A Model of Commodity Money, with Applications to Gresham's Law and the Debasement Puzzle

被引：38

作者：

Velde, Francois R. ^{[1
]}

Weber, Warren E. ^{[2
,3
]}

Wright, Randall ^{[4
]}

机构：

[1] Fed Reserve Bank Chicago, Chicago, IL 60690 USA

[2] Fed Reserve Bank Minneapolis, Minneapolis, MN 55480 USA

[3] Univ Minnesota, Minneapolis, MN 55480 USA

[4] Univ Penn, Philadelphia, PA 19104 USA

来源：

REVIEW OF ECONOMIC DYNAMICS | 1999年 / 2卷 / 01期

基金：

美国国家科学基金会;

关键词：

Random matching; commodity money; Gresham's Law; debasement; asymmetric information;

D O I：

10.1006/redy.1998.0037

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

What are the conditions under which Gresham's Law holds? And what are the mechanics of a debasement? To analyze these questions, we develop a model of commodity money with light and heavy coins, imperfect information, and prices determined via bilateral bargaining. There are equilibria with neither, both, or only one type of coin in circulation. When both circulate, coins may trade by weight or by tale. We discuss the extent to which Gresham's Law holds in the various cases. Following a debasement, depending on the incentives offered, equilibria exist with positive seigniorage and a mixture of old and new coins in circulation. (C) 1999 Academic Press

引用

页码：291 / 323

页数：33

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