Distribution-Dependent Value of Money: A Coalition-Proof Approach to Monetary Equilibrium

2021 ◽  
Author(s):  
Byoung-Ki Kim ◽  
Ohik Kwon ◽  
Suk won Lee
Keyword(s):  
Monetary Equilibrium ◽  
Value Of Money ◽  
Coalition Proof

ON THE THREAT OF COUNTERFEITING

2010 ◽  
Vol 15 (S1) ◽  
pp. 10-41 ◽  
Author(s):  
Yiting Li ◽  
Guillaume Rocheteau
Keyword(s):  
Monetary Economics ◽  
Terms Of Trade ◽  
Theoretic Model ◽  
Fiat Money ◽  
Monetary Equilibrium ◽  
The Cost ◽  
Value Of Money

We study counterfeiting of currency in a search-theoretic model of monetary exchange. In contrast to Nosal and Wallace [Journal of Monetary Economics 54, 229–246 (2007)], we establish that counterfeiting does not pose a threat to the existence of a monetary equilibrium; i.e., a monetary equilibrium exists irrespective of the cost of producing counterfeits, or the ease with which genuine money can be authenticated. However, the possibility of counterfeiting fiat money can affect its value, velocity, output, and welfare, even if no counterfeiting occurs in equilibrium. We provide two extensions of the model under which the threat of counterfeiting can materialize: counterfeits can circulate across periods, and sellers set terms of trade in some matches. Policies that make the currency more costly to counterfeit or easier to recognize raise the value of money and society's welfare, but the latter policy does not always decrease counterfeiting.

The value of money

2004 ◽  
Author(s):  
Jennifer Daw Holloway
Keyword(s):  
Value Of Money

scholarly journals Geldtheorie und -politik in Preußen Mitte des 18. Jahrhunderts

2020 ◽  
Vol 61 (1) ◽  
pp. 217-257
Author(s):  
Jan Greitens
Keyword(s):  
18Th Century ◽  
Economic Thought ◽  
Monetary Theory ◽  
Clear Understanding ◽  
Monetary System ◽  
Monetary Approach ◽  
History Of ◽  
Early Modern Era ◽  
Value Of Money ◽  
Modern Era

AbstractIn the history of economic thought, monetary theories in the Germanspeaking world of the early modern era are considered backward compared to the approaches in other European countries. This backwardness can be illustrated by two authors from the mid-18th century who were not only contemporaries but also successively in the service of Frederick II (“the Great”) of Prussia. The first is Johann Philipp Graumann, one of the 'projectors' of the 18th century. As master of the mints in Prussia, he developed a coin project, where he tried to implement a new monetary standard to promote trade, generate seigniorage income and implement the Prussian coins as a kind of a reserve currency. In his writings, he developed a typical mercantilistic monetary theory with a clear understanding of the mechanism in the balance of payments. But even when he tried to include credit instruments, he did not take banks or broader financial markets into account. The second thinker is Johann Heinrich Gottlob Justi, who took the opposite position concerning the coin project as well as in his theory. He defended a strictly metalistic monetary approach where the value of money is only based on the metal's value. While Graumann rejected the English coin system, Justi recommended its laws for countries without their own mines, because the sovereign should not misuse his right of coinage. For him, the monetary system had tobe reliable and stable to serve trade and economic development.

Value of money

1864 ◽  
Vol s3-V (118) ◽  
pp. 282-282
Author(s):  
Querist
Keyword(s):  
Value Of Money
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