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Fiat Money in the Kiyotaki-Wright Model

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Author Info
Aiyagari, S Rao
Wallace, Neil

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Abstract

We study versions of the Kiyotaki-Wright (1989) model with fiat money and show that: (1) The use of a low storage cost fiat money may he necessary for specialization and trade, (2) there can be valued fiat money steady states which are indeterminate, (3) there are no nontrivial steady-states in which all trades consist of fiat money for goods, (4) fiat money may be valued even if it is not the least costly-to-store object, and lastly, (5) two fiat monies with different storage costs may both be valued.

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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 2 (1992)
Issue (Month): 4 (October)
Pages: 447-64
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Handle: RePEc:spr:joecth:v:2:y:1992:i:4:p:447-64

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  1. Nienke Oomes, 2003. "Network Externalities and Dollarization Hysteresis: The Case of Russia," IMF Working Papers 03/96, International Monetary Fund. [Downloadable!]
  2. Ben R. Craig & Christopher J. Waller, 2000. "Dual-currency economies as multiple-payment systems," Economic Review, Federal Reserve Bank of Cleveland, issue Q I, pages 2-13. [Downloadable!]
  3. Christian Hellwig, 2002. "Money, Intermediaries, and Cash-in-Advance Constraints (February 2003)," UCLA Economics Online Papers 207, UCLA Department of Economics. [Downloadable!]
  4. Peter Rupert & Martin Schindler & Andrei Shevchenko & Randall Wright, 2000. "The search-theoretic approach to monetary economics: a primer," Economic Review, Federal Reserve Bank of Cleveland, issue Q IV, pages 10-28. [Downloadable!]
  5. Willem H. Buiter, 2003. "James Tobin: An Appreciation of his Contribution to Economics," NBER Working Papers 9753, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. Steve Williamson & Randall Wright, 1991. "Barter and monetary exchange under private information," Staff Report 141, Federal Reserve Bank of Minneapolis. [Downloadable!]
    Other versions:
  7. Juan-Manuel Renero, 2000. "May the Worst Commodity Standard be the Best? A Re-enactment of "The Crimes of 1873"," Econometric Society World Congress 2000 Contributed Papers 1522, Econometric Society. [Downloadable!]
  8. Canice Prendergast & Lars Stole, 2001. "Barter, Liquidity and Market Segmentation," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  9. Timothy J. Kehoe & Nobuhiro Kiyotaki & Randall Wright, 1991. "More on money as a medium of exchange," Staff Report 140, Federal Reserve Bank of Minneapolis. [Downloadable!]
    Other versions:
  10. Neil Wallace, 1996. "Search-theoretic models of international currency - commentary," Proceedings, Federal Reserve Bank of St. Louis, issue May, pages 136-138. [Downloadable!]
  11. Bilge Ozturk, 2003. "An evolutionary model of the emergence of the media of exchange," Working Papers hal-00242982_v1, HAL. [Downloadable!]
  12. S. Rao Aiyagari & Neil Wallace, 1991. "Existence of steady states with positive consumption in the Kiyotaki-Wright model," Working Papers 428, Federal Reserve Bank of Minneapolis. [Downloadable!]
    Other versions:
  13. Nobuhiro Kiyotaki & Randall Wright, 1990. "Search for a Theory of Money," NBER Working Papers 3482, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  14. Shinkevich Andrey, 2002. "Dollarization Hysteresis in Russia," EERC Working Paper Series 00-087e, EERC Research Network, Russia and CIS. [Downloadable!]
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