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• W3123947055 abstract "This paper establishes the existence of equilibria for environments in which outside money is issued competitively. Such equilibria are typically believed not to exist because of a classic overissue problem: if money is valued in equilibrium, an issuer produces money until its value is driven to zero. By backward induction, money cannot have value in the first place. This paper shows that overissuance is not a problem if agents believe that if an issuer produces more than some threshold number of notes, then only those notes issued up to the threshold will be valued; additional notes will be worthless. This result is very general, applying to any monetary economy in which equilibria with and without valued money exist if the money supply is finite. The paper also compares the allocation achieved by a monopolist to that achieved with competitive issuance in both a search and an overlapping-generations environment. The results depend on the environment considered, but two general conclusions arise. First, it is ambiguous whether competitive issuers can achieve a more desirable allocation than a monopolist. Second, with competitive issuance, a licensing agency can always improve on pure laissez-faire and achieve the efficient allocation in the long run." @default.
• W3123947055 created "2021-02-01" @default.
• W3123947055 creator A5032019038 @default.
• W3123947055 creator A5064796206 @default.
• W3123947055 date "2006-11-01" @default.
• W3123947055 modified "2023-10-06" @default.
• W3123947055 title "Currency competition: A partial vindication of Hayek" @default.
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• W3123947055 doi "https://doi.org/10.1016/j.jmoneco.2005.04.008" @default.
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