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A Theory of Money and Financial Institutions

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Abstract

A sketch of a game theoretic approach to the Theory of Money and Financial Institutions is presented in a nontechnical, nonmathematical manner. The detailed argument and specifics are presented in previous articles and in a forthcoming book.
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  • Martin Shubik, 1977. "A Theory of Money and Financial Institutions," Cowles Foundation Discussion Papers 462, Cowles Foundation for Research in Economics, Yale University.
    • Handle: RePEc:cwl:cwldpp:462
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    1. Pradeep Dubey & John Geanakoplos & Martin Shubik, 1982. "Revelation of Information in Strategic Market Games: A Critique of Rational Expectations," Cowles Foundation Discussion Papers 634R, Cowles Foundation for Research in Economics, Yale University, revised Nov 1985.
    2. Tobin, James, 1982. "Money and Finance in the Macroeconomic Process," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 14(2), pages 171-204, May.
    3. Pradeep Dubey & Martin Shubik, 1979. "A Strategic Market Game with Price and Quantity Strategies," Cowles Foundation Discussion Papers 521, Cowles Foundation for Research in Economics, Yale University.
    4. Pradeep Dubey & John Geanakoplos & Martin Shubik, 2003. "Is gold an efficient store of value?," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 21(4), pages 767-782, June.
    5. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66(6), pages 467-467.
    6. Charles Goodhart, 1988. "The Evolution of Central Banks," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262570734, December.
    7. Martin Shubik & Ward Whitt, 1973. "Fiat Money in an Economy with One Nondurable Good and No Credit (A Noncooperative Sequential Game)," Cowles Foundation Discussion Papers 355, Cowles Foundation for Research in Economics, Yale University.
    8. Dubey, Pradeep, 1982. "Price-Quantity Strategic Market Games," Econometrica, Econometric Society, vol. 50(1), pages 111-126, January.
    9. K. J. Arrow, 1964. "The Role of Securities in the Optimal Allocation of Risk-bearing," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 31(2), pages 91-96.
    10. Dubey, Pradeep & Mas-Colell, Andreau & Shubik, Martin, 1980. "Efficiency properties of strategies market games: An axiomatic approach," Journal of Economic Theory, Elsevier, vol. 22(2), pages 339-362, April.
    11. Pradeep Dubey & John Geanakoplos & Martin Shubik, 1988. "Default and Efficiency in a General Equilibrium Model with Incomplete Markets," Cowles Foundation Discussion Papers 879R, Cowles Foundation for Research in Economics, Yale University, revised Feb 1989.
    12. Oskar Lange, 1936. "On the Economic Theory of Socialism," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 4(1), pages 53-71.
    13. Ioannis Karatzas & Martin Shubik & William D. Sudderth, 1992. "Construction of Stationary Markov Equilibria in a Strategic Market Game," Cowles Foundation Discussion Papers 1033, Cowles Foundation for Research in Economics, Yale University.
    14. Shapley, Lloyd S & Shubik, Martin, 1977. "Trade Using One Commodity as a Means of Payment," Journal of Political Economy, University of Chicago Press, vol. 85(5), pages 937-968, October.
    15. Dubey, Pradeep & Sahi, Siddhartha, 2003. "Price-mediated trade with quantity signals: an axiomatic approach," Journal of Mathematical Economics, Elsevier, vol. 39(5-6), pages 377-389, July.
    16. Martin Shubik, 1990. "The transactions trust demand for money," Journal of Economics, Springer, vol. 52(3), pages 211-232, October.
    17. repec:nys:sunysb:92-30 is not listed on IDEAS
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    Cited by:

