A hybrid fiat-commodity monetary system
by Neil Wallace
"In this paper I describe a "monetary" system in which backing is provided for the government's liabilities by way of contingent resort to taxes. The system has some of the features of a commodity money system with a large seignorage spread between bid and ask prices. It is studied within the context of a one-good, pure exchange model of two-period-lived overlapping generations in which, aside from various uniform boundedness assumptions, considerable diversity is allowed both within and across generations. Two results are established: (i) the existence of at least one perfect foresight competitive equilibrium, and (ii) the Pareto optimality of any such equilibrium"--Federal Reserve Bank of Minneapolis web site.
Buy this book
Subjects
Public Debts, Mathematical models, Taxation| Edition | Availability |
|---|---|
1
A hybrid fiat-commodity monetary system
1980, Federal Reserve Bank of Minneapolis
electronic resource /
in English
|
aaaa
|
Book Details
Edition Notes
Title from PDF file as viewed on 10/16/2007.
Includes bibliographical references.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
Classifications
The Physical Object
ID Numbers
Community Reviews (0)
Feedback?
| December 19, 2020 | Created by MARC Bot | import new book |