| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w4919 |
| 来源ID | Working Paper 4919 |
| A Model of Fiat Money and Barter | |
| Fumio Hayashi; Akihiko Matsui | |
| 发表日期 | 1994-11-01 |
| 出版年 | 1994 |
| 语种 | 英语 |
| 摘要 | We present an infinite horizon model with capital in which fiat money and barter are two competing means of payment. Fiat money has value because barter is limited by the extent of a double coincidence of wants. The pattern of exchange generally involves both money and barter. We find that the Chicago rule is sufficient for Pareto efficiency, while nominal interest smoothing is necessary. For a specific utility function we provide a complete characterization of the patterns of exchange and calculate the range of inflation rates over which a stationary monetary equilibrium exists. |
| 主题 | Microeconomics ; General Equilibrium ; Macroeconomics ; Money and Interest Rates |
| URL | https://www.nber.org/papers/w4919 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/562337 |
| 推荐引用方式 GB/T 7714 | Fumio Hayashi,Akihiko Matsui. A Model of Fiat Money and Barter. 1994. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w4919.pdf（761KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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