Asymmetry, imperfectly transferable utility, and the role of fiat money in improving terms of trade
Article Abstract:
Assymetric matches, imperfect transfer of utility and monetary exchange are essential parts of improved trade. In terms of assymetric matches, a considerable service sidepayment is made by an agent in an effort to give greater importance to other's good. A robust monetary equilibrium that enhances welfare, meanwhile, is generated in reaction to barter inefficiency, which develops due to sidepayments' imperfect transfer of utility.
Publication Name: Journal of Monetary Economics
Subject: Economics
ISSN: 0304-3932
Year: 1998
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Analytical solutions to a structural signal extraction model: Lucas 1972 revisited
Article Abstract:
Robert Lucas's 1972 "neutrality of money" article is reexamined. His signal extraction model is examined in terms of government policy, welfare analysis, the impact of money transfers on money holdings, inflation, and the global economy.
Publication Name: Journal of Monetary Economics
Subject: Economics
ISSN: 0304-3932
Year: 1999
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