Fiat money as a store of value in an experimental market
1989; Elsevier BV; Volume: 12; Issue: 2 Linguagem: Inglês
10.1016/0167-2681(89)90056-5
ISSN1879-1751
Autores Tópico(s)Complex Systems and Time Series Analysis
ResumoThe time path of the value of fiat money is studied in an experimental market. In this market players can achieve Pareto superior allocations by trading goods for money at fixed nominal prices. However, the finite horizon makes the value of money unstable as players learn not to hold money near the horizon. We investigate the value of money in stationary replications of the model where subjects trade off the increased value of money as a medium of exchange against the chances of holding worthless money (as the role of money as a store of value deteriorates).
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