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Game-theoretic foundations of monetary equilibrium

Camera, Gabriele and Gioffrè, Alessandro. (2014) Game-theoretic foundations of monetary equilibrium. Journal of monetary economics, 63. pp. 51-63.

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Official URL: http://edoc.unibas.ch/42859/

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Abstract

According to theory, money supports trade in a world without enforcement and, in particular, in large societies, where gift-exchange is unsustainable. It is demonstrated that, in fact, monetary equilibrium breaks down in the absence of adequate enforcement institutions and it collapses as societies that lack external enforcement grow large. This unique result is derived by unveiling the existence of a tacit enforcement assumption in the literature that explains the advantages from monetary exchange, and by integrating monetary theory with the theory of repeated games and social norms.
Faculties and Departments:06 Faculty of Business and Economics > Departement Wirtschaftswissenschaften > Professuren Wirtschaftswissenschaften > Experimental Makroeconomics (Camera)
UniBasel Contributors:Camera, Gabriele
Item Type:Article, refereed
Article Subtype:Research Article
Publisher:Elsevier
ISSN:0304-3932
e-ISSN:1873-1295
Note:Publication type according to Uni Basel Research Database: Journal article
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Last Modified:12 Jul 2018 09:19
Deposited On:12 Dec 2016 11:23

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