    1. Evers, J.J.M. & Shubik, M., 1976. "A dynamic economy with shares, fiat, bank and accounting money," Research Memorandum FEW 59, Tilburg University, School of Economics and Management.
    2. Régis Breton & Bertrand Gobillard, 2005. "Robustness of equilibrium price dispersion in finite market games," Post-Print halshs-00257207, HAL.
    3. Ioannis Karatzas & Martin Shubik & William D. Sudderth, 2008. "Financial Control of a Competitive Economy without Randomness," Cowles Foundation Discussion Papers 1681, Cowles Foundation for Research in Economics, Yale University.
    4. Xuan Wang, 2019. "When Do Currency Unions Benefit From Default ?," 2019 Papers pwa938, Job Market Papers.
    5. Richard McLean & James Peck & Andrew Postlewaite, 2005. "On Price-Taking Behavior in Asymmetric Information Economies," Studies in Economic Theory, in: Alessandro Citanna & John Donaldson & Herakles Polemarchakis & Paolo Siconolfi & Stephan E. Spear (ed.), Essays in Dynamic General Equilibrium Theory, pages 129-142, Springer.
    6. DeMichelis, Stefano & Germano, Fabrizio, 2000. "On the Indices of Zeros of Nash Fields," Journal of Economic Theory, Elsevier, vol. 94(2), pages 192-217, October.
    7. Martin Shubik, 1976. "Theory of Money and Financial Institutions. Part 34. A Multiperiod Trading Economy with Fiat Money, Bank Money and an Optimal Bankruptcy Rule," Cowles Foundation Discussion Papers 441, Cowles Foundation for Research in Economics, Yale University.
    8. Matthew O. Jackson & James Peck, 1993. "Costly Information Acquisition," Discussion Papers 1087, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    9. Xuan Wang, 2021. "Bankruptcy Codes and Risk Sharing of Currency Unions," Tinbergen Institute Discussion Papers 21-009/IV, Tinbergen Institute.
    10. Martin Shubik, 2010. "Innovation and Equilibrium?," Chapters, in: Dimitri B. Papadimitriou & L. Randall Wray (ed.), The Elgar Companion to Hyman Minsky, chapter 8, Edward Elgar Publishing.
    11. Gersbach, Hans & Zelzner, Sebastian, 2022. "Why Bank Money Creation?," CEPR Discussion Papers 17753, C.E.P.R. Discussion Papers.
    12. Pradeep Dubey & Martin Shubik, 1975. "A Theory of Money and Financial Institutions. Part 25. A Closed Economy with Exogenous Uncertainty, Different Levels of Information, Money, Futures and Spot Markets," Cowles Foundation Discussion Papers 414, Cowles Foundation for Research in Economics, Yale University.
    13. Salomon Faure & Hans Gersbach, 2022. "Loanable funds versus money creation in banking: a benchmark result," Journal of Economics, Springer, vol. 135(2), pages 107-149, March.
    14. GABSZEWICZ, Jean & GRAZZINI, Lisa, 2000. "Strategic multilateral exchange and taxes," LIDAM Discussion Papers CORE 2000063, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    15. James Peck & Matthew O. Jackson, 1999. "Asymmetric information in a competitive market game: Reexamining the implications of rational expectations," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 13(3), pages 603-628.
    16. Salomon Faure & Hans Gersbach, 2021. "On the money creation approach to banking," Annals of Finance, Springer, vol. 17(3), pages 265-318, September.
    17. Martin Shubik, 1972. "A Theory of Money and Financial Institutions. Part IX. Competitive and Controlled Price Economies: The Arrow Debreu Model Revisited," Cowles Foundation Discussion Papers 337, Cowles Foundation for Research in Economics, Yale University.
    18. Faure, Salomon & Gersbach, Hans, 2016. "Money creation and destruction," CFS Working Paper Series 555, Center for Financial Studies (CFS).
    19. BLOCH, Francis & FERRER, Hélène, 1999. "Trade fragmentation and coordination in bilateral oligopolies," LIDAM Discussion Papers CORE 1999008, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    20. Alexander Matros & Ted Temzelides, 2004. "Evolution and Walrasian Behavior in Market Games," Game Theory and Information 0409009, University Library of Munich, Germany.
    21. Ross M. Starr, 2012. "Why is there Money?," Books, Edward Elgar Publishing, number 13763.
    22. KOUTSOUGERAS, Leonidas, 1999. "Market games with multiple trading posts," LIDAM Discussion Papers CORE 1999018, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).

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