文章基本信息

标题：There Will Be Money
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作者：Luis Araujo ; Bernardo Guimaraes
期刊名称：CEP Discussion Paper
出版年度：2010
卷号：02
出版社：Centre for Economic Performance
摘要：A common belief among monetary theorists is that monetary equilibria are tenuous due to the intrinsic uselessness of fiat money (Wallace (1978)). In this article we argue that the tenuousness of monetary equilibria vanishes as soon as one introduces a small perturbation in an otherwise standard random matching model of money. Precisely, we show that the sheer belief that fiat money may become intrinsically useful, even if only in an almost unreachable state, might be enough to rule out nonmonetary equilibria. In a large region of parameters, agents’ beliefs and behavior are completely determined by fundamentals.