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Barter'S Role In The Money–Income Relationship

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  • Akbar Marvasti
  • David J. Smyth

Abstract

. This paper deals with a reassessment of the money–income relation and predictability of changes in GDP with innovations in money in the presence of barter. Organized barter as a method of transaction, through barter exchanges, has been growing rapidly in the US economy. With the introduction of computers and the use of a credit system which allows non‐simultaneous transactions, barter exchanges have found new opportunities to offer an alternative to monetary transactions. Analysis of data from the 1974–96 period provides some evidence suggesting that inclusion of barter in the output function improves the marginal predictability of money.

Suggested Citation

  • Akbar Marvasti & David J. Smyth, 2006. "Barter'S Role In The Money–Income Relationship," Pacific Economic Review, Wiley Blackwell, vol. 11(3), pages 395-408, October.
    • Handle: RePEc:bla:pacecr:v:11:y:2006:i:3:p:395-408
    DOI: 10.1111/j.1468-0106.2006.00323.x
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    References listed on IDEAS

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    1. Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867–1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1.
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    Cited by:

    1. Marvasti, Akbar & Smyth, David, 2008. "Barter and Business Cycles: A Comment and Further Empirical Evidence," MPRA Paper 18258, University Library of Munich, Germany.
    2. Akbar Marvasti & David J. Smyth, 2011. "Barter and Business Cycles: Further Empirical Evidence," The American Economist, Sage Publications, vol. 56(2), pages 85-97, November.

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