Fiche du document
Auteurs
Date
12 mai 2018
Discipline
Type de document
Périmètre
Identifiant
- 1805.04733
Source
Collection
Organisation
Mots-clés
Economics - Econometrics Economics - Theoretical Economics Mathematics - Dynamical Systems Nonlinear Sciences - Adaptation and Self-Organizing SystemsSujets proches
Fiat money Tender, Legal Specie Fiat money Economic theory Political economy Scrip Free coinage Monetary question Fiat moneyCiter ce document
Federico Bonetto et al., « A Dynamic Analysis of Nash Equilibria in Search Models with Fiat Money », arXiv - économie
Partage / Export
Résumé
We study the rise in the acceptability fiat money in a Kiyotaki-Wright economy by developing a method that can determine dynamic Nash equilibria for a class of search models with genuine heterogenous agents. We also address open issues regarding the stability properties of pure strategies equilibria and the presence of multiple equilibria. Experiments illustrate the liquidity conditions that favor the transition from partial to full acceptance of fiat money, and the effects of inflationary shocks on production, liquidity, and trade.