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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP9700 |
DP9700 Money as a Unit of Account | |
Martin Schneider; Matthias Doepke | |
发表日期 | 2013-10-27 |
出版年 | 2013 |
语种 | 英语 |
摘要 | We develop a theory that rationalizes the use of a dominant unit of account in an economy. Agents enter into non-contingent contracts with a variety of business partners. Trade unfolds sequentially in credit chains and is subject to random matching. By using a dominant unit of account, agents can lower their exposure to relative price risk, avoid costly default, and create more total surplus. We discuss conditions under which it is optimal to adopt circulating government paper as the dominant unit of account, and the optimal choice of "currency areas" when there is variation in the intensity of trade within and across regions. |
主题 | International Macroeconomics |
关键词 | Balance-sheet risk Credit chains Optimal currency areas Unit of account |
URL | https://cepr.org/publications/dp9700 |
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/538536 |
推荐引用方式 GB/T 7714 | Martin Schneider,Matthias Doepke. DP9700 Money as a Unit of Account. 2013. |
条目包含的文件 | 条目无相关文件。 |
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