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Money And Limited Enforcement In Multilateral Exchange

Author

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  • Amendola, Nicola
  • Ferraris, Leo

Abstract

We propose a model in which money performs an essential role in the process of exchange, despite the presence of a multilateral clearing house that collects resources from and distributes them to anonymous agents. Money improves the functioning of the clearing house, simultaneously keeping the incentives to contribute and guaranteeing the fine-tuning of allocations.

Suggested Citation

  • Amendola, Nicola & Ferraris, Leo, 2020. "Money And Limited Enforcement In Multilateral Exchange," Macroeconomic Dynamics, Cambridge University Press, vol. 24(5), pages 1222-1239, July.
    • Handle: RePEc:cup:macdyn:v:24:y:2020:i:5:p:1222-1239_8
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    Cited by:

    1. Leo Ferraris & Fabrizio Mattesini, 2020. "Money and Collateral," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(7), pages 1617-1644, October.
    2. Chao Gu & Fabrizio Mattesini & Randall Wright, 2016. "Money and Credit Redux," Econometrica, Econometric Society, vol. 84, pages 1-32, January.

    More about this item

    JEL classification:

    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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