2010•Palgrave Macmillan UK eBooksRequires access

Fiat Money

Neil Wallace

Abstract

An object is often said to qualify as money if it plays one or more of the following roles: a unit of account, a medium of exchange, a store of value. The first and third seem insufficient. The Arrow-Debreu model with prices expressed in terms of either an abstract numeraire or one of the goods is not a model of a monetary economy. Neither is every model that contains an asset or durable good. That leaves the medium-of-exchange function: an object is a medium of exchange if it appears in many transactions — in the sense of a Clower (1967) transaction matrix.

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Key concepts: Medium of exchange, Numéraire, Unit of account, Store of value, Fiat money, Economics, Database transaction, Object (grammar)