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Demand Uncertainty and Decentralization: A Simple Pure Transaction Model of Money

Working Paper 168 | Published August 1, 1981

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Author

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John Bryant
Demand Uncertainty and Decentralization: A Simple Pure Transaction Model of Money

Abstract

A simple model of backed money without a store of value function is presented, discussed, and defended. The function of money in the model is to replace complex contingent contracts traded on a centralized exchange with simple trades in decentralized markets.