G2TT
来源类型Discussion paper
规范类型论文
来源IDDP9700
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
URLhttps://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.
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