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  • 1
    Electronic Resource
    Electronic Resource
    Fiat money in the Kiyotaki-Wright model (1992)
    Springer
    Economic theory 2 (1992), S. 447-464 
    Details
    ISSN: 1432-0479
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary We study versions of the Kiyotaki-Wright (1989) model with fiat money and show that: (1) The use of a low storage cost fiat money may be necessary for specialization and trade, (2) there can be valued fiat money steady states which are indeterminate, (3) there are no nontrivial steady-states in which all trades consist of fiat money for goods, (4) fiat money may be valued even if it is not the least costly-to-store object, and lastly, (5) two fiat monies with different storage costs may both be valued.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01212470
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