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Title:On the micro-foundations of money : the Capitol Hill Baby-Sitting Co-op PDF Logo
Authors:Hens, Thorsten
Schenk-Hoppe, Klaus Reiner
Vogt, Bodo
Issue Date:2003
Series/Report no.:HWWA Discussion Paper 255
Abstract:This paper contributes to the micro-foundation of money in centralized markets with idiosyncratic uncertainty. It shows existence of stationary monetary equilibria and ensures that there is an optimum quantity of money. The rational solution of our model is compared with actual behavior in a laboratory experiment. The experiment gives support to the theoretical approach.
Subjects:micro foundations of money
quantity of money
Document Type:Working Paper
Appears in Collections:HWWA Discussion Paper, Hamburgisches Welt-Wirtschafts-Archiv

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