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Barley, Gold, or Fiat: Toward a Pure Theory of Money

Thomas Quint and Martin Shubik

Published in print:
2014
Published Online:
May 2014
ISBN:
9780300188158
eISBN:
9780300199222
Item type:
book
Publisher:
Yale University Press
DOI:
10.12987/yale/9780300188158.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

This book is about using game theory to model money and financial institutions. Using the backdrop of a simple two-good economy with two continua of traders, we propose a strategic market game to ... More


Congressional Insolvency

Max. M Edling

in A Revolution in Favor of Government: Origins of the U.S. Constitution and the Making of the American State

Published in print:
2003
Published Online:
January 2005
ISBN:
9780195148701
eISBN:
9780199835096
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195148703.003.0011
Subject:
Political Science, American Politics

Provides background accounts of political development in the USA from the American War of Independence to the Philadelphia Convention, and establish that, by 1787, Congress was marked by military ... More


Endogenizing the Choice of a Monetary System<sup>1</sup>

Martin Shubik and Eric Smith

in The Guidance of an Enterprise Economy

Published in print:
2016
Published Online:
May 2017
ISBN:
9780262034630
eISBN:
9780262337540
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262034630.003.0005
Subject:
Economics and Finance, Econometrics

In this chapter we introduce our first multi-timescale models of an economy. Longer timescales are associated with commitment to product specialization and to discounting and depreciation of durable ... More


Markets with Fiat

Thomas Quint and Martin Shubik

in Barley, Gold, or Fiat: Toward a Pure Theory of Money

Published in print:
2014
Published Online:
May 2014
ISBN:
9780300188158
eISBN:
9780300199222
Item type:
chapter
Publisher:
Yale University Press
DOI:
10.12987/yale/9780300188158.003.0007
Subject:
Economics and Finance, Macro- and Monetary Economics

We study markets with fiat as the money. Mathematically speaking, fiat money models reduce to equivalent models using consumable storable money. We discuss the Hahn paradox, whereby in some models ... More


Exchange, Money, and Price

Anwar Shaikh

in Capitalism: Competition, Conflict, Crises

Published in print:
2016
Published Online:
March 2016
ISBN:
9780199390632
eISBN:
9780199390663
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199390632.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter addresses the origins and laws of money. Exchange, barter, tribute, taxes, and debt are properly distinguished and connected to the rise of various forms of money. Price is developed as ... More


Liquidity, Monetary Policy, and Asset Prices

Ed Nosal and Guillaume Rocheteau

in Money, Payments, and Liquidity

Published in print:
2011
Published Online:
August 2013
ISBN:
9780262016285
eISBN:
9780262298285
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016285.003.0011
Subject:
Economics and Finance, Econometrics

This chapter investigates the process through which asset prices are determined in monetary economies. Here, fiat money is viewed as an asset when situated within a monetary economy. Though its ... More


Competing Media of Exchange

Ed Nosal and Guillaume Rocheteau

in Money, Payments, and Liquidity

Published in print:
2011
Published Online:
August 2013
ISBN:
9780262016285
eISBN:
9780262298285
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016285.003.0010
Subject:
Economics and Finance, Econometrics

This chapter explores alternatives to fiat money. These include gold and silver commodities, or demand deposits, checkable mutual funds, and government securities. Assets such as capital, claims on ... More


Modern Money and Inflation

Anwar Shaikh

in Capitalism: Competition, Conflict, Crises

Published in print:
2016
Published Online:
March 2016
ISBN:
9780199390632
eISBN:
9780199390663
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199390632.003.0015
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter develops a classical theory of inflation applicable to modern fiat money. Section II provides a detailed survey and critique of Chartalist and neo-Chartalist theories of money. Section ... More


Money in Equilibrium

Ed Nosal and Guillaume Rocheteau

in Money, Payments, and Liquidity

Published in print:
2011
Published Online:
August 2013
ISBN:
9780262016285
eISBN:
9780262298285
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016285.003.0004
Subject:
Economics and Finance, Econometrics

This chapter presents a core framework that will help in the study of issues related to money, payments, and liquidity. It then studies money in equilibrium under trading protocols that contain ... More


The Optimum Quantity of Money

Ed Nosal and Guillaume Rocheteau

in Money, Payments, and Liquidity

Published in print:
2011
Published Online:
August 2013
ISBN:
9780262016285
eISBN:
9780262298285
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016285.003.0006
Subject:
Economics and Finance, Econometrics

This chapter takes the strategy of constructing economic environments where the presence of fiat money is essential and the societal benefits of monetary exchange are clearly laid out. Through this ... More


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