دانلود مقاله ISI انگلیسی شماره 23859
عنوان فارسی مقاله

افق های بازرگانی و ارزش پول

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
23859 2007 17 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Trading horizons and the value of money
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : European Economic Review, Volume 51, Issue 7, October 2007, Pages 1751–1767

کلمات کلیدی
تبادل پول - افق محدود - اجرای محدود - تخصص
پیش نمایش مقاله
پیش نمایش مقاله افق های بازرگانی و ارزش پول

چکیده انگلیسی

This paper shows that fiat money can be feasible and essential even if the trading horizon is finite and deterministic. The result hinges on two features of our model. First, individual actions can affect the future availability of productive resources. So, agents may be willing to sell for money, even if on that date they have no reason to accept it. This makes monetary trade feasible in all preceding dates. Second, agents are anonymous and direct their search for partners. So, gift-giving arrangements may be prevented because agents can misrepresent their consumption needs. This makes money essential in exploiting any gains from specialization and trade.

مقدمه انگلیسی

A basic idea in economics is that allocations can be improved by specialization and trade and can be further expanded by innovations in the trading technology. Fiat money is such an innovation. Indeed, several observers have indicated that the use of “barren” tokens facilitates beneficial trades in markets that are subject to a variety of frictions (e.g., see Ostroy and Starr, 1990). Interestingly, virtually all fiat monetary models consider infinite trading sequences. The reason is that for intrinsically useless tokens to have value in equilibrium, agents must expect that someone will want to trade consumption for money at some future date (Cass and Shell, 1980). One may thus infer that money necessarily loses its beneficial role in environments where the trade sequence is finite and deterministic (e.g., see Kocherlakota, 1998, p. 244). In this study we explain why this would be a rushed conclusion, by using a model in which the actions of a single agent can reduce aggregate productive capacity.

نتیجه گیری انگلیسی

Our analysis has demonstrated that fiat monetary exchange can expand the set of allocations even if trading horizons are finite and deterministic. The result hinges on two features of the model. First, individual actions can affect the future availability of productive resources. So, agents may be willing to sell for money, even if on that date they have no reason to accept it. This makes monetary trade feasible in all preceding dates. Second, agents are anonymous and direct their search for partners. So, gift-giving arrangements may be prevented because agents can misrepresent their consumption needs. This makes money essential in exploiting any gains from specialization and trade.

خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.