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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


Default and Bankruptcy

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/9780300188158.003.0008
Subject:
Economics and Finance, Macro- and Monetary Economics

The fiat-money-with-strategic-dummy-bank models of chapter 7 are altered to allow the traders to strategically default. Mathematically this means removing the budget constraint from the traders’ ... More


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