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- Title
ON THE UNIT OF ACCOUNT FUNCTION OF MONEY: THE USE OF LOCAL CURRENCY WHEN LESS INFLATIONARY CURRENCIES ARE AVAILABLE.
- Abstract
Justifies the use of money when other assets with more attractive rates of return are available by adding some friction and restriction to the standard general equilibrium analysis. Description of competitive models in which agents choose prices in the face of uncertainty about the levels of aggregate supply and demand; Possibility of obtaining differences in the rates of inflation in the absence of capital control; Relationship between the individual agent and any fraction of the market.
- Subjects
MONEY; ECONOMIC equilibrium; SUPPLY &; demand; PRICE inflation; RATE of return
- Publication
Economic Inquiry, 1983, Vol 21, Issue 3, p361
- ISSN
0095-2583
- Publication type
Article
- DOI
10.1111/j.1465-7295.1983.tb00638.x