Money Among Mechanisms

  • 研討會日期 : 2002-07-09
  • 時間 : 15:00
  • 主講人 : Prof. Edward J. Green
  • 地點 : B棟110室
  • 演講者簡介 : Prof. Edward Green為Ph.D. in Economics,Carnegie-Mellon University (1977)。 目前為Senior Vice President,Federal Reserve Bank of Chicago。 其主要研究領域為Monetary Theory。
  • 演講摘要 : We study what features an economic environment might possess, such that it would be Pareto efficient for the exchange of goods in that environment to be conducted on spot markets where those goods trade for money. We prove a conjecture that is essentially due to Bewley [1980, 1983]. Monetary spot trading is nearly efficient when there is only a single good (or a composite commodity) at each date and state of the world; random shocks are idiosyncratic, privately observed, and temporary; markets are competitive; and the agents are very patient. This result is an analogue, for trade using outside, fiat money, of a recent characterization by Levine and Zame [forthcoming] of environments in which spot trade using inside money, in the form of one-period debt payable in a commodity, is nearly Pareto efficient. We also provide a framework for studying, and a preliminary result regarding, the welfare comparison of monetary and nonmonetary mechanisms in an environment with impatient agents.