A coordination approach to the essentiality of money
Autor(a) principal: | |
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Data de Publicação: | 2015 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/13531 |
Resumo: | The essentiality of money is commonly justi ed on e¢ ciency grounds. In this paper, we propose an alternative view on the essentiality of money. We consider an economy with llimited monitoring where agents have to coordinate on the use of two alternative technologies of exchange, money and credit. We show that although credit strictly dominates money from an e¢ ciency perspective, money is essential for coordination reasons. If agents are patient, the region of parameters where they coordinate in the use of money strictly contains the region of parameters where they coordinate in the use of credit |
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Araujo, Luis Fernando Oliveira deGuimarães, Bernardo de VasconcellosEscolas::EESP2015-03-17T01:06:28Z2015-03-17T01:06:28Z2015-03-16TD 381http://hdl.handle.net/10438/13531The essentiality of money is commonly justi ed on e¢ ciency grounds. In this paper, we propose an alternative view on the essentiality of money. We consider an economy with llimited monitoring where agents have to coordinate on the use of two alternative technologies of exchange, money and credit. We show that although credit strictly dominates money from an e¢ ciency perspective, money is essential for coordination reasons. If agents are patient, the region of parameters where they coordinate in the use of money strictly contains the region of parameters where they coordinate in the use of creditengEESP - Textos para Discussão;TD 381MoneyCreditBeliefsCoordinationEconomiaMoedaCrédito bancárioA coordination approach to the essentiality of moneyinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlereponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessORIGINALTD 381 - Luis Araujo - Bernardo Guimaraes.pdfTD 381 - Luis Araujo - Bernardo Guimaraes.pdfapplication/pdf557935https://repositorio.fgv.br/bitstreams/e9252744-6686-4a8a-baa0-1fe5cf7731a9/download98d83087312e5fa4635a93461bbd341eMD51LICENSElicense.txtlicense.txttext/plain; charset=utf-84707https://repositorio.fgv.br/bitstreams/fc5e3737-92bd-48d9-b512-05ca7f6a64cf/downloaddfb340242cced38a6cca06c627998fa1MD52TEXTTD 381 - Luis Araujo - Bernardo 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dc.title.eng.fl_str_mv |
A coordination approach to the essentiality of money |
title |
A coordination approach to the essentiality of money |
spellingShingle |
A coordination approach to the essentiality of money Araujo, Luis Fernando Oliveira de Money Credit Beliefs Coordination Economia Moeda Crédito bancário |
title_short |
A coordination approach to the essentiality of money |
title_full |
A coordination approach to the essentiality of money |
title_fullStr |
A coordination approach to the essentiality of money |
title_full_unstemmed |
A coordination approach to the essentiality of money |
title_sort |
A coordination approach to the essentiality of money |
author |
Araujo, Luis Fernando Oliveira de |
author_facet |
Araujo, Luis Fernando Oliveira de Guimarães, Bernardo de Vasconcellos |
author_role |
author |
author2 |
Guimarães, Bernardo de Vasconcellos |
author2_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EESP |
dc.contributor.author.fl_str_mv |
Araujo, Luis Fernando Oliveira de Guimarães, Bernardo de Vasconcellos |
dc.subject.eng.fl_str_mv |
Money |
topic |
Money Credit Beliefs Coordination Economia Moeda Crédito bancário |
dc.subject.por.fl_str_mv |
Credit Beliefs Coordination |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Moeda Crédito bancário |
description |
The essentiality of money is commonly justi ed on e¢ ciency grounds. In this paper, we propose an alternative view on the essentiality of money. We consider an economy with llimited monitoring where agents have to coordinate on the use of two alternative technologies of exchange, money and credit. We show that although credit strictly dominates money from an e¢ ciency perspective, money is essential for coordination reasons. If agents are patient, the region of parameters where they coordinate in the use of money strictly contains the region of parameters where they coordinate in the use of credit |
publishDate |
2015 |
dc.date.accessioned.fl_str_mv |
2015-03-17T01:06:28Z |
dc.date.available.fl_str_mv |
2015-03-17T01:06:28Z |
dc.date.issued.fl_str_mv |
2015-03-16 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
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article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/13531 |
dc.identifier.sici.none.fl_str_mv |
TD 381 |
identifier_str_mv |
TD 381 |
url |
http://hdl.handle.net/10438/13531 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.ispartofseries.por.fl_str_mv |
EESP - Textos para Discussão;TD 381 |
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info:eu-repo/semantics/openAccess |
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openAccess |
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