Number of items: 3.
Article
Shubik, Martin and
Tsomocos, Dimitrios
(2002)
A Strategic Market Game with Seigniorage Costs of Fiat Money.
Economic Theory, 19 (1).
pp. 187-201.
Link to full text available through this repository.
- Abstract
A model that includes the cost of producing money is presented and the nature of the inefficient equilibria in the model are examined. It is suggested that if one acknowledges that transactions are a form of production, which requires the consumption of resources, then the concept of Pareto optimality is inappropriate for assessing efficiency. Instead it becomes necessary to provide an appropriate comparative analysis of alternative transactions mechanisms in the appropriate context
- Item type
- Article
- Subject(s)
- Finance
- Uncontrolled keywords
- Strategic market games; Seigniorage costs; Inefficiency; finance
- Centre
- UNSPECIFIED
Shubik, Martin and
Tsomocos, Dimitrios
(1992)
A Strategic Market Game with a Mutual Bank with Fractional Reserves and Redemption in Gold.
Journal of Economics (Zeitschrift für Nationalökonomie), 55 (2).
pp. 123-150.
Link to full text available through this repository.
- Abstract
We utilize the strategic market game approach to analyze the role and function of a mutual bank with variable fractional reserves, redemption in gold, and endogenous interest rate formation. We specify the conditions of enough money and its distribution. Using the continuum of traders model, we show existence and optimality for the case ofno bankruptcy as well as for the case in which there exists the potentiality of bankruptcy. Finally, we analyze the relationship of the gearing ratio and the bankruptcy penalty with respect to the resulting equilibrium allocations.
- Item type
- Article
- Subject(s)
- Finance
- Uncontrolled keywords
- Gold reserves; Interest rates; Banking industry; Money; Game theory; Economics; finance
- Centre
- UNSPECIFIED
Book Section
Goodhart, Charles,
Romanidis, Nikolaos,
Tsomocos, Dimitrios and
Shubik, Martin
(2019)
Macro-Modelling, Default and Money.
In:
Mayes, David,
Siklos, Pierre L. and
Sturm, Jan-Egbert, (eds.)
The Oxford Handbook of the Economics of Central Banking.
Oxford University Press.
(Accepted)
- Item type
- Book Section
- Subject(s)
- Finance
- Uncontrolled keywords
- Finance; Default; Money; Financial Intermediation; Liquidity; Modelling
- Centre
- UNSPECIFIED
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This list was generated on Fri Dec 13 16:31:01 2019 UTC.