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- W2095506442 abstract "Search models can generate an endogenous role for fiat money, in the sense that there exist equilibria where intrisically useless, unbacked, paper currency is valued due to its function as a medium of exchange. In this note, I ask if there exist sunspot equilibria in these models, where the value or acceptability of money fluctuates along with extrinsic random events even though the fundamentals of the economy are deterministic and time invariant. The answer is yes. Journal of Economic Literature Classification Numbers: C70, E40." @default.
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- W2095506442 date "1994-10-01" @default.
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- W2095506442 title "A Note on Sunspot Equilibria in Search Models of Fiat Money" @default.
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- W2095506442 doi "https://doi.org/10.1006/jeth.1994.1064" @default.
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