Taub, B. (1985) Private fiat money with many suppliers. Journal of Monetary Economics, 16(2), pp. 195-208. (doi: 10.1016/0304-3932(85)90030-3)
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Abstract
A dynamic rational expectations model of money is used to investigate whether a Nash equilibrium of many firms, each supplying its own brand-name currency, will optimally deflate their currencies in Friedman's (1969) sense. The optimal deflation does arise under an open loop dynamic structure, but the equilibrium breaks down under a more realistic feedback control structure.
| Item Type: | Articles |
|---|---|
| Additional Information: | Reprinted in "Free Banking, Volume III: Modern Theory and Policy", ed by L.H. White. Edward Elgar, 1993 |
| Status: | Published |
| Refereed: | Yes |
| Glasgow Author(s) Enlighten ID: | Taub, Professor Bart |
| Authors: | Taub, B. |
| College/School: | College of Social Sciences > Adam Smith Business School > Economics |
| Journal Name: | Journal of Monetary Economics |
| Publisher: | Elsevier |
| ISSN: | 0304-3932 |
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