Currency Competition in a Fundamental Model of Money
Currency Competition in a Fundamental Model of Money
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货币基本模型中的货币竞争
DOI：
10.2139/ssrn.1026278
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发表时间：
2003
期刊：
影响因子：
--
通讯作者：
Christopher J. Waller
中科院分区：
文献类型：
--
作者：
Gabriele Camera;Ben R. Craig;Christopher J. Waller
作者研究了两种法定货币，一种安全，一种风险，如何在分散的交易环境中竞争。两种货币的均衡价值、交易速度和代理人的消费模式都是内生决定的。作者得出的条件下，代理人持有多样化的货币投资组合花安全的货币第一，并持有风险的一个为以后的购买。他们还研究了何时反向支出模式是最佳的。
The authors study how two fiat monies, one safe and one risky, compete in a decentralized trading environment. The equilibrium value of the two currencies, their transaction velocities and agents' spending patterns are endogenously determined. The authors derive conditions under which agents holding diversified currency portfolios spend the safe currency first and hold the risky one for later purchases. They also examine when the reverse spending pattern is optimal.