Econometrica Vol. 47 No. 6 1979
Expectations and Money in a Dynamic Exchange Model
Abstract
[This paper provides an explanation for the observed widespread use of a money good with little intrinsic value. The explanation derives from the result that if agents expect some particular good to play the role of money, then sequential, pairwise trading leads to an economy-wide Pareto optimal allocation.]
- DOI
- 10.2307/1914008
- Volume
- 47
- Issue
- 6
- Pages
- 1403
- Sources
- bibtex:phds-export.bib openalex crossref