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Efficiency and the Value of Money

Working Paper 386 | Published June 1, 1988

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Author

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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.