| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 5060551 | Economics Letters | 2012 | 6 Pages |
Abstract
⺠Fiat money has strictly positive value in the unique trembling hand equilibrium. ⺠Fiat money is essentially equivalent to large securitized pools of debt. ⺠It is a low risk asset as not only a single but all debtors demand money. ⺠Money can implement the debt-pool allocation even if pooling contracts are infeasible.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Dirk Paulsen,