Return on Commodity Money, Small Change Problems, and Fiat Money
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Kim, Young Sik | - |
dc.contributor.author | Lee, Manjong | - |
dc.date.accessioned | 2021-09-06T08:34:18Z | - |
dc.date.available | 2021-09-06T08:34:18Z | - |
dc.date.created | 2021-06-19 | - |
dc.date.issued | 2012-03 | - |
dc.identifier.issn | 0022-2879 | - |
dc.identifier.uri | https://scholar.korea.ac.kr/handle/2021.sw.korea/105424 | - |
dc.description.abstract | We construct a search-theoretic model of commodity money where a penny is an indivisible silver coin that can be either melted into a silver bar yielding a positive return or used as a medium of exchange. In equilibria where the rate of return on silver is sufficiently high, small change problems arise in the form of too-much-trade inefficiency because of a too-high value of a penny and no-trade inefficiency because of a shortage of coins in circulation. In the fiat money system, however, trades are not affected at all by the rate of return on silver and the value of a penny is determined by its medium-of-exchange role without incurring the loss in efficiency due to small change problems. | - |
dc.language | English | - |
dc.language.iso | en | - |
dc.publisher | WILEY-BLACKWELL | - |
dc.subject | MATCHING MODEL | - |
dc.subject | SEARCH | - |
dc.subject | DIVISIBILITY | - |
dc.subject | ENGLAND | - |
dc.subject | PRICES | - |
dc.title | Return on Commodity Money, Small Change Problems, and Fiat Money | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | Lee, Manjong | - |
dc.identifier.doi | 10.1111/j.1538-4616.2012.00500.x | - |
dc.identifier.scopusid | 2-s2.0-84859125995 | - |
dc.identifier.wosid | 000302074300014 | - |
dc.identifier.bibliographicCitation | JOURNAL OF MONEY CREDIT AND BANKING, v.44, no.2-3, pp.533 - 549 | - |
dc.relation.isPartOf | JOURNAL OF MONEY CREDIT AND BANKING | - |
dc.citation.title | JOURNAL OF MONEY CREDIT AND BANKING | - |
dc.citation.volume | 44 | - |
dc.citation.number | 2-3 | - |
dc.citation.startPage | 533 | - |
dc.citation.endPage | 549 | - |
dc.type.rims | ART | - |
dc.type.docType | Article | - |
dc.description.journalClass | 1 | - |
dc.description.journalRegisteredClass | ssci | - |
dc.description.journalRegisteredClass | scopus | - |
dc.relation.journalResearchArea | Business & Economics | - |
dc.relation.journalWebOfScienceCategory | Business, Finance | - |
dc.relation.journalWebOfScienceCategory | Economics | - |
dc.subject.keywordPlus | MATCHING MODEL | - |
dc.subject.keywordPlus | SEARCH | - |
dc.subject.keywordPlus | DIVISIBILITY | - |
dc.subject.keywordPlus | ENGLAND | - |
dc.subject.keywordPlus | PRICES | - |
dc.subject.keywordAuthor | E40 | - |
dc.subject.keywordAuthor | E42 | - |
dc.subject.keywordAuthor | commodity money | - |
dc.subject.keywordAuthor | fiat money | - |
dc.subject.keywordAuthor | divisibility | - |
dc.subject.keywordAuthor | small change problem | - |
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