Cigarette money

被引：27

作者：

Burdett, K

Trejos, A

Wright, R

机构：

[1] Univ Penn, Dept Econ, Philadelphia, PA 19104 USA

[2] Univ Essex, Colchester CO4 3SQ, Essex, England

来源：

JOURNAL OF ECONOMIC THEORY | 2001年 / 99卷 / 1-2期

基金：

美国国家科学基金会;

关键词：

money; prices; search;

D O I：

10.1006/jeth.2000.2731

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We study how commodities emerge as money, the way cigarettes did in POW camps. We characterize how specialization, trading frictions, intrinsic properties of goods, and the amount of flat money determine whether a commodity serves as money and its value. In some equilibria, the exchange value of commodity money is pinned down by its consumption value: in others, it is not. The value of flat money may or may not be pinned down by commodity money. In some equilibria, the total (Fiat plus commodity) money supply is independent of the fiat money supply. We also discuss implications for Gresham's law, (C) 2001 Academic Press.

引用

页码：117 / 142

页数：26

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