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Transactions Loans, Intertemporal Loans, Variable Velocity, the Rates of Interest and Commodity Money: Part 1. Transactions Loans
Martin Shubik,Shuntian Yao +1 more
TLDR
Several models of exchange are presented in this paper to illustrate various conceptual problems in the microeconomic model of the velocity of money and the meaning of and cost of liquidity in an exchange economy without exogenous uncertainty.Abstract:
Several models of exchange are presented here to illustrate various conceptual problems in the microeconomic model of the velocity of money and the meaning of and cost of liquidity in an exchange economy without exogenous uncertainty.read more
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The non-cooperative equilibria of a trading economy with complete markets and consistent prices☆
Siddhartha Sahi,Shuntian Yao +1 more
TL;DR: In this article, an exchange economy with complete markets is described and a general theorem for the existence of active Nash equilibria is proved, and it is further shown that under replication of traders, these equilibrium approaches competitive equilibrium of the economy.
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Default and Efficiency in a General Equilibrium Model with Incomplete Markets
TL;DR: In this paper, the authors extend the standard model of general equilibrium with incomplete markets (GEI) to allow for default, and they show that default is reasonably modeled as an equilibrium phenomenon.
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Is gold an efficient store of value
TL;DR: Gold and tobacco have both been used as commodity money as discussed by the authors, and one difference between the two is that gold yields utility, on account of its beauty, without diminishing its quantity.
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Repeated trade and the velocity of money
TL;DR: In this article, the authors show that if enough repeated rounds of trade are permitted within a single utility period, then the liquidity problem is overcome: SE outcomes turn out to be not only efficient but, in fact, Walrasian.
Journal ArticleDOI
A note on an optimal garnishing rule
Pradeep Dubey,Martin Shubik +1 more
TL;DR: In this paper, a low information, optimal bankruptcy rule for an exchange economy with credit is described and analyzed for a single-bankruptcy scenario, and a low-information version of the bankruptcy rule is presented.