change: Is the Village Global?. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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