Author
David K. Levine
Visiting Scholar
Efficiency and the Value of Money
Abstract
In a monetary model, it is shown that if there is a unique Pareto inefficient barter equilibrium, then a monetary equilibrium exists when traders are sufficiently patient.
Published in: _The Review of Economic Studies_ (Vol. 56, Iss. 1, January 1989, pp. 77-88) https://doi.org/10.2307/2297750.